business partnership

business partnership

What To Look For In A Business Partnership

2w ago
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http://salestipaday.com/daily-sales-and-marketing-tips - Get Daily Sales And Marketing Tips. Chris Hamilton: You know what? There's a ... I'll hold the book up again so people can see it. You got an excellent section in the book that talks specifically to that, so I highly recommend anyone to go out and get the book on that. What about ... What should someone look for in a partner? What's some ideal traits that you think would be ideal for partnering up? Ellen DaSilva: First of all, to piggyback off of what Alex was talking about last time, making sure you're speaking to the right person at that company is probably a great first step. As Alex was talking about, getting a warm introduction, and getting a hand-off to speak to somebody at that company, you may think that you're speaking to the right person, but it turns out that that person has no power, or that person is on the wrong team, or that person is too senior and wouldn't take a meeting with you. Just because you've gotten that initial introduction, doesn't necessarily mean that you got the right person. The first, most important step is making sure you're speaking with the right person who can actually make a deal happen. The second set of ideal traits are just making sure you jive well with the other person. I think there's a certain sense of synergy that comes with partnering with another company. You, as Alex was talking about before, you have the same goals, you have the same ideas in mind, have similar corporate cultures, or work at a similar pace. Those are all ideal traits for a partner, because it ensures that you're working towards the same goal, and you're working on the same things at the same time. You often see a mismatch between ... but not always, between very large companies, and very small companies. We interviewed people at some very large companies for the book, like American Express, who explained that their time revising was not able to be the same as a company that's up-and-coming. While they're deal process might be a 12 to 18 month process, somebody else's is a 3 to 6 month process. Making sure that you're on the same page about how long it will take you to do things, when the deliverables are expected, and the cadence at which you work, is also an ideal trait that you should look for in a partner. These are all things that should be discussed before partnership is [inaudible 00:02:21]. A lot of the deals that we talk about in the book is after the pitch. You have to actually work to close a deal. It's not just pitch and then close. There's a lot of work in between that happens to ensure that you're on the same page, that you're working toward the same goal, you want the same thing, and then you close.