In a competitive business environment, entrepreneurs of small business enterprises often make the fatal error of attempting to handle every aspect of the business enterprise themselves while running the business. Hiring and training the appropriate employee is an ideal solution to this dilemma but it may prove to be an expensive venture. The other feasible option is to enter into strategic business partnership with other enterprising and ambitious likeminded individuals or corporate enterprises. For entrepreneurs of small business enterprises having an appropriate strategic partner by their side can be catalyst for facilitating growth of the business enterprise regardless of the type of business environment or industry the enterprise operates.
Anura Perera, a prominent expert on strategic business partnerships explains that the prospects of expanding their client base by gaining new customers is primary reason why most entrepreneurs enter into the realm of strategic business partnerships. Strategic business partnerships enable entrepreneurs to enhance their business enterprise’s operating efficiency and productive capacity along with managing resources of the business prudently and effectively. This prominent strategic partnership expert at the Anura Perera Cranfield office goes on to explain that successful strategic business partnerships adopt the following effective strategies to consolidate their market dominance:
- Vision & Mission
Like other form of business entities, it is imperative for the partners in a strategic business partnership to determine their vision and mission of their business venture at the onset otherwise problems will arise while operating the partnership business. While the motive of the individual partner may not be identical, it is essential that overall objective of the business enterprise along with the method of operating the enterprise remain the same.
- Address individual partners’ needs and expectations
Each entrepreneur has his/her own reasons for entering into a strategic business partnership with another likeminded entrepreneur. Regardless of whether an entrepreneur seek a strategic business partner for capital or professional knowledge and expertise or for connections, it is essential to meet these fundamental expectations otherwise the business relationship will strain. Moreover, as each individual entrepreneur’s knowledge, personality and motivation are never identical, it is imperative for the individual entrepreneurs to have a thorough discussion before entering in a legally binding contract.
- Identify and exploit individual partner’s strengths
Entrepreneurs enter into a strategic business partnership for diverse reasons and inadvertently other partners overlook their individual strengths during the course of conducting the business. It is imperative to recognize the individual strength of the partners as such strengths can make a significant difference in motivation, dedication and success.
- Set business goals along with individual goals
It is imperative for the individual partners to set specific business goals for their enterprise and then set their own individual goals that may prove to be a catalyst in achieving the goals of the business enterprise. Individual goals must support the business goals and it is essential to evaluate these goals from time to time.
- Handle disagreements
In any business relationship, disagreements among individuals will occur and strategic business partnerships are no exception but it is imperative for the partners handle such disagreement effectively into ensure the smooth running of the business.
Anura Perera says that following these essential tips goes a long way in developing a successful business partnership. To know more such valuable tips for your venture, contact the Anura Perera Cranfield office for an appointment!