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The Secret to Successful Business Partnering

The Secret to Successful Business Partnering

Today, technology companies such as web hosting, SaaS and cloud computing solutions providers are largely defined by mergers, acquisitions and most importantly, successful partnerships. Every day, companies are approached by third-parties who propose a partnership, looking to integrate their products or services on top of an existing model with the hopes of striking up an agreement that results in profits for all parties involved.

The main problem with such proposals is that the approaching party is generally not interested in a “win-win partnership,” but merely an agreement that will allow them to prosper by doing as little work as possible. Therefore, knowing how to distinguish the worthwhile partnership from the one that is simply a waste of your time becomes more important than ever.

How Do You Know?

Although nothing is ever guaranteed, there is a way to tell when a proposed business relationship could be onto something. In most cases, you can identify a probable win-win partnership right off the bat if the potential partner demonstrates that they understand how your business works or shows that they are willing to take the time to understand. They will not shy away from the heavy lifting and technical challenges, showing that they care about the well being of your organization just as their own. They understand that maintaining a high level of customer satisfaction is essential, realizing that the reputation and credibility you established is in jeopardy if things do not work out as promised.

On the other hand, if you are approached by a potential partner that wants you to handles integration, appease all the customers and pay for everything, this should be a viewed as bad omen. While even great business partnerships can prove difficult to manage, when things are right, there just tends to be far less conflict and more cohesiveness. Success becomes evident when both sides are striving for a win-win, not just success for one party or the other.

If you are pondering on the idea of forming a business partnership with another company, you will need to commit if you want to make it worth your while. If it is you doing the approaching, this can be done by taking the initiative to understand how your potential partner’s business operates and guaranteeing that your products or services will significantly improve specific areas of their business.

Even a successful partnership can be trying as it often calls for you to deal with customer fallout and other unforeseen conflicts that were overlooked and must be addressed. All of this can be very challenging and if your partner is not willing to put in the effort, you could be setting yourself up for inevitable failure.

Sometimes, no matter how positive things may look on the surface, there may not be anything significant to be gained by trying to partner with a third-party or accepting a partnership from them. When this is the case, you can spare both parties some grief in the future by just saying “no.”

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