Many small and midsized businesses venture into the world of partnering with other small and midsized firms and/or with larger companies rather than go it alone. They have found that through partnering, they are able to reach new and niche markets more effectively, reduce their startup costs for new initiatives, jump-start innovation, and significantly expand their reach. While there are many benefits to partnering, there are pitfalls as well, so it's important to protect yourself should you decide to jump into the partnering pool.
Benefits of partnering for small and midsized businesses
There are some important steps to take to protect yourself should you decide to partner with another firm. Be sure to take the time and do the work before you begin.
Structuring effective partnerships
Should you partner? Ultimately, that depends on your market position, your resources and your growth objectives. You shouldn't be afraid to partner, however. With the proper safeguards partnering can bring many benefits and help you take your business to the next level.
What lessons have you learned from partnering? Please add a comment and share your own tips or thoughts on partnering, and feel free to pass this post along to anyone you think would be interested in the conversation.