Prospect For Partners To Grow Your Business

Great information By Melanie Dowhaniuk .

Prospecting for a partner is the act of doing research to find the right partner. When deciding on entering into a strategic marketing MelanieDowhaniuk_ProspectingForPartnerspartnership, it is important to do the right amount of research to evaluate whether or not it will be a successful partnership, and if it is worthwhile to invest your time and resources to grow a successful relationship.

Here are some key considerations when doing your research.

1. Your Growth Limitations

The first thing a business must do is identify what is inhibiting the growth of the organization. It is important to be aware of what your company struggles with and what exactly it is that you hope to improve on or achieve when entering a partnership. You must ask how you can turn these challenges into a positive and productive experience.

You should be looking to enter into a partnership with another individual or organization that compliments your skills and shows strength in your areas of weakness. For example, if your sales are weak, choose a partner who specializes in sales. If you are lacking in technological advancements, partner with an organization that has these assets.

Take the time up front to reflect internally to ensure you are clear on what your organization can bring into a partnership. A strong suitor will help attract quality partners.

2. Values

The next important step is to determine if your potential partners share in your sense of values. Values factor into every part of a business: from determining the customer base to deciding how to manage employees. If your partner does not share your sense of values, you are setting yourself up for conflict.

Ask yourself the question, “Are there any conflicts around the partners’ business values that would jeopardize their ability to make a successful partnership?”

3. Mission and Goals

In doing one’s research, it is critical to determine how to analyze your partner’s mission and goals to ensure you are both aligned.

For a partnership to work well, the prospective partners must determine how well their business goals fit together. If they are not compatible and you do not share a common vision, it may be difficult to work out any differences.

This should all be outlined prior to entering into a strategic marketing or business partnership. Quantifiable and measurable goals will also help evaluate the partnership in an objective way.

4. Other Factors

While evaluating prospective partners, here are some of the many additional factors you must take into account.

  • Will this partnership benefit you in terms of breaking into new markets, either locally or internationally?
  • Will it help you grow your customer database?
  • Will it help to increase your brand image and awareness?
  • Is the partner organization the right size?
  • Are they are equipped with enough complimentary skills to strengthen your organization or fill gaps?

Take as much time as you need to evaluate potential business partners and use the correct evaluation tools by asking the right questions. It is better to wait to take on the right partner than to rush into a bad relationship!

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“This article is reprinted with permission by ShowcasingWomen.com, the Premier Resource For 30+ Million Women Entrepreneurs. Visit them for free instant access to their Success Tools.”

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