Why and How to Find Partners for your Business
- by Tanya Thompson
- Sep 14, 2020
- 5 min read
Throughout the ages, business partnerships have been found to be imperative or highly useful to many successful companies. These would have been companies who were looking to address the difficulties they were facing on a day-to-day basis or from time-to-time, with regard to how they were operating and planning to grow their business.
In today's world, making business decisions is further exasperated by the enormity of the new risks being introduced year-in year-out. This is especially true when companies face issues triggered by external factors (e.g., Covid-19, and Brexit) and their negative impacts (e.g., high market volatility, low credit availability, supply chain reliability, and business closures). As a result, in such scenarios many businesses have deferred decisions to invest in their companies.
Regardless, there are numerous stories of ambitious business leaders who have identified opportunities amidst adversity. These individuals were able to find innovative ways to solve their business problems and grow their companies. Furthermore, this trend remains applicable today despite the acute challenges that businesses are currently facing. It will likely be still relevant for years to come.
Why partner with other companies?
Companies typically need the help of others to get going or get ahead, or to address some of the challenges that they're struggling to get a handle on by themselves.
In your case, you might want to consider finding a business partner if you and your company are aiming to do one or more of the following:
- Expand overseas into new target markets, but you do not have the know-how or local connections to do so successfully;
- Develop new products and/or services or diversify your product line, but you do not have the resources and/or expertise to get it done;
- Win bigger contracts with public and/or private sector companies, but you cannot realistically achieve the wins on your own; and/or
- Obtain reliable sources of the products and/or services you need to meet and support the demands of your customers.
But how would your company benefit? Companies who successfully form short- and/or long-term partnerships find them invaluable because of the ability they are given to:
- Leverage the resources and expertise of their business partners, thereby reducing their need to hire new employees, invest in additional infrastructure, or expand their existing distribution network;
- Learn from the strengths of their business partners, thereby enabling them to be more cost-effective and/or efficient in operating their companies; and/or
- Make agreements with new suppliers at more affordable prices, with more satisfactory payment and delivery terms, and/or at better quality levels.
How to find the right business partners?
1. Your Personal Network
If you’re not sure where to go, start by making your interest known to your personal contacts. Pretty much, you'll want to extend to everyone you know including past associates from way back when. Reach out to your:
- Friends and family;
- Old school mates;
- Colleagues and ex-colleagues; and
- Business customers.
2. Business Networking and Support Groups
Thereafter, you might want to connect with networking groups within your regional area or even further afield, to see if you can get the recommendations and/or personal introductions you need.
Where relevant, research the various networking groups to find the most relevant organisations that are likely to support your specific objective. There are many such groups for you to consider such as:
- Trade organisations (e.g., ACCA, Chartered Accountants Ireland, Law Society of Ireland, Institute of Industrial Engineers (Ireland));
- Entrepreneur and investor groups (e.g., your local chamber of commerce, ISME, Irish Exporters Association, BNI or Network Ireland); and
- Business support groups (e.g., your Local Enterprise Office).
If you'd like to take an easier route, consider coming straight to Sluamor.
Alternatively, if your company is unable to find that elusive perfect partner, even after you've exhausted all the various avenues that you’ve followed via your personal and business networks, then it's definitely time for you to move onto using Sluamor.
Sluamor will help you to find the right business partners, especially if you're looking for companies that can provide you with specialised products and/or services.
Don't forget to do your due diligence.
As with any business move, it's important that you complete sufficient due diligence before forging ahead with a new business partner. You do not want to introduce new problems into your business, which will distract you from what you really want to do (i.e., grow your business).
Remember that the right business partnership can be an incredibly valuable way to grow your business. Figure out exactly what you want from any new business partnerships. Then, get started by leveraging the right networks, including Sluamor. Thereafter, invest the time needed to find the right business partners for you and your company.
Send us a message via our Contact page if you'd like to discuss how you too can use Sluamor to find a new business partner. Alternatively, you can forge ahead and subscribe to share your requirements.
You can also search the list of business opportunities published on our website to see if they are any that suit you and your business, or subscribe using our free plan so that you can setup to receive email alerts of live business opportunities that relate to the products and/or services your company offers to your business customers.
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