Nearly every business owner dreams of reaching the pinnacle of success on their own. Indeed, the idea of the self-made millionaire (or billionaire) carries a high degree of prestige, and it can certainly catapult the ego to stratospheric levels.
But the truth of the matter is that few, if any, businesses reach the stars, or even the clouds, without the right partners.
We humans are an inherently social and collaborative species. Since our most primitive days, long before the advent of indoor plumbing, electricity, and Netflix, those who tried to survive alone were at a major disadvantage without the help of fellow tribespeople. Just the idea of getting that fire going in ancient Siberia without anyone else’s help significantly raised a person’s chances of freezing to death.
On a much less dramatic note, today, an entrepreneur without a team and some strategic partners may not have to worry as much about freezing to death, but they’ll certainly find themselves at a disadvantage without the right partner in crime.
Unite the Might
Not every company or organization offers everything a client needs, and even for those with an eclectic array of goods and/or services, newer companies often don’t have the established reputation, the clout, or the manpower to meet certain demands in today’s global market.
And this isn’t just an emotional peptalk about how uniting with others is the best way to go. There are plenty of stats to back it up. For example, companies that prioritize partnerships can witness an increase in revenue growth by 1.8x and 1.7x higher profitability, according to Accenture.
As shown by Partnership Leaders’ Ecosystem Compass Report, “a substantial percentage of organizations derive between 30-60% of their revenue from partnerships, reinforcing the role of ecosystems in modern business models.”
And contrary to popular belief, it’s not just smaller businesses looking to link up with other SMB’s in a similar category to gain an advantage. In fact, some of the most gargantuan and profitable organizations actively seek partnerships with smaller companies, which can be highly beneficial for both parties. For example, 95% of Microsoft’s revenue is the product of its partnerships with others.
Shopify, virtually known and used throughout the entire industrialized world, generated $6.9 billion through its elaborate partner ecosystem, and in 2020, 40% of Zoom Japan’s business came from channel partners.
The list of partnership benefits can go on for quite a while, but I have a feeling you don’t need any more convincing, whether you’re the decision-maker of a brand-new startup or a global business magnate with years of skin in the game.
Selection for Success
Now, if this article has convinced you to take that extra step and partner with someone who can help you reach the finish line (even though in business, there always seems to be an endless array of “finish lines”), it’s important to be selective. The wrong partner with the wrong reputation can sink your company’s reputation.
Also, it’s important to pick a partner whose business model complements what you have to offer instead of potentially competing with you down the road, though there is some nuance to that argument, as you’ll see below. This sounds pretty obvious, but there’s no shortage of businesses who’ve suffered because of an avoidable blunder when picking the wrong teammate.
Here are a few personal examples of how creative partnerships can work.
As a digital marketing company that offers various services in the realm of increasing online presence as well as selling products online, we at Stratik have partnered with a handful of companies to enhance our repertoire.
Although this seems to go against the advice of not partnering up with potential competitors, we’ve joined forces with Webydo, a professional web design platform for designers and agencies that facilitates website creation by way of AI tools.
Yes, strangely enough, both Stratik and Webydo offer website creation services. The difference is Webydo is for DIY website creation with the help of AI, while Stratik has a team of organically intelligent humans who create and optimize websites. But why advertise something from a different company that we already offer? For one, AI is now inevitable and something nobody can run from. Two, for those who prefer the DIY route with Webydo, we’re offering a free user experience (UX) audit and the potential for additional no cost services on our behalf, making this partnership highly complementary and beneficial for both Stratik and Webydo.
As you can see, there are ways to turn a potential competitor into a partner.
Another one of our partners is MRPeasy, a cloud-based user-friendly ERP/MRP software for small manufacturers and distributors, definitely not a competitor of Stratik, since we don’t manufacture anything in the physical space (though plenty in the virtual universe), but certainly something to enhance our portfolio of services.
Instead of simply doing our best to sell what MRPeasy brings to the table to make manufacturing easier and more scalable, we’re also offering a complimentary bundle with our digital marketing services for manufacturers who take on a specific monthly plan with a certain amount of users.
And last but not least, we’ve joined forces with CloudTalk, which consists of AI-powered call center software, in other words, software that makes and receives calls with AI agents on behalf of a company. Again, every company needs a digital presence, exactly what Stratik has years of experience creating and optimizing. For those who purchase a specific monthly plan, we’re offering them digital marketing services on the house.
These are just a few examples of how your organization can get creative by partnering with the right companies and thriving, even if it means building a massive bonfire to stave off the bone chilling cold of the brutal Siberian winter, together.
To learn how Stratik can help your business get hot this winter, contact us at info@stratik.us
-By Roberto Guerra
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