Collaboration and partnerships are key to having a creative and profitable business. As Apple CEO Tim Cook once said: “I’ve never met anyone in my life, maybe they exist, that could do something so incredible by themselves […] And so you want people collaborating.”
It’s fair to say that the days of companies believing that they can do everything alone are gone. Now, companies are reaching out to one another to work on projects, campaigns, product development – and everything else in-between. Why? Because partnerships lead to success.
If you’re a business owner – big or small – you should be aiming to forge strategic partnerships with other companies. Not only will this benefit you – it will also benefit the customer.
Here are some top tips on how to create successful (and long-lasting) strategic partnerships.
Use a deal room
A virtual deal room is a great tool to use for strategic partnerships.
Essentially, a deal room functions as a space to secure and manage your important company documents, such as partnership agreements, contracts, financial transactions, and much more. This way, there’s no confusion and your cybersecurity is better.
Let’s say you launch a product with another company. The contract you both sign will specify all the relevant details, such as profit split. Documents like this need to be stored online in a place where both companies can access them: and a deal room is the perfect solution.
Consider both small and big companies for partnerships
When it comes to collaboration, there is no right or wrong answer when it comes to which sized companies are best. Some large companies can be difficult to work with; and communication can often become stagnant. On the other hand, though, some large companies can be great to work with – as can small companies, too.
What matters is your research and market analysis. You need to get a ‘feel’ for which companies suit you and your objectives, and whether or not you bring something to the party that will benefit them.
Remember, no company is going to want to collaborate with you unless you have something to offer!
Hold virtual meetings
Virtual meetings are a great way to form partnerships.
Rather than driving hours to different meeting locations, you can discuss plans and goals over virtual meetings, instead. With partnership agreements, virtual meetings can then serve as your regular communications medium (unless, of course, you decide to merge office spaces).
Share resources
One of the best and most fruitful aspects of strategic partnerships is the sharing of resources. For example, your partner might have an excellent R&D department that you can gain access to.
Plan efficiently
The key to a successful partnership is to plan, plan, plan.
What are the monthly goals? Which consumers are being targeted? What happens if a product flops?
These are some of the questions you should be asking when planning the specifics of a strategic partnership.
Make compromises when needed
Comprises are a natural occurrence in partnerships. Even though you might not enjoy making them, they’re for the long-term benefit of your collaboration.
Don’t feel the need to commit to long-term contracts
Rolling short-term contracts, rather than long, daunting contracts, are often the perfect option for partnerships.
