Tips and solutions on how to create valuable and mutually trusting partnerships in business.
One critical key to business success is establishing partnerships that are both advantageous and strategically valuable to the business model. Some partnerships can be a crucial lifeline to the company. Building strong relationships over time also provides the benefit of presenting growth opportunities. Creating a long-lasting partnership has its recurring value and advantages for all parties involved. Safety Marking Inc. is proud to be partners with Sherwin-Williams®, MRL Equipment Company Inc., Potters Industries LLC, Epoplex, 3M, Hog Technologies Inc., and many other brands.
How does one create this type of partnership for their business? Here, Safety Marking Inc. shares multiple tips and solutions to apply as you begin to connect with other industry professionals. One of the first steps in creating strategic and valuable partnerships is identifying partners who can become trusted advisors. As the author, Jordan Lewis states in his book, Trusted Partners: How Companies Build Mutual Trust and Win Together, “More powerful than contracts or authority, trust enables partner companies to achieve results that exceed the sum of the parts. Without trust, alliances fail.”
Once trust has been established, partners need to hold a vested interest in helping each other solve business challenges and needs, keeping the end client in mind. This type of thought process helps build long-term relationships, ones that will look to each other for advice during challenging times, even if products or services aren’t being exchanged at that time. Having that level of trust means that your business can look up to your partners during busy times and have a high level of confidence that the right thing will be done.
James Crocker, Founder, and President of Hog Technologies Inc, remarks, “We have worked with Safety Marking, Inc. for ten years, a decade of mutual respect and loyalty. SMC is a terrific organization whose effective timely communication has proved key to our successful partnership. They identify problems quickly and work with our Team as a true partner so we are equipped to arrive at the best solution. Safety Marking, Inc. is a fair organization and they understand the balance between cost and quality. They are innovative and committed to leading the way in their market territory which pushes us to continually improve as well.
Besides mutual respect and loyalty, strategic partnerships offer a competitive advantage by sharing resources, markets, technologies, capital, and talent. Most experts would even suggest aligning your business with at least one company that complements your business model or offers similar services. Known as “coopetition,” in this day and age, partnering with a competitor can further your competitive advantage and provide a better, streamlined service in a shorter time when accomplished correctly. Some of the benefits to successful and valuable partnerships include increased access to knowledge that mitigates risk and reduces the likelihood of inevitable mistakes. Both partners have access to a broader pool of professionals with experience and technical skills. Partnerships can also increase effectiveness and efficiency by delivering more appropriate products and services to the end customer, minimizing duplication efforts, and reducing costs.
While partnerships can deliver an exceptional amount of value to your business, an essential step to finding the right partnerships is to understand that they are usually not low-cost or risk-free solutions. The right partnerships result in mutual benefit for both companies involved. Your business should do its due diligence to establish revenue goals and create key performance metrics to hold both sides of the relationship accountable. The right partnerships will bring significant benefits to all involved and deliver exceptional quality and commitment to their clients.
About Safety Marking Inc.
Safety Marking Inc. is a family-owned business founded by Mark Kelly in 1973 to provide pavement marking services in Fairfield County, CT. After almost five decades of service and growth, Safety Marking Inc. is now a nationally respected leader in pavement markings with offices in Connecticut, Rhode Island, and New York. The company’s success is based on premium-quality service, innovation, continuous development, and philanthropic involvement with the community.