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3 Ways to be successful in Small Business partnership

Small business partnership

Small business partnership is a very vital area for growth in different areas of the business but as much as the perks are there, there also lies the risks involved that could jeopardize the benefits of the relationship being built.

Let’s say the company you partner with stops operations, there is definitely going to be an issue with your operations too that’s why you need to be very sure about the company you are partnering with before going into that relationship.

Hi everyone my name is Timileyin and in this article i will be writing about 3 sure ways  to be successful in small business (SMB) partnership.

1. Check out the company’s history

The company’s history comprises the financial records.

For every business, it is often noticed that the immediate needs of a business is to make money and o sustain it but when that is achieved, it is then time to think about the future plans for the business in terms of the long term goals.

One of the things small businesses think about when trying to grow and fulfill their long term goals is by taking loans or going into a partnership agreement with another company that can provide value in terms of cash and kind.

Due to the fact that every business needs to grow, there is this consciousness to keep records of every transaction made so has to have some form of credibility to potential partners and possibly investors too.

When looking for companies to partner with, it is very vital to also look into potential companies for their financial records so as to ascertain their credibility.

2. Make sure the company has a good supply chain

Going into a partnership agreement is more than just the bosses and workers, it is important to take note that both companies will also be sharing the same supply chain system therefore it is important to work on that so as to experience a smooth running of the partnership activities in the business.

When the supply chain is good, there are higher chances of getting problems resolved as soon as possible and also helps the companies identify faults as they appear.

Human beings form the bulk of the supply chain and human beings are very complex to manage.

Having known this, you will expect that customers tend to raise complaints every now and then and if the supply chain isn’t good, the customers won’t be satisfied and this can have a great effect on your business.

3. Take challenges into consideration

Virtually every business person has encountered a couple of pot holes along the way and to be a partner to a firm or a business enterprise, you need to be familiar with the threats and disasters the other business faces.

Let me break it down for you

Let’s assume you are in the software industry and you want to partner with a software company, and you notice that such company is facing or often faces a particular challenge for example software malfunction which will result in a drop in revenue and credibility too.

You will most often than not try not to partner with such a company or be very careful with alliances due to that challenge.

 

In summary, to be successful in your small business partnership you need to

  • Know the company’s history in terms of their financial records among others.
  • Ensure that the business has a good support system in terms of their supply chain.
  • Assess the potential threats and challenges the business is facing.

Read, practice and share

Regards.

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