Business,Partnership,Basics,Al business, insurance Business to Business Partnership Basics
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All successful B2B partnerships have afew basic principles in common regardless of the industry the businesses are inand the type of partnership. A business relationship not structured to mutuallybenefit both parties will eventually fail if the goals of both companies not alignedwith the business deal. Every B2B relationship that is implemented correctlywill have several layers of corporate partnership training to make sureeveryone understands the relationship and what their roles are in executing thedetails outlined in the partner agreement. The training should outline thecommunication processes for both lower level employees that will be interactingbetween the two companies as well as outlining basic communications and updatesbetween executives. By maintaining an open line of communication, problems canbe fixed quickly and allow small hiccups to be non-issues instead of festeringand creating problems that can lead to the unraveling of an otherwisesuccessful business to business partnership.Mutually Beneficial PartnershipEvery business deal should benefit bothcompanies. Benefits can come in many ways ranging from an increase in revenue, reachingnew customers, branding with an industry leader, access to resources, additionalproduct/service offerings and many more. However, a relationship that is notstructured properly will lead to one company to begin to show disinterest inthe relationship if the deal flow or perceived benefits do not materialize. Expectationsshould be discussed early on in the negotiation phase of developing apartnership so that both parties understand the costs and benefits associatedto a new partnership.Corporate Partnership TrainingJust signing an agreement with a newpartner does not mean that the deal will ever be implemented. The mostimportant activity to occur after creating a new business relationship is tomake sure that training about the business relationship occurs. This mayrequire your business team to spend significant time educating a new partnerabout your business. Do not expect to be able to send a few web links to beshared with a new partner. Making a training binder that has all of theinformation needed for both executives and employees is critical. This willallow a new partner to quickly get their staff up to speed about the deal andthe opportunities that are available in the new relationship. Its best to havean easy to use binder to train new employees that come on board after therelationship has been in effect for some time.Open CommunicationFailure to communicate and solveproblems when they happen will lead to major issues and possibly result in thetermination of the B2B partnership that otherwise could have been successful.Its always recommended that there be two points of contact between thepartnering companies, in case someone is out of the office or not available. Thistends to be most important when the issues revolve around customer service asno one wants to lose a long standing customer due to a partner problem. Executivesshould set in advance regular update meetings and times to review thepartnership, discuss new opportunities to expand the relationship and reviewany financial documents due to co-branded marketing funds or revenue shares. Thisway everyone feels they have adequate information about what is going on withthe business deal.Develop a business partnership that benefitsboth companies and ensure that everyone involved in the relationship iscompletely up to speed with the deal. This is critical to the success of thepartnership. Make sure there is an open line of communication to fix problems.Follow these core principles when creating a B2B partnership to avoid issues thatmay be problematic but more operational in nature and easy to fix since thedeal is based on a solid foundation.
Business,Partnership,Basics,Al