In today’s cut-throat business world, startups come – and go – with alarming speed. There are a few different things that separate the winners from the losers. Of course, having a good idea with a knowledgeable, dedicated team behind it will always be a better bet than a bad idea with a team lacking direction and wisdom

But there’s another critical part of building a startup successfully that many people often forget – finding businesses that can help you get from being a brand new company to a one with great potential. Strategic partnerships are probably more important today than they have ever been, so let’s take a look at some things you need to know.

What is a strategic partner?

When you start out in business, unless you have a lot of capital behind you, there is no way you can hire a full complement of employees – it’s too expensive, risky, and too much to manage when you are getting things off the ground. But ‘stuff’ still needs to get done, right? And this is where your strategic partners come in. They bring expertise and help you get to where you need be, get things done far more efficiently than you could, and are more cost-effective than hiring a full-time employee who needs training.

What can they help you with?

Outsourcing work to strategic partners gives you an extra pair of hands or two while saving you time and money. When you start a business, you get used to doing most things yourself. But pretty quickly you will find that this is a difficult process to maintain. So, you might think about outsourcing a few tasks to a virtual assistant, to give you the space you need to do more important things. You might outsource to an IT support firm to take over the reins of all your technology issues. And you could find a reliable company to provide you with the expertise and experience in marketing, for example.

What are the benefits?

In essence, when you find a perfect partner to work with, you are buying resources that are ready to go immediately. You also gain access to experience and knowledge of areas you might struggle with, giving you an edge over your competition and an opportunity to take on the big players in your industry. And if you use a service that is complementary to yours, there is also an opportunity to share a client base with the people you outsource to. For example, let’s say you’re a web developer. If you strike up a positive relationship with an SEO company, they can point their clients in your direction if they need help with web design, while you can do the same for them.

How do you choose a perfect partner?

Finding a good strategic partner takes time, effort and research. You are looking to establish relationships first and foremost, and it’s critical that you have an excellent personal as well as business one with those involved. However, always look for expertise when looking to establish strategic partnerships – you don’t want to end up in a situation where you spend more time explaining what you need and less time on your important business tasks. Good luck!

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