Why partnerships and joint ventures are vital for your success?
What thoughts come to mind when you are asked to name famous partnerships and duos that dramatically changed the world history?
The world might have never known Dali’s genius if it had not been for Gala, his muse. Apple Inc. might have had a different face if another Steve had not once teamed up with Jobs. The Beatles unique phenomenon might have remained unknown to the world if the Liverpool 4 had not decided to form a band one day.
Despite the mythology around the idea of the lone genius, the contributions of famous partnerships are often much more remarkable. John Lennon and Paul McCartney, for example, were far more creative as a pair than as individuals even that at times they worked in opposition to each other.
Partnership is your surprisingly simple way to turn into profit what you used to turn away.
If you have ever rejected your prospective clients’ request for employment in a particular country, the ugly truth is that you have left money on the table. Whether it was because you did not have your own representations or a reliable partner in certain locations, you have passed your profit to your competitors.
However, the purpose of this post is not to make you kick yourself wishing you had taken on a particular client, but rather push you to use partnerships to fulfill the projects for your new and existing clients, unlike those you turned away before. This enables you to gain where you lost in the past.
The idea particularly relates to the distant markets that you might find especially difficult to enter.
A strong partnership gives you a unique opportunity to serve your clients in more markets without literally being there. Rather than investing in developing your own infrastructure, you get an exclusive opportunity to concentrate on growing your sales and getting more profit.
Other unique benefits you get from PEO partnerships and JVs:
- Responsibility – and risk-sharing;
- Higher potential for making more profit;
- Shared Know-How. Relying on your partner’s experience and knowledge of local nuances you can now take on projects that are outside of your expertise;
- Opportunity to offer wider coverage to your customers;
- Up-to-date local legislation knowledge.