The Importance of Choosing the Right Business Partnerships
By Raul Jose Gutierrez Strategic Partner, ITALKRAFT | October 29, 2017
In the ever-changing world that we currently live in businesses are encouraged to find different ways to garner growth and exploit their full potential. Strategically speaking partnerships could be a beneficial alternative to consider to be stronger competitors in the market as well as attain a higher level of recognition in the field that as solo entities would otherwise be a longer-term project.
For instance in the case of yoo Studio and TALKRAFT's partnership, the two are design related firms that aimed for uncharted waters with an idea that had not been developed in the Dominican Republic to date; the building of Santo Domingo's first 5-star hotel-residence structure was something that allowed the acclaimed firm to bring its first project to the Caribbean and Miami's ITALKRAFT to not only go international but to step out of normalcy by producing more than just kitchens, baths and closets. The two partners have collaborated to provide a unique product in the Dominican Republic that has proven successful from the beginning stages.
The most successful results occur when each one of the partners specializes in areas that are different yet related to the other and where they are not adversarial within their corresponding markets. In doing so, each entity is trusted to focus on its strengths while relying on the other organization to cover the areas outside its expertise.
When entering a partnership or an alliance it is vital to undergo a thorough analysis as there is a lot to consider – here are some tips that based on experience could be of benefit to future partnerships.
Focus on Results - It is important to know your capabilities, and whether you are prepared to deliver. It is also vital to have expectations of your
partner and know what you would like in return from the collaboration.
Approaching a partner without a clear understanding of the relationship can
cause o loss of interest before negotiations even begin.
Communication - Effective communication is not only essential in a partnership but perhaps it is the solidifier between the parties involved as
it has to be a constant throughout the entire process; from start to
development and lastly, fruition. Open and honest communication will
guarantee that there are no blurred lines or misleading expectations between
partners. It is very important to expect that not every detail of operations
will go as planned therefore the success of the endeavor will heavily rely
on the level of trust and communication between the parties.