Prioritizing Partnerships Helps Grow Your Business

When I started Case the Music in the early 1990s I had a lot to learn about running a business. One of my first lessons was about the value that distributors bring to the table. While I was griping about the money spent on their services, a wise mentor pointed out all the areas where they were saving me both time and money.

That’s the key thing to remember about a partnership. You want to make sure there’s something you’re getting out of it. But you also need to recognize how it can contribute to your operational health and your entrepreneurial creativity.?

So, where do you start? Like with most relationships you find your common ground. Does your partner share a similar passion about your idea? Do they believe it’s the right solution and the proper timing for the market problem you’re trying to solve? Do they have buy-in at the appropriate organizational level to contribute resources?

Next you need to do your due diligence. What kind of reach does your partner have? How relevant is what they do? Is there potential for a meaningful relationship? I’ve found that open discussion around these topics helps you assess pretty quickly if a potential partner has the qualities of culture and character that make them the right fit for you.

There are a lot of voices and distractions to contend with when running– let alone growing–a business. When you add partnerships in the mix, that multiplies significantly. My advice is to develop your strategy, then put operations in place to bring it to life. As new opportunities present themselves you may want to adjust your strategy, but do that before you change tactics.?

In terms of tactics, make sure to invest in partner managers. In the early days of a company most partnerships are driven by the founder and/or CEO. But to grow your business that’s simply not scalable. Have confidence in the quality of your organizational chart and (hopefully) a company culture that accepts failing and learning fast so you can celebrate successes.?

A partnership is a two-sided equation. Be sure you’re present and bringing your vision, energy, and resources to the table as well. That goes for internal partnerships, external vendors and service providers, and investors.

Read more about my partnership experiences, tips on strategizing partnerships for different stages of growth, and how to treat investors as partners in my latest Fast Company article.