Choosing the Right Company to Partner With
I started my business career as a young man of 24 with all the normal hopes and aspirations that most people have at that age. What I didn’t think about back then, was the strategic associations that I needed to have.
When companies are looking to partner with other organisations, strategic thinking needs to be employed.
Here are some practices that I have found aid the cause of creating strategic associations.
Consider Carefully Who You Partner With
When partnering with another company, you need to take the time to consider what is going to be beneficial for both parties. A good partnership needs to be based on a good personal or professional relationship. Consider the person as well as the company.
Consider the senior management or the head office management. Are the two businesses still going to be able to maintain a strategic association after you have gone?
Think Long Term
Time builds deep trust. I have some business relationships that started more than 25 years ago. Think of the relationship in terms of decades not years and you will be well served.
Do Your Values Match Theirs?
Like a marriage, if there is a disagreement on core values, issues will arise.
Having aligned core values builds a solid foundation for a lasting strategic relationship. When the two organisations have aligned values the direction becomes clearer and easier to navigate in stormy conditions.
Be Prepared To Say No
Actually being prepared to say “no” is sometimes harder than it seems.
Sometimes the partnership can appear to be a perfect fit for both parties. But there might be something just nagging away in the back of your mind, something that keeps you awake until 3.00am.
If that is the case, trust your instincts. Review the situation. Do some research with the focus of why you should firm this strategic association and then research why you shouldn’t.
Do not be lured by the dollars alone. Sure the dollars may be an important factor, but they are not the only factor.
Nurture the relationship
Once you have made a decision to proceed. Nurture the relationship.
All successful strategic associations are based on good relationships and all good relationships are based on mutual trust and respect.
Please feel free to share your insights on strategic associations by commenting below.
|About the Author : Richard Norris.
Richard is the CEO of SiteZero , an Australian based Digital Marketing Services organization.
Richard loves technology and is the Ecommerce evangelist at SiteZero.
You can connect with Richard on Google + , Linkedin or at the SiteZero Facebook Page
Richard Started his first Business in 1985 and entered the online world in 1998.
He’s a bit like “The old man and the sea” of digital Marketing
|Richard Norris | | |