Choosing a global business partner is a part of your organization’s growth that should be taken seriously. The right global partner(s) can help grow your business exponentially, whereas the wrong partners can undoubtedly have a negative effect on you and your business. Here are some tips for choosing the right partners for maximum growth.
Know Yourself, Your Business, and Your Mission
Perhaps the most important factor in choosing any partner is knowing oneself. You must be aware of what you stand for, what morals your business reflects in its work, and what your overall mission is.
It’s very difficult to convince someone to support your vision if you’re unsure of yourself or even what that vision is. Be clear and concise when you’re explaining your company’s vision to potential business partners. Speak with passion and determination, and always be confident in what you’re trying to get across during your pitch.
Do Your Research On Potential Partners
Whether you’re partnering with a large overseas corporation or a smaller business, you need to do your research on your potential partners to determine whether or not partnering is worth the risk. Remember that partnering with any other organization carries a risk with it, especially if said organization is financially unstable or engaged in immoral or even illegal practices.
Be sure to look into your potential partner’s business practices and financial stability. Make sure your morals and vision align so that you aren’t tripping over one another when it comes time to start working together. Even a minor amount of research can save you a lot of time (and possibly money) by helping to steer you toward more viable partners.
Decide If Your Company Is Ready For Such A Partnership
While a global partnership certainly can equal more business and exposure, if you aren’t in the position to engage in such a relationship, this can be problematic. A global partnership is quite the endeavor and carries a lot of responsibility with it.
If your business is having trouble maintaining relationships with domestic partners, a global partner may not be a good idea until you can figure out what factors are keeping you from connecting with your domestic ones. Be sure your company is truly ready for the commitment before considering a global partner.
Try Social Networking
Social media has made the world more connected than ever before, and sites such as Facebook or LinkedIn can actually be excellent resources for choosing a potential partner. A company or individual’s profile can tell you a lot about who they are and what kind of things they value.
Additionally, sites like LinkedIn have pages for reviews, so you can check your potential partners for references before you ever make contact with them. This will help you work through less qualified candidates and find the perfect match for your business.
There are many groups on social media as well specifically for entrepreneurs and businesses. Here, you can meet and connect with business professionals from all over the world in a more casual setting, so you can get a general idea of their personalities and values.
Be Sure That Information Sharing Is Simple
One of the biggest problems with a global partner is the sharing of information. While there are plenty of cloud-based sharing sites and limited email options, your partner may very well speak a different language. This can cause frustration when attempting to negotiate.
Additionally, you may not know much about the country your potential partner is from, such as financial stability, population demographics, etc. Sites like Sayari specialize in transforming complex data such as public records and registries.
Building global partnerships takes the right tools, more than a little patience, and a certain level of determination. Be sure to solidify your vision before searching for a partner, and research any potential business partners before you reach out to them. A partnership is a reflection of your morals, so aligning yourself with a company that doesn’t align with your business’s morals can be detrimental to your success. Be wary, be passionate, and most of all, be confident in yourself and what you represent.
This is an article provided by our partners network. It might not necessarily reflect the views or opinions of our editorial team and management.
Founder Dinis Guarda
IntelligentHQ Your New Business Network.
IntelligentHQ is a Business network and an expert source for finance, capital markets and intelligence for thousands of global business professionals, startups, and companies.
We exist at the point of intersection between technology, social media, finance and innovation.
IntelligentHQ leverages innovation and scale of social digital technology, analytics, news and distribution to create an unparalleled, full digital medium and social business network spectrum.
IntelligentHQ is working hard, to become a trusted, and indispensable source of business news and analytics, within financial services and its associated supply chains and ecosystems.