How to Build up Partnerships
(Lothar Stadler, December 2020)
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othing stays as it was – global business changes, fast innovaons are emerging, and new developments in digital solutions help us to work differently. Today’s search for business partners is different – no traveling, no physical meetings, no personal checks. Different approaches to build up rela ons can make it possible to reach our goals in this changed world.
Check your business strategy before star ng to search for partners In the current global situa on companies suffer from uncertain es and some may suffer from lower customer demand. Business leaders have basically two possibili es: downsizing or finding new markets. This is the main reason why many companies look
outside their home country’s markets for growth opportuni es. Entering new markets bring a lot of opportuni es, but also a lot of challenges. Many obstacles must be overcome to achieve success in a new market environment. Before star ng your partner search, always check your general business strategy. Does your products and services fit the new market? What compe ve se ngs do you find there? What value can you add to your new customers? Define your go-to-market strategy and set up a me frame for your new venture. Focus on your company first. Before companies set out to find partners in distant countries, they should take the time to solidify their business fundamentals such as strategy, offerings and resources. This will help build the business case and pla orm they need to mone ze effec vely in new markets.
Currently we see that data and analy cs affect business prac ces most in sales and marke ng func ons. The energy, high-tech and healthcare industries are par cularly concerned. Involving data and analy cs before entering new markets may also lead to reconfigura on of opera ng models or even core business func ons from product development to marketing (Go lieb, Riifai, 2017). Even when businesses are facing high demand, like the healthcare industry at the moment, it makes sense to deeply dive into your business strategy and define the priori es for new partners. "For all the markets we are entering or where we already serve customers, we have employees from these regions inside the company, with local knowledge and language. This is essenal for our partnerships.” says Edwin Kleiber, Managing Direcor at Amex, a distributor of medical and laboratory equipment, who currently responds europeanbusinessmagazine.com 89
