The top 3 reasons Start Ups fail to reach five years relate to sales, management skills and cashflow. Let's dive into a fast track strategy that any company can adopt to overcome these issues.
The Power of a Partnership
A partnership can take many forms ranging from a collaboration, an alliance or a joint venture where you combine resources for rapid strategic growth.
A partnership fast tracks you from being a sole company sailing alone in the ocean to being part of a strong fleet sailng to a shared destination faster, better and stronger.
Virgin Group leverages the Power of Partnerships
Over the years, the Virgin Group have successfully formed partnerships with many companies to gain traction in new markets and is a shining example of how to achieve rapid strategic growth. In a partnership, Virgin brings the power of it's brand name to the table while the company, typically an leader in it's field, brings the infrastructure, people, resources and knowledge.
The King of Partnerships is Sir Richard Branson.
He is the only entrepreneur to create 8 separate billion $ companies
in 8 different industries.
Virgin Joint Ventures
•Total 400 companies, founded 46 years ago, employs 50,000+ people
•Joint ventures have included:
3 steps to powering up your business
Whether you are a two man band in your first year or 50+ people in your third operating year, the power of a partnership leads to rapid strategic growth.
Step 1 : DETERMINE your need
Brainstorm 3 reasons why a partnership would fast track your company. What gaps do you currently have? What are your key areas of weakness or pain points? Do you need people, expertise, technology? All these questions help gain clarity on the WHY.
Step 2 : DISCOVER like minded companies
Now you have clarity on the WHY, research like minded companies in your sector. Collate a list of at least 10 companies that would be an ideal fit. Seek companies with similar brand values and ethics as yours as this makes the initial introductions easier and more effective.
Step 3: DIVE IN
Contact each company and share your partnership vision with them. Outline the WHY first followed by the HOW. Positively share your insights, research and the financial deal on why you believe you are STRONGER TOGETHER.
During a Q&A session, at Apps World London, I was asked for some ideas on how a Start Up could tap into the Power of a Partnership to raise brand awareness. Watch to learn more.