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Finding the Right Strategic Partnership, Part 1

A primary reason many businesses collapse in Nigeria and in some parts of the world on their first or second anniversary is because of the burden of doing it alone. Our people are not used to pulling forces together in businesses and projects. People here like a solo lifestyle – doing it all alone. In developed clime, people hardly do so. You may be hearing one person’s name prominently, but it doesn’t mean he/she owns the business alone. There is a co-founder! There’s a finding the right strategic partnership.

strategic partnership
strategic partnership

I have a colleague who proudly would tell you that she hates any work or thing that can be done in a team or group, i.e. she is a lone ranger. In fact, that statement irritates me anytime she makes that statement in our meetings or conversations. Please I don’t mean there are things that don’t require lone attention. Doing it alone is the flip side of I can’t work in partnership, and as I said our people detest working in partnership.

Why People Work Alone

Their reasons for working alone are people’s disappointment, “I no want trouble”, “anyhow I manage am, I take am like that”, “I no fit account for persons”, etc.

That’s a bane on someone’s growth, someone who wants to remain a mushroom. Please, note that the person is going nowhere! Incidentally, he/she is not building a system… and no one succeeds without building a system – a system of leverage; networking, franchising, partnership, collaborations, and employment. Yes, you must have a formidable system that can move you with or without you being present in your business venue.

Partnership among others is a key system. Now, my burden is since our people have negative notions, experiences, and fears about partnership, how can I, as a consultant help them to beat this fear? So many ways! Let me share only a few points here on how to find the right partner (others in my books and live seminars).

See, and read me well: you need a business partner even if you don’t have the rest system members – of course, you must have employees as necessary as you can. Permit me to call this partner, a strategic partner.

Need for Partnership                                                            

  1. Growths & Expansion in Market Place

A strategic partnership can be an ideal way for progressive you or organizations to work collaboratively and leverage individual strengths while remaining independent and focused on core competencies.  These partnerships can result in expanding your customer base by creating access to new markets and providing new solutions to existing clients.

  1. Achieving Energy & Mutual Aspirations

Strategic partnerships strengthen each business and achieve mutual aspirations faster by leaning on one another’s experience, network, and resources.

  1. Burden Sharer

As good as the above two, it doesn’t turn (trip) me on like this: a strategic partner helps you bear a burden you couldn’t have borne alone because of fear, procrastination, finance, and thinking. The Scripture says:

Ecclesiastes 4:9 KJV

“Two are better than one; because they have a good reward for their labour”.

an adage says,

two good heads are better than one.”

That’s the wisdom that you can’t register a limited liability company or trustee organization with the Corporate Affairs Commission of Nigeria without having many directors or trustees [more than one] i.e. strategic partnership in owning the business or organization.

  1. Competitive Advantage

A strategic partnership will give you a competitive advantage and allow you to extend a broader range of opportunities. Your partner can offer skillsets and services that differentiate you from your competitors. Your partner can also and is expected to complement the resources, skills, knowledge, and experience you’re bringing to the table.

  1. Different Perspectives:

Aside from new business opportunities, it can give you another perspective on your company and streamline processes to help augment your resources. You will be working closely together with your new business partner, so it’s important to have a good connection with them.

See you in Part 2.

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Dr Mike Ihezuo

Content Creator

Mike is a leader and leader’s developer, a speaker, an author and a prolific writer, a researcher and consultant. He invests life, time, energy, resources and money to empowering organizations desiring upward dive to top performance and individuals desirous of fulfilling their destinies, discovering purpose and seeking success towards significance. Mike, as a life coach, team builder, conflict resolutions exponent, motivational maestro, negotiation experts, corporate strategist, an entrepreneur and entrepreneurial developer, invites you to this LeadershipRoundTableHQ. Let’s talk and discuss so as to learn and GROW…

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