In business, strategic partnerships are very valuable. If you don’t know how to do a certain aspect in your business find someone who has that expertise and uses them and sticks to what you know in your area of expertise in your business.

The big winners reach their goals through a constant and structured process of personal growth and quality work in all aspects and areas of their lives, achieving the objectives that have been proposed. Achieving a goal is the result of having made a definite and concrete planning, with strategies and activities that show the paths to follow, to reach the achievement of the objectives proposed in the plan. One of the most important decisions you should make as an entrepreneur is whether or not it is convenient for you to incorporate business partners into your company. You know that a good partner can take you to great heights; but that a good business can go bankrupt if you choose bad partners.

You must be clear, to begin with, that there are many types of business partners. Some will be co-owners of your company; that is, they will have equity participation and the right to participate in voice and vote in decision-making. But there are also partners that can participate in the results of the business, without being proprietary partners of the company. The motivations to think about incorporating a business partner are very diverse, I will mention some.

▸ Attract talented people with knowledge, skills, and talents that complement yours. Example: a professional in finance, a specialist in developing the product you want to manufacture, an expert in marketing and sales to boost sales of your business and/or a person of character and leadership who is responsible for the operation of your business.

▸ To inject fresh capital into the company. Either because there are no guarantees to obtain financing in a bank, because the company is new without a credit record that makes it attractive, or because the activity is so innovative that only a visionary investor could believe in the project. In short, because you need capital and you think it is better or cheaper than a capitalist partner to contribute it.

▸ Because you know that a partner that provides contacts, a large customer base, a select list of strategic suppliers and an in-depth knowledge of the market, will save months and even years of effort. You know that it reduces the learning curve and accelerates the growth process.

These and many other reasons are what have motivated you, today or sometime, to consider the possibility of incorporating partners into your company. You can take your company to great heights if you know how to choose your business partners, be they co-owners or strategic allies in your projects. You must give yourself the opportunity to analyze this option in different stages of your company. If you do so, you must know how to correctly choose the partners that will add value to your business.

Partnership the best for everyone

1) Acquire new customer – Increase market share

2) Increase Revenue – New market access

3) Expand geographic reach – Access new customers.

4) Extend product lines – Product diversification.

5) Access new technologies – access new intellectual ideas

6) Add sharing resources – Strategic partnerships