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The phrase ‘strength in numbers’ is more important than ever for women in business looking to build strategic partnerships. When you juggle numerous roles, from CEO to sales and marketing, you can impact your growth and success through positive collaborations.
But why is collaboration essential, and how can you start building beneficial relationships today?
Why collaborate in business?
Strategic partnerships open doors to new markets and opportunities that you might miss or struggle to access on your own. Whether that’s through sharing distribution channels, product or service development, or co-marketing, partnerships allow you to leverage each other’s expertise, resources, audience, and strengths.
Collaboration over competition – when you partner with organisations that complement your strengths and bring fresh perspectives, these collaborations create incredible prospects. Combining different skills, ideas, and approaches not only boosts your customer growth but also adds value to your customer experience.
Share the risks – when you build a partnership, you also share the risks and often any costs associated with new ventures, whether that’s launching a new product, exploring a new market trend, or building a collaborative community.
Boost your brand – partnering with other business owners who are reputable and trustworthy can boost your brand’s credibility. Aligning yourself with a well-known brand or influencer helps you attract new customers and build trust with your existing ones. Working as an affiliate, for example, can help boost your visibility while making a small income.
Networking – here at Woman Who, we pride ourselves on our networking community and on having access to the expertise of other women in business. With strategic partnerships, you gain the added benefit of accessing your partner’s expertise and professional network. This can be especially important if you’re dealing with an unfamiliar industry.
“The best partnerships aren’t dependent on a mere common goal but on a shared path of equality, desire, and no small amount of passion.” Sarah MacLean
Building strategic partnerships
Here are five ideas you can try today to help you build those collaborative relationships with clarity and positive intention.
Identify your needs.
Where do you and your business need support?
Where are the gaps in your knowledge or capabilities?
Whether you are accessing a new market, outsourcing technical expertise, or enhancing your products or services, get crystal clear on what you need from a partnership and how it will help you and your target audience.
To-do: Why not conduct a SWOT analysis (Strengths, Weaknesses, Opportunities, Threats) of your business so you can identify any areas where a partnership could be valuable?
Research potential partners.
Look for businesses that align with your goals, core values, and business culture. Consider companies that complement your offerings without directly competing.
There’s no way I could run the Woman Who community on my own and still have time to travel to Italy, care for my family, and visit the football! Instead, I found a team of partners to help with specific areas of my business.
Finding the right partnerships can take time, and often the best collaborations are with smaller, more independent companies who share your vision.
To-do: Create a list of potential partners who fit your idea of positive collaboration.
Build relationships first.
Nobody wants to dive into an agreement without first knowing who they are dealing with. It’s important that you invest time and energy into building relationships with potential partners. Visit networking groups, engage on social media, and attend industry events.
Start small and scale.
Rather than jumping into a large-scale project, start by working together on smaller tasks. This nurturing time will allow both parties to test the waters, assess if the working relationship is valuable, and build confidence in each other’s capabilities and potential. If successful, you can then scale the collaboration.
One example of how effective and powerful this can be is the Great Women in Business Meet Up, which was a strategic partnership between four network communities. Karen Heap, Sharon Louca, Dawn Owen, and I have supported each other for many years. We often visit each other’s networks, speak at events, and engage with each other’s audiences. In 2023, we pooled our knowledge, resources, and networking communities to create something never done before.
‘This first Great Women in Business Meetup inspired so many women that it could not be a one-off event. Within 24 hours it was decided that we would be back in 2025 for another amazing day of connection! Our ongoing collaboration promises to bring more extraordinary events designed to inspire great women in business across the country.’
Have clear objectives.
Once you’ve identified a potential partner and built a relationship, it’s time to get specific. Clearly outline what each of you will bring to the table, what you hope to achieve, and how you will achieve it and measure your success. Be transparent about your expectations to avoid any misunderstandings.
“Just one great partnership with the right person can have an incredible impact on your business success.” Janine Ogg and Jo Foster, entrepreneurs
Strategic partnerships are powerful tools for business growth and success. By collaborating with the right partners, you can unlock a lot of potential and opportunities. The key is to understand what you need from a partnership, build relationships, and take small steps.
Woman Who Inspires Network
Each month, Woman Who hosts the Woman Who Inspires Online Network, and tickets to our September event are now live. I will also be announcing the finalists of the Woman Who Soloprneuer Awards 2024.
Monday 2nd September 2024, 9.30am – 10.30am (BST)
“Sandra is committed to creating more women in business role models to inspire others, and she is true to her word! I attended the Woman Who Achieves Awards this year and was overwhelmed with the support and kindness I received from other women in business.” Jeevan Punj, Elite Hampers
With Woman Who events, networking, inspirational speakers, and learning will be included with this month’s theme, Strategic Partnerships.
In business, we need to network to increase our contacts and our pipeline of work for the future. Whether you network online or in person, you can share your networking tips and learn new ones.
“I’m delighted to see the return of the Woman Who Inspires Network. Yes, it’s great to host face-to-face events but I believe strongly in considering sustainability and the environment. It is possible to host successful networking events online whilst considering the environment, efficiency of time, and inclusivity. Hosting this network online allows me and those attending to make new connections, form collaborations and build relationships nationally, and beyond. I hope to see you at an event soon.” Sandra Garlick MBE, Founder of Woman Who