According to Merriam-Webster, “collateral” is defined as “property (such as securities) pledged by a borrower…
If you can’t beat ‘em, join ‘em. This old euphemism is just one way to describe why it might be a good idea to partner with another business. If you find that you are unable to outdo the successes of your competitors, you may want to piggyback off of those successes. However, it’s very important to understand that partnering with another business does not necessarily indicate the acceptance of defeat.
Two heads are better than one. Yet another age-old saying, this one more accurately describes why two business owners should join forces. Everyone has their strengths and their weaknesses. In all likelihood, you possess talents that others do not. At the same time, there are some things that others may do better than you. By teaming up, you can take your brand to higher levels than you ever imagined!
Here are three reasons to partner up with another business:
1. You get to bounce ideas off of your partner.
No longer is the onus solely on you to come up with marketing strategies. No longer is it up to you and you only to generate new business. By having a new business partner, you get to compare ideas, offer each other new insight and collaborate on initiatives that may otherwise have never gotten off the ground.
“When it comes to developing a business, it can be difficult to assess which ideas are strokes of genius and which are total dead ends,” writes Christy O’Shoney on MelyssaGriffin.com, “In partnerships, however, you get the unique opportunity to ask the is-this-crazy question to a real, live human being instead of just inside your own head. And if you’ve selected a good partner, then chances are they will be honest with you.”
2. You grow your reputation.
Is your brand second in command in your industry? Are you consistently being beaten out by your competitors? Joining forces with another business can help to boost your brand’s reputation. It’s not giving up. It’s finding a winning strategy. Jessica Thiefels of Hiscox in the U.K. notes that forming a new partnership can help you to build trust and brand equity.
“At an event, for example, people may not know you, but working a booth with a well-known business in the area gives you immediate ‘trust by association’ credit,” explains Thiefels, “The customer trusts your partner, by working together, your partner shows that they trust you, so the customer is likely to also trust your brand.”
3. You get weight lifted off your shoulders.
Not every responsibility is yours when you have a business partner. When you’re the only one running the show, however, everything is heaped on your shoulders. You need rest and relaxation in order to recharge. Many entrepreneurs who run their own businesses never get breaks. Furthermore, they suffer from not having the talents that others in their industries possess. Partnering up with someone who can fill in your talent gaps is a smart business decision.
“Good partnerships are often made up of individuals with complementary skills – diverse talents that when combined create an explosion of creativity and productivity,” says O’Shoney, “Perhaps you are a big-picture visionary, but you struggle with the small details. Or maybe you write incredible copy, but your photography skills are a bit lacking. Whatever the case, complementary partnerships help to level out any weaknesses you might have.”
Starting up a new partnership may require some funding! For more information about the unique merchant cash advance program, offered by Synergy Merchants, call 1-877-718-2026 or email firstname.lastname@example.org.