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According to a study done by Chief Marketing Officer (CMO) Council and the Business Performance and Innovation (BPI) Network in 2014, 85% of companies say that strategic partnerships are vital to growth within their organizations.
When done correctly, these collaborations help you reach new target markets, come up with new and creative ideas, and set your brand apart.
But with these partnerships comes great power and great potential.
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:
- Partnerships are Mutually Beneficial – Partnerships are the one place in the business world where everyone is a winner. These unique relationships 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!
- Partnerships Boost Creativity – Partnerships are a breeding ground for creativity and innovation. Because both parties of these collaborative relationships know they have someone they can lean on and 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.
- Partnerships Help Find Solutions – If your business is feeling stuck in a particular challenge or problem, partnerships can provide the outside perspective to break free and face this obstacle head on. Because these unique relationships are usually formed between two parties with complementary business, missions, products, or services, they may be able to help you find a creative solution you need to move your business forward.
- Partnerships Promote Community and Teamwork – Partnerships are a tangible way of saying, “we’re in this together,” and when people see businesses and professionals teaming up for something bigger than themselves, they are inspired. Not only are your growing your businesses through these unique relationships, but you’re inspiring people along the way. It doesn’t get much better than that!
- Partnerships Prevent You from Having to Do It Alone – True partnerships provide a sense of unity and assurance that, as both parties learn to grow and adapt, they have someone by their side. In the ups and downs, successes and failures, opportunities and obstacles, partnerships give both parties someone to lean on who can understand exactly what they are going through.
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.