|
|
Like this article? PLEASE +1 it! |  |
|
The Partnership Model for Growth and Profit
Written by: Marian BankerArticle Overview: Big businesses do it; so can you. Grow your business using the partnership model.
 |
Free Download - Two Steps to a Winning Strategy By Marian Banker |
The Partnership Model for Growth and Profit
If you're thinking a partnership is a business with one or more equity owners, you're absolutely correct. But the terms partner and partnership have a much broader meaning in usage. Read or listen to the business news and you'll hear lots about business partnerships. Businesses large and small are growing through partnerships.
Dallas Business Journal reports, "American Airlines has forged a three-year marketing partnership with National Football League's New England Patriots."
Reuters states, "Jamie Kennedy partners with Yoostar (tm) to create original viral content and launch the Yoostar Comedy Channel"
Wall Street Journal announces, "Google and SpotMixer expand partnership to include In-Stream video advertising.
These partnerships have a specific purpose and goals, as should all partnerships.
What's great about these types of partnerships is they can be consummated under a variety of terms and options.
By using the broad partnership model you can:
• Expand your market
• Create new or improved products
• Add capacity
• Gain new resources.
For the small business some of the real advantages of the partnership model are you don't have to:
• Add staff
• Commit additional resources
• Spend time learning or providing what someone else can do faster, cheaper and better
• Reinvent what someone else has already built.
What's common to all partnerships is the potential for mutual benefit. One party may gain more than the other, but that's OK as long as it's understood and agreed. And each must realize their expected benefit or the partnership will not be successful. Typically the specific gain for each partner will be different based on the role they play.
For a business partnership to be successful all terms must be clarified, documented and agreed to by the parties. Verbal agreements are a great place to start, but if they're not documented in the beginning, you're setting yourself up for future problems. Your partnership agreement can be changed, of course, but until it is, the partnership agreement is the document by which you are bound.
To get started using partnerships, determine what you want to accomplish in your business. What do you need in order to accomplish it? Who can provide what you need? Your specialty and expertise will likely fill the need of someone else's business objectives. What can you provide in return? You're looking for the right fit.
To find potential partners, think about who within your existing network might have what you need or to whom you might be able to offer your "value". Seek opportunities to help others. Let your needs and interests be known. Use the internet and its capabilities to get the word out that you are seeking a "partner" for a specific purpose and goal.
Partnerships - Some of the basics
Sole Proprietor Or Partnership? The Pros And Cons Of Each
Special Structures
2011 Business Growth Strategy #4: Check Your Business Model
How To Make Business Partnerships That Work
Article Tags: additional resources, american airlines, business partnership, business partnerships, comedy channel, dallas business journal, equity owners, google, improved products, jamie kennedy, mutual benefit, national football league, new england patriots, new resources, partnership model, reuters, strong one, types of partnerships, video advertising, wall street journal
|
About the Author: Marian Banker RSS for Marian's articles - Visit Marian's website  Marian is co-producer and host of the annual Small Business Summit 2006-2009, an all-day conference that brings together small business owners and technology providers. She is creator of the "Business Success System", a step-by-step process with tools, text and a virtual classroom atmosphere. Since 1995, has coached Entrepreneurs, Professionals and Executives in transition to become business leaders. Emphasis is on what it takes to lead a business to success. Holds a Masters in Business Administration and has over 25 years experience as senior executive, consultant, entrepreneur, educator, mentor and coach. Founded Prime Strategies in 1996 to provide the small business community with coaching, consulting and training in business leadership, translated into plain English for the typical small business owner. Click here to visit Marian's website   Partner Questionnaire Warning Signs Checklist |
Related Forum Posts
Re: Franchise 'due diligence' checklist
- One of the things I focus on is this:
Does the Franchise fit the Business Model you are interested in?
Meaning, are you going to be doing what you want to do on a daily? For example, if you are a restaurant manager now and you hate your job because of the hours, then don't buy most food franchises. You have experience of course, so it is more comfortable, but you will basically be doing very similar duties and hours as you were before.
I always go through a series of questions, answers, more questions, more answers etc... to help my clients figure out what Business Model they are most interested in, I do this before even discussing a single name with them, they tell me what the business model is and then I match them up to that type of business, explain the entire business model as best I can and then and only then do we discuss the name of the company. Too many times people come to me wanting to own "abc" name brand franchise, when they don't even understand what type of business it really is and what they will be doing every day.
Which kind of industries are you interested in?
- Ecological or E-business or Investment or Finance or Management or Non-Profit or Retailer or others.
More Profit Women!
- I really enjoyed the stories of Lisa Shepherd and Julie Mitchell - More Profit women CEOs would be great!
Re: looking for partner
- Partnerships in business can be tricky. Most partnerships fail. Here are a few points to ponder before starting a partnership:
- Should have common goal and vision
- Level of commitment in business
- Expectations from business and each other.
- Good sense of self-worth
- Financial Position – Have a good experience in related business with strong financial standing
I suggest you to go on Google type “Partnership Assessment form” and Partnership Assessment Tool” You find some good results. Further apart from this forum look into on social media and business sites.
A ton of Great Women
- You might want to profile Teresa Cascioli of LakePort Brewery. She has an amazing story! I met her at at the celebratory luncheon for the Profit/Chatelaine Top 100 Women Business Owners. The Top 100 list is also a great resource for inspirational stories of Women Entrepreneurs.
Share this article with your friends. Fund someone's dream.
Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.
by: Dianne Crampton, Successful Team Building
February 2012 Top 100 Leadership Experts to Follow on Twitter
Please Stop Calling it Coaching!
Measuring the Quality of Your Hires
The fine line 
Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!
Remind Me...
What Aweber Can Do For Your Online Business
Qualities of Leadership Part 1
Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.