Often, the key to taking a business to the next level is finding the right partner that can provide skills and expertise not already available to the company.
Entering into a partnership can be an excellent way to propel a business forward more quickly than it would be able to grow organically. There are several major advantages to finding the right business partner to help your company grow.
Business partnerships that work
To see the real value of a successful partnership, all you need to do is look up how some of the biggest companies in the world were formed and grown.
Microsoft was founded in 1975 by Bill Gates and Paul Allen, who were friends from school. Their love of technology brought them together to form one of the most successful companies of all time. Larry Page and Sergey Brin met at university at Stanford. They were not friends at first, but their shared passion for data mining eventually drew them together, and they created Google in 1998.
Partnerships in companies from different industries can also dramatically increase the value proposition of a product. For example, Spotify’s partnership with Starbucks was a stroke of genius. The businesses are polar opposites, one provides coffee, the other music, but they work perfectly together. The real kicker is that neither company had to change anything about what they do for the partnership to be a success.
This fact rings especially true in industries like the iGaming industry, where companies tend to share their expertise and enhance their business efforts. A recent merger between casino game developer Stakelogic and the established brand LeoVegas showcases this excellently. The LeoVegas casino is highly-rated but through the partnership, it will have access to the Stakelogic’s entire slot portfolio, allowing it to increase its offering further to provide even more options for their players.
Advantages of business partnerships
The first and often most sought-after benefit of entering into a business partnership is to fill in gaps of expertise or knowledge that might be holding the company back.
Companies do not always end up filling the exact function they were created for and finding a capable business partner can be the quickest and best way to expand the expertise in the firm.
A new partner can provide a much-needed cash injection directly, or they may have strategic connections or access to investors that would be willing to stump up the cash to elevate your company.
This kind of business partner is also valuable because they can get you access to new and exciting business opportunities that you may not have been aware of or had access to on your own.
A new set of eyes with a fresh perspective can be revolutionary for some businesses. Especially to those that have become too set in their ways, and there are also benefits outside of the workplace.
For example, finding someone to share the load will improve your work/life balance, and a business partner can provide emotional and moral support when things are going well.
Finding the right partner
While it is not necessarily imperative to have previously done business with a potential partner, it is important that you share a history.
Knowing who you are getting into business with is half the battle and shared experience can go a long way to helping find a solution and bridging the gap in differences of opinion on important issues.
You both need to agree on a vision and goal for the company. Know what you want to achieve together and set about planning how you will achieve it. Sharing a common goal, and having that aim be known to everyone in the company, provides a sense of direction and purpose to drive productivity.
Most of all, when searching for a person or company to partner with make sure you don’t rush. It is a major decision that will have a huge impact on your professional and personal lives, including that of all of your staff.