Is This the Time for Business Partnerships?

Since the Corona Pandemic happened, times are hard. Several people are either asking or looking for investors and capital access. People have lost jobs but life has to go on regardless. This is where the idea of partnerships comes in. Do we take advantage of this pandemic and invest in that business idea? Can we team up with other individuals, raise capital jointly, and start a joint venture? 

Yes, it is true, COVID-19 has triggered by far the greatest global call for increased partnerships across all sectors and it is now time for us to keenly listen to that friend’s idea. Is it something that will help us grow and increase our income? We have to accept that this virus has taken hold of almost everything in our country and companies have gone bankrupt with livelihoods lost. It is time to look for investors to invest in our business and advertise job opportunities where available.

It is important for us to nurture our business partnerships now like never before. Why? Because some business sectors are likely not going to survive this crisis on their own. Those that will happen to survive will be getting funds from donors and government. 

As we get into these partnerships, we should note that we are also planning for the post-pandemic. These partnerships should help us cope and survive during these difficult times and at the same time help us plan for what the future holds. We should be able to get back on our feet once COVID-19 will have been controlled. Let us now discuss what you need to do before getting into a business partnership during this pandemic:

Partnering with other businesses is not easy especially during a crisis. Why? Because you are not sure whether the profit you desired and goals will be met. However, there are times when businesses are stronger together and help uplift each other; that time is now. 

First of all, you will need to research available options. What kind of problem are you trying to solve? And can that person or company help you solve it? Without understanding well what you want out of a partnership, you will have a hard time choosing a partner. Once you have identified your options, you can go ahead and choose a potential partner. 

 Secondly, you will need to meet and know your potential partners. At the moment, face to face meetings is impossible therefore, you need to invest your time in video calls.  To really know your partner, you will have to understand their wants and if you are both on the same page. Partnerships work well where there is value for both participants. Once you have decided to work with them, make sure you agree on paper on what both of you expect. 

Lastly, it is now time for both parties to start working together. Both of you will have to monitor and evaluate how everything is working. Know that since you haven’t worked together before, you are bound to brush shoulders. What you will need at this point is open communication to make the other party understand clearly what is needed. 

Know that approaching partnerships in this manner will make work easier for you during this pandemic and can be a way of unlocking new opportunities and stand together.