Strategic business partners come in all shapes and sizes. Partners aren’t just the ones with whom you share profit and expenses. They are everyone from your supplier to your customer to your investor. Your partnerships will affect your business on many levels, so you need to know how to choose your strategic business partners with great care.
How to Choose Strategic Business Partners
Donna Peak with Entrepreneurship.org says picking a business partner is similar to picking a tennis partner. You pick a good one you win. A bad one, you lose.
Some criteria for choosing a strategic business partner is based on the following questions you should ask yourself:
What value would this partner bring to your company that would have the greatest impact?
Is your company and theirs compatible?
Are their goals and strategies consistent with yours?
Do they have a good reputation with other partners?
What are the risks of being in partnership and what are the risks of not being in partnership with them?
Can they provide access to other potential partners?
Have a partnership disaster or success? Tell us about it in the comments below!
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