In a highly fierce competitive economic environment, the prospect of a large corporate enterprise approaching an entrepreneur of a small business enterprise to form of a strategic business partnership is always exciting for such an entrepreneur. This is especially so when the entrepreneur’s business is capable for reaching out to a larger target audience in the market and is successful in establishing itself as a force to reckon in the industry within which it operates. However, enticing this form of strategic business partnership with a corporate enterprise may seem to an entrepreneur, it is imperative for him/her to take certain necessary steps to validate the prospective business partner before initiating any strategic partnership contract.
Business partnership specialist Anura Leslie Perera says for most entrepreneurs this may seem difficult especially with the desire to grow their business enterprises and not miss the opportunity to be exploit a lucrative business deal, it is essential for such entrepreneurs to keep in mind the following tips:
- Take time to consider
If a large corporate enterprise approaches an entrepreneur with a strategic business partnership proposal, it does necessary mean that the entrepreneur needs to deal with the strategic business agreement immediately and put his/her present schedule on hold. If the corporate enterprise is genuine and truly wishes to establish a mutually beneficial strategic business partnership with the entrepreneur, then it prudent for the entrepreneur to do some research on the corporate enterprise. It is imperative for an entrepreneur to do this research on the corporate enterprise even it means delaying a face to face meeting with the business development representatives of the corporate enterprise for a few days.
- Recognize the benefits
For an entrepreneur, it is imperative for him/her to appreciate the potential areas where his/her business enterprise can benefit from a potential strategic business partnership. Strategic business partnership deals have the potential to reward entrepreneurs of small business enterprises in a variety of ways, which are not possible in the case of other lucrative business deals. This includes access to the latest cutting-edge technology, increasing the business enterprise’s market share by having access to a corporate enterprise’s existing customer list and even funds for a lucrative marketing campaign. A corporate enterprise willing to form a strategic business partnership with entrepreneurs of small business enterprise will also identify potential competitive advantages that they visualize by forming such a strategic business partnership.
After identifying the potential areas that may benefit the entrepreneur of a small business from the strategic business partnership and researching the corporate enterprise, it is imperative for such an entrepreneur to negotiate the business deal to his/her best advantage. While strategic business partnership agreements always support the objective of both parties to the agreement, it imperative for an entrepreneur to negotiate the best favorable terms of revenue and resources rather than being at the receiving end of the deal.
Strategic business partnerships says Anura Leslie Perera have the potential to enhance the competitive edge of small business enterprise over its competitors in the market. However, it is imperative for an entrepreneur to take his/her time to think over the opportunity and see whether it is appropriate for the strategic growth of his/her business enterprise.