Regardless of the size of our business, we need to strive and thrive. In the situation where we have limited resources (unlike big corporation), among the strategy that we can use is by mastering the skills of making deals and get into quality partnerships.
There are some important ways for us as business owners to and master.
1. Know well of what we are good at and what we are not. Understanding exactly what we want to achieve will require a level of self awareness. This is where we understand what we have and we have not.
2. Keep the deal and negotiation short. Be quick as dragging an opportunity will likely inviting new issues to arise. Take it or leave it.
3. Ensuring the deal of partnership is beneficial for both is important. Share all important information with potential partners. There shouldn’t be any one-sided deals.
4. Get to share the same vision with your partners and make the choice. Finding the perfect partner may be difficult, but get the best that you can. Avoid entering a partnership based on personal relationship.
5. While each party wants to achieve result faster, remember to create a long-term strategic plan. Entering a partnership just for the sake of a deal is dangerous. The clearer the objective and goals, the better it be.
6. Though technology promises best communication regardless of location, try as best to consider what benefit best for both parties. If a number of your partners are located in a similar locations elsewhere, you may need to consider changing your operation base towards achieving the benefits of being closed to a network and resources from the industry.