The Entrepreneur’s Tool Kit: Building Partner Relationships
“Partners can be a great asset to your business… if you’re strategic about the partnership.” — Kent Clothier
In this week’s installment of the “The Entrepreneur’s Tool Kit,” we move to the eighth step, building partner relationships.
Your product is customer tested, refined and ready for the market. Advisors helped refocus your efforts on strategically guiding your business rather than on the everyday nuances. You’re ready to compete and make your original vision a proven success.
Or are you?
There’s no doubt you have the passion, the determination, and the product. The time and effort you’ve expended can’t be measured. You’ve overcome nearly every hurdle so far and can see the light at the end of the tunnel.
As you round what seems to be this last corner to launch, a new challenge appears on the horizon: the competition. It’s no surprise; you’ve examined competitors while validating your idea and building your blueprint. However, as you’ve pivoted and adapted your business since those steps, you will likely find additional overlap with other businesses you were not aware of.
Founders who started their companies with a similar vision and struggles now emerge as possible rivals. The stakes become much more real as they seek to outperform and even put you out of business. Pressure will mount in a fierce winner-take-all field.
Or will it?
Entrepreneurs are often praised for their out-of-the-box problem-solving. This is another opportunity to turn a problem into an advantage: Perhaps instead of looking at businesses only as competitors, shift your focus to seeing them as potential partners.
This effort can create a win-win situation for both companies. Instead of directly competing in areas of your business, you may work together to refer customers to each of your specific products or services. You can then seek to replicate this with other partners building a community of like-minded businesses helping each other succeed.
In pursuing partnerships instead of fomenting rivalries, your business can add credibility and build trust among your customers. Both you and your partners will benefit from increased brand loyalty and growth.
Previously on “The Entrepreneur’s Toolkit”: Engaging Advisors to Refine Your Plan
Next week: Consulting
