When you are at a crossroads in your business development and growth, the best way to initiate progress is by looking for strategic partnerships with organizations that possess the necessary tools and resources for you to grow.
However, before approaching companies, you’ll need to understand the different types of partnerships and their various benefits for both parties. In this article, we will highlight the 5 most common strategic business partnerships that could be the right step for your company.
The idea behind establishing a marketing partnership is to create a working relationship between a company that manufactures products and another that is responsible for its marketing. Take for instance a partnership between an ecommerce website and a delivery company. Both parties benefit greatly from this relationship: the delivery company provides its fast and accurate delivery while the restaurant expands its reach to new potential customers.
This type of partnership also benefits both companies in terms of popularity and exposure. The parties involved tie their brand names together exposing it to their respective audiences. Each company will also showcase the other’s strong-points and reasons for choosing one another.
Supply Chain Partnerships
This sort of partnership is mostly seen in the film industry and is very essential in any movie production. Production houses partner up to provide a decent end result: one would be responsible for filming and post-production and the other for setup, cameras, lighting, etc.
Supply Chain partnerships can also be prevalent in the technology sector. One company would be responsible for building certain tools, add-ons, or components for the other company in exchange for brand exposure, credibility, and legitimacy.
Integration partnerships, especially in the F&B industry, are mostly software-based or cloud-based.
The best example to explain this is by looking at how Foodics establishes partnerships. In order to bring a diverse marketplace with apps and features that work best for the F&B industry, we have established integration partnerships with many SaaS providers, allowing both our customer bases to make use of the software. Take a look at the marketplace and benefit from all types of third-party apps that are easily integrated within Foodics POS solution.
This type of alliance between 2 companies centers on all things IT-related. A web design firm for example can connect with a certain computer repair service in order to receive discounts on services provided by the latter. In other words, if you require any sort of technological expertise and want to find a long-term solution with reduced costs, a technology partnership is the right way to go.
As the name suggests, financial partnerships are agreements between your company and financial experts, where they are allowed to look into the financial aspect of your business. This way, you will be able to solely focus on your in-house activities while your partner handles your account and financial matters.
Keep in mind that financial partnerships are considered very essential for any business in all sectors because your financial partner will have better insight and processes that can lead to profit increase for your business.
Foodics offers ways for individuals and companies to grow their businesses through rewarding partnerships. Apply to become a referral partner or a Foodics reseller and start your journey towards success in the F&B industry!