Partnerships Copy - BridgeLantic

Partnerships

You can’t get ahead in business by going it alone. The benefits of a complimentary partner cannot be overstated.

Aspiring companies seek out partners with complimentary capabilities to gain access to new markets, pool resources, create new sales channels, and achieve economies of scale.

Doing business is a team sport and if you don’t belong to a team, business is going to be much harder. It can be easier and safer to move forward in a team, than going it alone.

The findings from our research discovered that those enterprises which have achieved a level of success, have done so primarily through complimentary partnerships. Our findings indicated over 50% of companies seek out partnerships for innovation, ideas and the consolidation of resources.

Strategic partnerships play a major role in creating and generating value. Such relationships take on even greater meaning during times of economic uncertainty. In 2023, it is anticipated more companies will seek out complimentary strategic partnerships with the aim of delivering greater innovations to a broader market.

Growth Challenges Demand Scalable Solutions

We see a future where businesses will need to do more, with less, a time when innovative technologies will be the preeminent multiplier. Beset by global challenges on all sides and at every level, progressive businesses look to technology first and foremost to compete. That said, the scale of the challenges will not be solvable by technology alone. The reward for aspiring growth businesses will be found at the fulcrum of technology and people. (The integration of Hard and soft systems)

The Value of Strategic Partnerships

We work in a World of ever changing business laws, complex regulations, highly competitive markets; in such conditions a reliable, trusted and competent strategic partnership makes sense.

Strategic partnerships allows a businesses to strengthen, enhance and broaden its service offerings and capabilities in a way that the competition may not be able to replicate. At its basic level, a strategic partnership is a relationship between two or more entities where the intent is to create and deliver value to clients and to achieve a competitive advantage.

Growth companies choose partnerships for many reasons:

Speed to market: The right JV Partnership can launch your business much faster than going it alone, giving you an advantage over your competitors.
Greater Synergy: Partnerships which are synergistic in nature and structure, have more power to deliver greater total output as a collective than an individual. Put simply, synergetic partnerships enjoy a mutually advantageous position achieved through a combination of distinct complimentary capabilities. The word synergy has Greek origins, meaning “together” and ergon to “work” A strategic partnership where each partner magnifies the effect the other, and where the whole of the partnership is worth more than the sum of its parts.
Flexibility: Unlike a merger or acquisition, a strategic partnership offers far greater flexibility when you need to ramp up resources during busy workloads, and ramp down when the work slows. This level of flexibility can yield significant savings on long-term operational costs.
Innovation: Strategic partnerships provide greater access to innovative solutions and capabilities. Partnerships in which each party has the opportunity to share clients, have a greater tendency to grow together.
Competitive advantage: Strategic partnerships share a mutual commitment of working for the betterment of each other. When all parties commit serious resources to the opportunity, the seemingly impossible can be achieved. A complimentary partnership is symbiotic, providing strengths in areas where the other partners are weak. In contrast, when you are working alone, there is greater chance of running into risks, especially when taking decisions alone. Likewise, making the wrong selection in a partner can result in failure, setting a business back months, sometimes years.
Extending customer reach: Growth companies see the value of expanding the customer base. This is critically important for increasing revenue and advancing and accelerating the brand to a higher level. If you are struggling to attract the interest of new customers, a strategic partnership might be what you need, allowing you to reach new customers faster, without the added burden of investing new capital.
Economies of Scale: A definition of Economies of scale are cost advantages derived when the productivity level is fully optimized. At this stage, the business is firing on all cylinders. Strategic partnership are more able to achieve economies of scale by sharing resources in a way that increases production and lowering costs, allowing the business to pass on the savings to clients. Economies of scale is achieved when costs are spread over a larger number of goods and services.
Access to a new markets: If your customer base is already established and you wish to expand into new markets, teaming with another business can help achieve this. The partners can research, plan and strategize together to develop new markets and increase sales, without needing to invest heavy capital.

Improving the odds of partnership success

A partnership, alliance or JV will not succeed without considerable effort from all the parties.

If you are thinking of sourcing a strategic partnership, we invite you to consider the following:

Cultural fit
Objectives, clearly defined expectations
Shared metrics for success – how will the partnership performance be measured
Leadership fit
Complimentary skills, experience and knowledge
Value added resources
Economies of scale
Cost leadership benefits
Strategy
Financial incentives
Shared Market and client base
Communications

Finding the best partners for your business

Our team is highly capable at sourcing complimentary strategic partners. This experience and capability has been acquired from our own experience launching and growing businesses and teaming with strategic and technically complimentary partners to develop International markets and achieve growth.

If your business needs a strategic partner, please contact us for a free consultation via our https://bridgelantic.com/contact-us