How to find the perfect business partner
Posted on by Katie Hook
Estimated read time: 4 mins
As with any new relationship, finding and working with a business partner can feel quite scary. There’s always an element of trust – and an element of risk. However, if you can find the right partner, then the benefits more than outweighs the discomfort! Combining resources with another business can mean being able to take on that ambitious project you’ve had in the pipeline and it can really fuel the growth of your business.
In fact, finding the right partner can lead to growth and success on both sides – but teaming up with the wrong partner can end in disaster. So how do you ensure that you end up with a business partner who fits all your criteria and who you can collaborate with confidently?
Here are a few tips to help…
Identify what you’re looking for
First things first, you need to be clear on what you’re actually looking for in a business partner.
– What key factors will they bring to the table that you don’t already have?
– Are you looking for a business who can provide a different skill set or perhaps you’re more interested in the financial input they can offer?
– Do you have specific requirements when it comes to their views, working practices or ethos?
As part of this exercise it’s also helpful to identify what you don’t want from your business partner too.
Create a short list
Once you have a clear outline as to what you’re looking for, it’s time to get out there and find as many businesses as you can who fit the bill. Create a list of potential candidates by researching both online and by attending events in person, if appropriate.
It’s often worth contacting a potential candidate first, so you can speak to them and get a feel for how well you might work together before you add them to your short list.
Don’t be afraid to target bigger companies
As a small business, you might instinctively ignore larger companies even though they might fit your search criteria. There is often a sense that as a small business, larger firms wouldn’t be interested in working with you.
However, it’s important to remember that there are advantages on both sides to such a relationship. While you will gain from the bigger business’ additional resources, they will benefit from your agility and speed.
There are some tremendous opportunities when smaller and bigger businesses work together, so don’t rule this out.
Do Your Research
As with any relationship, it’s important to know your potential partner before you make a commitment to them.
Take advantage of services like Experian Business Assist and credit check your candidates so that you can get a clear view of their financial standing and background. By doing this you can reduce your own financial risk and be more confident that when you do find your perfect partner, you’ll be entering into a relationship that will stand the test of time.
If you’d like to find out more information on Experian Business Assist’s UK Business Credit Reports or claim your free trial, speak to us today.