Supercharging Your Business: The Synergistic Power of Partnerships and Collaborations

Did you know that partnerships and collaborations can supercharge your business?

That's right, the synergistic power of partnerships can not only help you achieve your goals faster but also save you money. Join us as we dissect this topic and give you actionable insights on defining collaborations, selecting the right partner, and understanding your target market. We'll also tackle the necessity of honesty in these relationships, and how mutual understanding of each other's goals can make or break your partnership.

We unveil strategic techniques on how to research potential collaborators, ensuring they have the right capabilities and market position to benefit your business. Plus, we'll share insights on setting clear expectations upfront, preventing misunderstandings, and avoiding exploitation. So, strap in and get ready for a deep dive into the powerful world of partnerships and collaborations!

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Transcript

Speaker 1: 0:00

Make sure that you know how they can help you, because nobody wants to be in a one sided relationship. Find out what it is that their goals are and see where you fit in on that. What's good at everybody? I think I'm live. So today I wanted to talk about partnerships and collaborations. Right, I feel it's very, very, very important in business, especially in the onset, and so don't want to. You know I haven't had to go too long, it's almost midnight. But I want to talk about number one, the benefits of partnerships and collaborations. And then, how do you actually get the right partner? You know, get the right collaborate, get the right joint venture. We're moving forward with something, so where does it talk about?

Speaker 1: 0:53

You know what exactly is a collaboration? What is a partnership? Not dictionary definitions, just working definitions. You know, a lot of people know me I love dictionary definitions, but in this case I'm just talking about working definitions, you know. You know, basically it's when two companies, organizations, entities, they come together, in most cases on a temporary basis. Even if it's a long temporary basis, they're not actually combining companies. They actually have similar interests or they have a similar market or just different. You know different ways that they see a benefit and they come together with an agreement to benefit both parties. Right, it's not you know one party only. You know there's not a hostile takeover, not an acquisition. It's a partnership of visions. You know two people with similar, or you know cohesive or parallel visions helping each other to achieve those goals. And so today I want to talk about you know how exactly you define those, how to find the right ones.

Speaker 1: 2:00

For me, when I'm looking for a partnership, what I look for are companies that have similar target markets. That's why it's very important that you understand who your target market is. I'm going to be doing a challenge next month about finding your perfect customer and your target market, but when you know who that is, it's easier for you to find out who you can partner with, who you collaborate with. It's like, hey, I'm looking at the same people that you're looking for. We're providing two different service or two complementary services, or even sometimes the same service. You can actually have partnerships and collaborations with people that you're in competition with if it can grow both of you. You know there was a time when BMW and Toyota collaborated because they both needed whether it be the technology, the processes. Eventually, you know, it was beneficial to everybody.

Speaker 1: 2:50

So when you're looking at a collaboration, what I always encourage people to do is don't just come saying what you can do or what you can do for somebody. The first thing you want to do is come with an understanding of their goals and their vision. When you have that type of understanding of where they're going, then you can kind of see where they collaborate, where they actually have synergy so they can grow together. Unfortunately, a lot of people they come and they have and if you've ever read, you know foot eight laws of power. You know not to come, you know as like, hey, I'm this almighty person who come and help you and say what you're doing or give you everything that you need. You don't want to do that. You don't want to come in. You know, honestly, humble, saying, hey, I see what you're doing, this is where I see you're going and allow them to even correct you. When you're saying, hey, look, it's like you're trying to grow your business in this direction. Listen, you know it's not quite it. Listen for that so you can understand, because the whole golden collaboration especially when it's successful, it's going to be a win-win, a mutually beneficial relationship.

Speaker 1: 3:52

When you're collaborating with somebody or having a partnership with someone find out what it is that their goals are and see where you fit in on that. You know you don't ever want to take them in a different direction than one going. That will be resentment. You don't ever want to put them in a position where they feel like they're losing out. Of course you both want to win Like. You don't want to come in and say, hey, I'm just going to do for you and I'm not going to get anything else out of it. Don't act like the motive is fully altruistic, because in most cases it is not. You know you're not coming in and treating them like a charity. You're treating them like another business.

Speaker 1: 4:27

So when you're looking at somebody that you want to collaborate with, talk to them about what it is that their goal is and then, once you do that and you get the full clarity of it, you have an understanding of it. You talk about what you can do to enhance Again, enhance what they do. And then, as you do that that that point you pretty much sold them on what you can do and of course in the back of their mind they're wondering okay, so what they want for me, what they want for me. What are they want for me? They want, they know that you want something, so be honest in upfront about it.

Speaker 1: 5:01

Say, hey, you know, I honestly think that I could benefit from you by whether it's you know you have a larger audience and you have a larger following than me, or you know you have this technology that I may be able to use, or you know you can provide this service for my clients. You know, in addition to what you're providing for them, you know, at a lower cost, or you know just, or whether be licensed in deal, whether it be some type of you know, collaboration or growth and developing something together. But when you do those things, that's how you grow together and you begin to instead of having, because in many cases, if you're not part of with somebody, you have to create things All on your own. You're having to pay for things all on your own. So what I recommend is, when you're doing that is um is, make sure that you know what is necessary to work together with people. So think about it. You know, I mean you put it in the comments now.

Speaker 1: 5:50

What type of things are you looking for in your business? What do you need? What type of? Is a certain audience that you're looking for? Is there a certain product? Is there a certain service? Is it something that is lacking in your business that you will help with?

Speaker 1: 6:03

I mean, I personally I'm always looking for partnerships and and collaborations with people. You know, if you want to partner, collaborate with me, you know, so set up a time to talk. Matter of fact, we put my stuff in the bottle. I forgot to do that. So the job, if I don't have a how to how, let me know so I'm easy to reach and all that, this stuff. But you know, you know, I like the partner with, like right now I'm looking at different civic organizations, changes of commerce, you know, uh, any economic development corporations, things like that. You know, to take my programs to them, because I know a lot of them have Businesses that are growing or they're small and they kind of staying small and they're looking to expand, and I know that we can definitely have collaboration, partnerships with that. You know, away from school systems to, you know, governments, you know working with them to grow these things. So that's about it. That's one one one.

Speaker 1: 6:56

What I really wanted to talk about is you know, what is it that you can do for partnerships and collaborations. So number one, as I said, five companies that have similar target audiences, similar delivery and similar ethos is around who and what they serve and what they bring to the table. Then know them, you know, study them, know what it is about them that makes them take. At that point You're able to say, hey, I can help you here, I can help you there, and what you're trying to accomplish. As the great Zingo says, you would have anything said. You can have anything in life that you want if you help others to get what they want. I'm in that position right now.

Speaker 1: 7:37

My goal is to help as many people as possible and businesses as possible to grow, because I know, in turn, don't get me to where I want to be, you know. And the last thing is make sure that you know how they can help you, because nobody wants to be in a one-sided relationship In business. You want, they want, you want, they want to know that they have value to you as well. If they don't feel like they have value to you, they don't feel like they do or something for you, then that can even make a relationship contentious. So you don't want any of those things to happen, so you know.

Speaker 1: 8:10

So, again, when you're trying to find a right collaborator, there's so many factors that can come to play in sports. Yes, I'm using my notes, I know. So you know, consider their experience, consider their skills. You want to make sure that you're kind of on the same level. Otherwise you may want to be you know you may. If they're on a much higher level than you, you may want to pay for this service. I'm much lower than you. Then you may want to. They need, may need to hire you because it may take away from a mutually beneficial situation. Right, make sure you have similar values and goals.

Speaker 1: 8:41

I'm Understand their capabilities within your industry and also understand their market In in their industry as well. You know you want to see where their position, what things do they have benefiting them that could benefit you. Again, if it's a large follow-up, a certain technology, if they are, you know they may have something that you're lacking, like, for instance. You know there's some. I don't. I don't have my own podcast, so I go on other people's podcast. You know I let them know. These are the topics I can speak of to help you. In turn, I would like to promote x, y and z that I'm doing, um, so yeah, uh. So you know, check, you know, make sure they have a good reputation, um, because you know you would hate to be collaborating with a company that had a negative reputation. You know bad. Yet reviews all I guess the vdr's really horrible thing and again, set those clear expectations up front. Let them know what they can expect from you and you need to know what you can expect from them.

Speaker 1: 9:37

I always recommend any partnership collaboration, getting it righty, because you don't want any misunderstandings, you don't want people to think you're saying one thing or you're not, and you also want to be able to level set expectations properly. So, yeah, when you're looking for the right collaborator, just make sure that your eyes are open and you know what you bring to the table. One of the worst things you can do is look for partnerships and collaborations just because you need them. I'll say that again One of the worst things you can do is look for partnerships and collaborations just because you need them, just because there's something missing in your industry or in your company. At those points, just pay for the service, because you don't want to be out there taking advantage of people and what they can do and what they have with their services. Make sure that what you're offering them is valuable to them. Just because it's valuable to you and it's what you put forward and what you're great at does not mean it's what is valuable to them.

Speaker 1: 10:46

So I hope that everybody's taking notes. Since you have any questions, comments concerns metaphysical speculations or even a design partner with myself and my company, please feel free to reach out. I've been pretty straightforward on the things that I do. If you have any questions, I actually did a video on Sunday, which is yesterday, about everything that my companies do, so that you'll be able to really understand it and have a good understanding of what. If you wanted to come to the table and talk to us, how we can help you. Hej.