How Partnerships Can Improve Your Business
Our Norwegian interns will be writing blog posts throughout the spring with their thoughts about some of the business opportunities ahead for Medical Informatics Corp. Our interns are part of a global innovation and entrepreneurship MBA program in Norway and bring a fresh, creative perspective that we’re excited to share!
Although B2B partnerships can be a bit more structured and deliberate than everyday informal collaboration, they can be a powerful way to form alliances and advance your business. Partnerships like this aren’t always easy to develop, though. They take time, research, a shared goal and a heck of a lot of open communication. Before entering a partnership the ventures should pause to reflect and consider which alliances they really need, what a good partner looks like, what’s in it for all parties concerned, and whether they are prepared to invest the resources necessary to make it work.
To succeed in a business-to-business partnership, studies have shown that it’s essential to have common business priorities. The different partners should share the same work culture, have the same values and reach for the same common goals. This may include having a clear agreement on how to address the market. Conflicting sales incentives and behavior could have major consequences for both parts involved. It’s essential for the partnership to have an effective joint management structure. The hard work only begins when the contract has been signed, but the foundations need to be established way before that point. One of the many responsibilities of the joint management should be to ensure that neither of the partners attempts to dominate the other. This doesn’t mean that the partnership can’t have a leading venture, but all parties need to believe that their contributions are broadly balanced by the benefits they receive.
What could a potential partner bring to MIC?
We are in the process of getting our products through as FDA approved medical devices. A partner with experience in obtaining such approvals is something MIC can learn a lot from, as this process can be extensive. Many FDA approved medical devices have ties to the military, which can help a great deal on getting it through the process.
A partnership could also get MIC new potential customers. It could provide MIC a more proven coverage over their ability to connect to all medical monitoring equipment. In the healthcare business its common knowledge that it takes a lot of touches with a prospect to make a sale. With partnerships, there is still time and effort involved in closing business with a new prospect, but the number of touches could be significantly lower than if companies were to work a lead from beginning to end.
Cooperation with an interesting company will give a lot of synergies to all parties involved. This would provide a larger network, a wider pool of knowledge and complementary skills among the workers, give moral support and more creative brainstorming in the work place.
In addition it can prove to be a more cost effective entry to the market, by using combined resources.
Almost all successful business initiatives resolve to do a few things well. In this spirit we aim to secure a few effective partnerships rather than a page full of impressive but otherwise completely irrelevant show offs.