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How do you go about selecting your business partner?
My company recently put in a bid for a job. We have strong financial backing and we made a solid offer for the job. I started thinking about our economy and wondered what people take into account when selecting their business partner. Do you always stay loyal to your go to guys? Or Can money become a bigger incentive over reputation and loyalty?
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4 Answers
First of all we will see that company is really a profession one or not and will check their past deals and will ask to their past partners aswell about their professionalism and loyalty. Then I will see that how they are beneficial for our company in profit and in reputation of our company. I will give more marks to reputation in comparision of profit because profit can be earned in future if we get good credit in market.
Hard to answer without knowing all the specifics but here are a few things to keep in mind.
First, consider the economy. It's a down economy so even on the strongest and most loyal of partnerships will experience downward price pressure.
Second, consider the market for partner services. It's not just whether we're in a bad economy; it's also what the specific market is for potential partners. Consider the following from you client's perspective:
- Is this a simple or complex project?
- How many potential partners are there to do the job?
- How hard is it to find these partners?
- How differentiated are the partners?
For example, I would tend to focus on pure costs with partners if there were a) lots of potential partners in this market, b) there was not much differentiation among potential partners and c) if the project were more transactional in nature (i.e. a simple project, straightforward project). On the other hand, I might focus more on reputation, loyalty and QUALITY if the a) project is strategic and b) finding the right person/firm to do the job is hard.
Third, consider the culture of your client. Some companies have a history of cultivating partnerships where price is but one input. Loyalty matters just by the nature of the company's culture. This of course presumes that the partnership continues to add business value, which is the baseline for continued partnering. Other companies don't seem to have a culture of loyalty in partnering. I won't exactly say they're "cut throat" but they tend to be only driven by their (short-term?) economic interest vs. investing in long-term partner relationships.
First of all,he/she should be compatible to your level of thinking.If you are a technocrat,he needs to be an expert in some thing else. In totality both of you can click. Above all trust and honesty should bond you two.
From what I am gathering from the comments here, a "Business Partner" is not a partner in the traditional sense but a person or firm an organization may team up with to do a project or projects. I consider this much different from a true "Business Partner". What you are talking about here is more a marriage of convenience than anything else.
What to look for; integrity, past performance, ability to over come obsticles, financial capability, ability to work together are some of the basics.
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