As the founder of one of the fastest-growing mortgage broking platforms in Australia, I owe a lot of its success to our excellent partners.
I truly believe strategic partnerships should be a part of every startup’s journey, as they help nurture relationships with others in the same industry, and help grow both your business and others’.
Tips for finding the right partner that aligns with the needs of your business, and theirs.
Ask yourself what kind of value your company can bring to your potential partner.
Understanding where you can add value to someone else’s business is an important part of a startup’s journey.
Seeing your potential partner’s problem as an opportunity, and applying your expertise to assist them in their growth will pave the way for a stronger working relationship.
Ensure your value proposition is very clear and includes how you compare to others in your space.
It’s plain and simple – if your value proposition and your intentions are clear, you have a better chance of landing a fruitful partnership. In your prop, make sure you include how you compare to others in your space so your potential partner can see the difference.
One example of this is Effi recently created a Lite version of the platform for our partner Finance & Coffee, so they could exclusively share some of Effi’s key offerings with their broker network.
Offering a partner a clear value proposition makes the partnership an easy choice and puts your business ahead of potential competitors.
Show them you are relationship driven.
Prove to your partner that you want this collaboration to work by doing a bit of hand-holding. Help them by preparing the necessary materials for their website and marketing, and show that you’re putting effort into it.
If you’re just at the early stages of landing the partnership, remember not to get to the commercials too quickly without elaborating on your product and being transparent about what you can bring to the table.
Give them confidence in why they should partner with you.
Explaining how you can add value and support your partner, and giving them tangible proof that you can deliver on your promises, is key to a long lasting collaboration.
Make it clear from the beginning what you will bring and set accountability goals along the path, so your partner can feel safe in working with you.
This makes it clear that you’re both interested in mutual success and confirms that you’re not only seeking the best outcome for your business.
Remember the two Ps: patience and perseverance.
I often see companies giving up on partnerships early on in the startup world. This is disappointing to see because I truly believe that with great product offerings, companies can help each other grow.
Having the patience and perseverance to continue adapting and improving on your product offering with your partners can enhance their experience with you, and create an ideal environment for a long affiliation.
Mandeep Sodhi is the CEO and founder of Effi, Australia’s fastest growing mortgage broking platform.
