3 Importance of Business Partnership


3 Importance of Business Partnership

1. Partnership engenders business survivability – Many platforms and businesses would have collapsed if not for the partnership deals that came along the way. The likes of Facebook, Google and Yahoo would have become history if not for partnering with the best of talents and skills. Your business survivability depends on a partnership to a large extent. Some top companies partner with celebrities in order to turn their fans into their customers. They hire the best in the field to perfect their products or services. That’s partnership. This operation results in business survival and thriving. Don’t downplay partnership in your dealings because it’s the life wire of business.

2. The partnership is the gateway to business growth -Business growth is achieved by the combined effort of a team in a company. The team in terms of the whole body of people from the top to the bottom working together in a company. Everybody from the CEO to the gateman, all are partnering with the company’s owner or shareholders to make the company what it should be and how it should grow. Business growth is not the result of the business itself, but the combined effort of the people behind it. An object remains in a state of rest until a force acts on it before it can gain motion. So is the business. Business can’t operate itself and can’t grow itself. Even automated businesses need people to set it in motion. People bring concepts, systems, method, and strategies to bring about growth. It is in partnering with such people and companies we experience business growth.

3. Partnership increases revenue– From the story of Facebook, we can see how their revenue doubled because of partnership. They have the social media ( traffic) while Microsoft owns the ads network. But both of them wouldn’t have experienced growth in revenue if they hadn’t combined forces. If you want your revenue to skyrocket, leverage on partnership. You can be a manufacturer but a company out there is good or expert in marketing products, when you join forces, the revenue only your company couldn’t have grown in 5 years can be reached in just a year. That’s the power of partnership.” If opportunity doesn’t knock, you had better build a door”.

Written By: Titus Mirieri, Business Mentor.
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