A business partner in the real estate industry is someone you work closely with for business purposes like negotiating sales, developing a marketing plan, evaluating property needs, and working together on construction projects. In other words, a business partner is someone who acts like a business partner on your behalf. How do you get a business partner? You can’t just ask anyone to be your business partner! The best candidates for becoming a business partner are those who have developed a personal relationship with you and your business. Here are some tips to help you find potential business partners.
* If you want to develop a successful business partnership, you should consider looking to those who have financial backgrounds. Some finance graduates have started their own companies. These finance graduate companies have allowed them to gain the skills and the knowledge they need to be successful business partners. Finance partners should also be looking for opportunities where they can use their knowledge to benefit your projects. Finance partners can be found through MBA programs or finance-related trade schools.
* Develop a strategic partnership. If you and your finance or accounting firm have a strategic partnership in mind, your firm must show how your finance function benefits your business. Your finance function supports your marketing, operations, financing, distribution, and overall business strategy. When forming a strategic partnership, your firm should look to those whose areas of expertise complement yours.
* Employ an administrative assistant. An administrative assistant (or PA) performs many administrative tasks that are necessary to build and maintain a successful business partnership. An administrative assistant does not deal directly with customers or vendors; however, she/he does play a significant role as a strategic partner because an administrative assistant helps in the management of many business expenses including records and billing. An administrative assistant can help you by handling routine billings, filing data, scheduling appointments, and so on.
* Establish a strategic alignment. Your business partner must have a clear understanding of your company’s vision and goals. For a business to become successful, a strong and clear strategic alignment is required. A strategic alignment describes how and why you operate, what you do, and who your partners and customers are. Your business success will depend on your ability to create a deep understanding of your business objectives.
* Employee Recognition. Employee recognition is crucial to business success. If you provide an excellent working environment, motivate your employees well, and give them opportunities to grow and advance within the firm, your business success will thrive. For your employees to perform well, they need to know that they are valued and appreciated. It’s important to reward employees who are performing exceptionally and provide regular employee recognition events.
* Add Value. When you work with a business partner that does not add value to your efforts, you can lose a lot of money. You don’t want to be gambling with your business partners’ capital, so it’s important to find one that provides tangible benefits. Many management companies today help their clients set up business partners that add value to their bottom line.
* Employee Communication. Communication is vital between partners in any business. The goal of employee communication is not only to know what your company objectives are but how to implement those objectives. If your business partner isn’t willing to communicate with you, chances are your business objectives aren’t exactly aligned.
* Strategic Planning. Successful business partnerships need to have a strategic plan in place. This strategic plan should include both short-term goals and long-term ones. With strategic planning, you’ll know exactly where your company is going, as well as why.
* Strategic alliances. Finally, you must keep an eye on the strategic alliances your business partner has with other companies. These could prove to be crucial for expansion, new product development, or help with internal service projects. A strategic alliance can be a win-win for your company – as long as you choose the right partner.
By paying attention to these key points, you can ensure that your relationship with your business partners is a win-win one. You’ll be able to maximize your investment, improve your sales, increase employee productivity, and increase your profitability. Dave Ulrich’s team of executive management and financial consultants understand these issues inside and out and can help you achieve them faster than you ever thought possible. As a result, you can turn your relationship with your business partners into an investment that generates greater results and profits.