Connections are essential to business success, and finding a partner may be the best way to take your business to the next level and market it to an additional demographic or enhance the budget plan. Whether your company is a startup, or you want to partner with a larger, established corporation, there’s a proven partnership blueprint to get you on the right track. Use the following business development guidelines for the best results.

How to Create a Partnership With Another Company

1. Know Your Needs & Reach Out

First, know what your business is lacking. Maybe you have an excellent product or service, but lack marketing skills. Maybe you specialize in web development and branding, but you need clients to promote. Once you know your business development needs, you can hone in on partners.

Look within your industry and find companies that need your services. Then, you can begin reaching out. Cold-call, connect at a business development meeting, or work through your local chamber of commerce. Once you’ve connected, you can move forward.

2. Define Goals

Your goals need to align with your partner’s. If you have a pool of prospects, explain what you want to achieve. Let them know if you need print advertising to reach new markets or manufacturing services to bring a great product to life. Then, ask about their goals. Are they looking for a great idea? Do they need specialists, such as cybersecurity professionals or telecom providers? Make sure you can fulfill their needs. You may find one of several partners during this process.

3. Establish a Structure

You’ll need a structure to get things rolling. Avoid a 50-50 split. This often leads to stalemates during decision-making. Instead, give power to the people most qualified. If your partner is an expert in home design, give them the final say over construction adjustments. If you specialize in civil services, make sure you can make final decisions about project changes. This will keep operations moving.

You’ll need to create a workload and profit and losses sharing plan as well. Define the expected amount of work from both you and your partner, as well as the resources dedicated to the project. Then, create a split. Determine the profits that will go to each of you, as well as who will take financial losses if a project fails. Partner with an outside bookkeeping and financial adviser for this.

If you’re looking for business development resources in the Florissant, MO, area, contact the Greater North County Chamber of Commerce. This community of over 400 companies is committed to helping each other succeed through small business plans and development and networking opportunities. They host everything from job fairs to mixers and promotional opportunities, which you can learn more about on their website. Connect on Facebook for upcoming events, and call (314) 831-3500 to speak with a business development representative.