Having a business partner is very much needed when you want to build a business. Partnership in this business can open up opportunities for success.
For example, not having capital does not mean you cannot run a business operation. You can be someone who can invest their money for the progress of your business.
The most important thing in finding a business partner is that both parties must agree, not because they are forced to.
Oh yes, partnerships are not only established when your business is facing financial problems. Let’s find out about business partners.
What is a business partner?
Business partners are also called business associates or business partners , referring to business activities carried out by a person or institution with commercial or business expansion goals.
The business owner and the chosen partner, work together with a network on the business being run. After working together, the parties involved are expected to contribute to the sustainability of the business based on the provisions that have been set.
In particular, establishing partnerships with larger companies will benefit small businesses because they have the opportunity to make big profits. Small or medium-sized businesses can benefit from the market, financial management, and technological advances that their partners have.
So, ideally, a business partner is a partner who is able to give something or contribute to the sustainability of the business based on the main common goals that have been set.
Business partner goals
There are several goals that a company wants to achieve by forming a partnership. These goals include:
1. Building a company
Establishing partnerships with other companies on various scales will be very beneficial. Especially for those of you who have a company that is just developing or has just been established.
With business partners, your company is expected to grow bigger. Not limited to income profits but also in the form of business expansion or network expansion.
Likewise, large companies can get additional turnover. Large companies can be helped by establishing business partners with small companies considering that small companies are agile in business operations.
2. Growing the economy
Generally, business partnerships lead to the economic growth of the company. Why is that? The existence of a cooperative relationship makes it possible to achieve goals more optimally.
However, basically economic growth itself actually depends on a person’s ability to manage their business and make decisions and efforts to further develop the business.
Both parties can carry out innovations that have been discussed together for mutual progress.
3. Establish social relationships
Apart from economic goals, who would have thought that business partnerships are also formed based on the desire to create good social relations with other companies.
So it is not only carried out to grow the company’s economy, often a company also carries out humanitarian movements for social purposes.
Characteristics of business partners
In determining business partners, there are certain characteristics that must be considered by the company. Some of the characteristics of business partners are as follows:
1. There is a network of cooperation
A cooperative relationship can be established between two or more companies. Generally, this relationship is established between a company and a small company which is usually done by signing an agreement document which is of course protected by law.
The contents of the agreement are several important things, one of which is the goal to be achieved together. So in this cooperation relationship, both companies must still be guided by the agreement that has been agreed upon in running operations.
2. Development for small companies
This partnership is usually established by a company with another company that is smaller in terms of capital or related to operational processes. Also see how office applications help corporate businesses.
Small businesses can be further nurtured and developed with the presence of business partners. This condition will make small businesses survive in any condition. As a result, the company’s internal goals and cooperation with partners can be achieved more easily.
3. Mutually beneficial relationship
In business partnerships, there is a shared motivation that refers to the benefits that both parties get. Therefore, a partnership relationship between two or more companies must certainly be attempted.
The aim is for cooperation to run smoothly by providing mutual support between one company and another.
So, the relationship that is established is expected to benefit all parties in the company so that each company can continue to stand.
How to find the right business partner
Business partnerships can be done by two or more companies. All companies certainly do not have the same fields and achievements.
Therefore, it is necessary to think about ways to get the right business partner. Here are the ways:
1. Same passion
The first thing you should consider before deciding which company to partner with is the passion of the potential partner. If you already know it, then the next step will be easier to do.
Look for business partners who share the same passion . That way, you and your business partners can avoid bad things that might happen during the partnership period.
For example, business partners, if you have a culinary business, make sure the business partner has a passion in the culinary field.
2. Have integrity
Integrity is very much needed in running a business. If not, your business may face many conflicts and could end in failure. The integrity in question is the will to continue moving forward, tirelessly, and never give up.
The value of integrity arises when your business partner has the same vision. Pay attention to the intentions of your business partner before establishing a working relationship with him.
High integrity will open up opportunities for you and your colleagues to success and profit.
3. Uphold honesty
Honesty is the currency that applies where it includes business partners. Know how honest your potential business partners are in running a business considering that getting benefits from a partnership takes time.
Therefore, look for a business partner who is always honest because it can affect the way it goes. Honesty here is not just about, but more broadly about openness. The more open the cooperation, the better the relationship between your company and your partner can run.
4. Adequate capabilities
Capability in business partnerships can be interpreted as the ability and skills in running the business field that will be pursued.
If you choose a partner who does not have the capability, it is possible that the newly opened business will stop in the middle of the road. For example, when you intend to find a partner or business partner in the fashion sector, make sure that the prospective partner is someone who has knowledge about garments. As with choosing a business application for a business, we also need to be careful in finding a partner who can help the business.
5. Willing to work together
Partners themselves refer to a mutually binding relationship. There will be a lot of cooperation that will be established in the future. With that, of course you have to find partners who are open and willing to work together.
Building relationships with partners is like a wheel on a vehicle. If the wheel on one side is not moving well, it will affect the wheel on the other side.
6. Ready to fight to the last point
Nowadays, many people are interested in running a business. However, many also end up going bankrupt. One of the main causes of this phenomenon is a business partner who is not ready to fight until the end.
It is important for you to find a business partner who is resilient, ready to fight to the last drop of blood.
7. Want to share
Sharing in this case is how partners can influence the formation of positive identity and actions in your company.
When both partners find the values that exist in the collaboration that is established, harmony will emerge, and a good work ethic will be built.
8. Give and take
A partner is not only willing to give, but also to receive in having an open nature. Openness here can be interpreted as being willing to accept input for the sake of business continuity.
If implemented, it is very possible that the business partner relationship can feel like a family bond. To achieve this, you must be patient because it takes a long time. This is one of the reasons why some people choose business partners who have been known for a long time.
Partnering with someone you already know has many advantages, one of which is that you can understand the character, passion, and even emotions of your business partner.
9. Support each other
When working together to achieve success, there needs to be an attitude of mutual support between partners. This support can be in the form of moral support.
By supporting each other, it means that you and your business partner have the same intention to achieve the same goal. Thus, there is no reason to blame or bring each other down when the cooperation takes place.
Mutual support is essential when the business is going through bad times. It is important for you to have partners who are supportive.
10. Want to grow together
Look for potential partners who have clear goals in pursuing a business field and are truly serious about achieving success.
Look for partners who are willing to put aside personal matters when running a business together.
With the information above, you can know how to get the right business partner so that your goals can be achieved.
All companies certainly do not have the same fields and achievements. Therefore, there are ways that you must think about in order to get the right business partner. Good luck.