Let’s face it.
Building a business is hard. It’s lots of hard work. Lots of time. And lots of effort.
Some days it feels like all your life revolves around your business.
Like all you do is keep trying. Without necessarily seeing the results you crave.
But what if there was an easier way?
There’s a secret to building a business that not many people know about.
You see, many business owners make the mistake of thinking they have to do it all themselves.
They forget that building a business is a team sport and that there’s not enough time in the day to do it everything alone. By trying, you’re likely to end up burnt out.
You’re also likely to end up being beaten by those who understand that the most successful enterprises are built by partnering with others.
Remember this formula:
Wealth = Value x Leverage
Value = your intellectual property, your solution
Leverage = doing ever more with ever less
So how do you utilise this knowledge?
In a word: partnerships.
As Glen Carlson, the co-founder of Key Person of Influence Australia says:
“In order to build real wealth and success, you will need the “spirit of partnership” flowing throughout your entire business.”
What’s Great About Partnerships
Partnerships provide excellent leverage and are often referred to as the ‘money step’ when building an enterprise. When I spoke to Callum Laing about Perfect Partnerships for Small Business he said,
“For me, I think partnerships is by far and away, the easiest way to scale a business.”
Callum has started, built, bought and sold half a dozen businesses in a range of industries across two continents. He’s not only an experienced businessman, he’s also extremely experienced at building business partnerships.
The spirit of partnership is not about a legal definition or contract. It is not about finding other businesses to transact.
The spirit of partnership is about how you approach the partnership.
The spirit of partnership is based on the premise that whatever resources you currently lack, someone else has in abundance.
In a true partnership, the relationship is underpinned by a win-win mentality where the parties benefit more by operating together than if they operated in isolation.
A true partnership requires commitment from all parties and in the event of something going wrong, all parties work closely together to resolve the issue.
Types of Partnerships
In general, there are 5 types of partnerships relevant to dental practices.
- Brand Partnerships
Partnering with a person or a brand who enhances your reputation.
- Product Partnerships
Partnering with people or organisations that can add to your product offering and add value to your patients / referring practitioners.
- Distribution Partnerships
Partnering with people (or businesses) who can get your offering in front of more people.
Partnering with people who can introduce you to key people.
Partnering with people who provide intelligent insights based upon real-world experience.
A corporate program represents a partnership between your practice and another business for mutual benefit. The benefit to the other business could be related to staff, customers or something else.
The key is to find out what problems your partner is having and how your program can help solve their problem.
A corporate program can be any of the 5 types of partnerships but typically relates to the first four in the above list.
How To Create A Winning Partnership
Ok, so you’re interested in this idea of partnerships. But it’s risky.
I mean, how do you create a winning partnership? A poor partnership has the potential to do you damage – and no one wants that.
Choosing a prospective partner requires careful consideration.
Depending on what type of partnership you are looking to embark on, you could ask the following questions.
Who do you know or know of, who already has…
- An influential brand? Who already has influence? Who has a great reputation?
- A quality product or service? Who is already pleasing their customers? Whose product or service do you wish you had invented?
- Who has a big customer list? Who is already selling to your target market?
- Who is well connected? Who is known and trusted by a lot of your ideal patients?
- Who has special insights on best practices in your business? Who’s previously achieved what you want to achieve?
Fast Track Your Business
You don’t have to build your business the hard way. You can build it the smart way.
By partnering with compatible brands or businesses you can take a savvy shortcut. (Click to Tweet) A short cut that few other business owners utilise.
You’ll boost your business the easy way.
You’ll be the envy of your competitors.
And you’ll be helping out the business who partners with you too.
It’s a win-win.
So what are you waiting for? Do a little research, and start shortlisting partnerships today.