Here I am sharing my experience about how to start a relationship?
Now this is not a personal one. We are talking business. And when we do so, I guess we should be serious. Serious enough to find the right partner. First of all identify the areas in which a partner is to be made. It might be finance, technology, supply chain, marketing, anything but ensure that you identify the right areas where you feel you need a partner.
Once, that is done identify list of possible partners within that area. It could be a very rough list which could be then evaluated on the basis of a partner selection criteria. Yes, this is quite important. Have a partner selection criteria. This criteria could be tailored according to your requirements. It will have factors like company financials, company ownership, customers, etc. Give some rating to these criteria and on the basis of the final ratings make a short list.
Now comes the interesting part. Once you have idenfitifed the short list approach these companies. Contact their marketing departments or try and get in touch with the senior management. Ensure that you have your partner proposal ready. Yes, you need a proposal to ensure that it is profitable to be a partner with you.
Start proposing these companies and make as many as you could. Been a professional relationship, you need to ensure that you follow two more additional steps. The proposal acceptance should be followed by a thorough contracting process. Involve your legal team to ensure that you have the right contracts. My experience says that if everything goes fine than no problems but for that one thing which goes wrong, either you or your partner will look at the contract and hence it is very important to give attention to detail.
Last but not the least and the most important thing to do is come up with a business plan along with your partner. Any relationship could be fruitful if there is commitment. Hence commit your resources towards the relationship. Draw a proper business plan which has clear action items for both of you. Once this is done, just action your action items and get tbe ball rolling!!!
Thank you for visiting my blog and if you have still not posted your comments, request you to spare a few minutes and give your suggestins and opinions!!!