The Power of Partnerships

Nov 2, 2020

As written for Fargo, INC

“The best collaborations create something bigger than the sum of what each person can create on their own.”

At the very root of this quote is something that many like to call “partnerships.” And while “partnership” is a common buzzword in the business world today, it is not a concept to be taken lightly. With these business collaborations comes great power and great potential.

Many businesses chose to partner up with other businesses that are complementary to their own who can provide a solution to a problem or help them grow in some way or another. While the goal of the partnership may vary – such as helping with an upcoming events, attracting new customers, alleviating costs, promoting their businesses, sharing or utilizing technologies/other business assets, or a combination - both parties usually provide some sort of service or benefit to the other.

Forming a partnership takes careful consideration, time, and strategy, but can have a huge impact both parties involved. Whether your business has established countless partnerships before, or you are considering forming your first one, here is just a few of the many benefits that this professional relationship can bring to you and your business:

  1. Partnerships are Mutually Beneficial – the best things about partnerships is that everyone is a winner. Partnerships are designed to complement and benefit both parties and, if formed correctly, provide an opportunity to build something bigger for the both of you. When you form a collaborative relationship like these, you are not only helping another business, but also getting help in return. A win-win for all!
  2. Partnerships Boost Creativity – they say that “two heads are better than one,” and the saying is no different for partnerships. These collaborative relationships are a breeding ground for creativity and innovation. Because both partnering businesses know they have someone they can trust for honest feedback and insight, they have a space where they are free to brainstorm and refine their ideas into something that is tangible and productive.
  3. Partnerships Promote Community and Teamwork – everyone knows we are much stronger when we work together, and partnerships are a true testament to that. As a small business lending institution, we’ve heard a multitude of stories about businesses who came together and made a huge impact. When people see businesses and professionals teaming up for something bigger than themselves, they are inspired. And what better way to grow your business than inspiring others to work together along the way?
  4. Partnerships Prevent You from Having to Do It Alone – true partnerships assure both parties that, as they learn to grow and adapt to the everchanging world around them, they are not alone. Not only will your partners be there for you to show support when times are tough, but they are also someone who is there to celebrate your successes. As the song goes, “we all need somebody to lean on,” and partnerships grant both parties just that.

These are just a few of the many reasons why forming a partnership can be beneficial to you and your business.

The next time you are looking for a solution to a problem or a way to grow, consider other businesses and professionals that may be to partner with you and help you along the way.