I have spent a lot of time talking and researching partnerships and I often speak about partnerships, www.yourbusinessspeaker.com. I have found that many people like to focus on the negative and the failure rates of partnerships. Insert link. However, there are many benefits, and not all of these are always properly considered. Let’s think about some of the benefits of a partnership.
#1. Synergy. The partners can work together and create more value. Often the partners have different skillsets that work nicely together, that allow them to grow the business, and capitalize on each other’s unique strengths.
#2. Partners can do more together than they can do alone. It is hard running a business alone. It takes time and effort to cover everything. Many people find that one plus one equals three in the partnership scenario. They can do and accomplish more together.
#3. Partners can harness value. Being part of a partnership allows them to specialize. It allows them to do the things necessary to create greater economic value, which will benefit the partners.
#4. Create a better customer experience. Because there are multiple partners, there are multiple lead people to talk to and multiple skillsets involved. What we often find is that partnerships are able to craft a multi-dimensional business that leads to a better customer experience. Customer benefit is ultimately the value-driver of the business because customers will come back if it benefits them.
#5. You don’t have to do it all. If you are part of a partnership, you can take a break and hand things over to your partners. You can take turns running the business and the business can still grow. You do not have to be responsible for everything all the time.
What has been your experience with business partnerships? What have you done? What have you seen? Leave a comment below.
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This posting is intended to be a tool to familiarize readers with some of the issues discussed herein. This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique. Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer John Frenzel.
About the Author
R. Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment, gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can email R. Shawn McBride or (214) 418-0258.