Small businesses are harnessing and exploring the power of partnership to stay afloat in business to streamline operations, increase efficiency, and drive growth.
Cloud-based accounting software, online inventory management tools, and tech are transforming the way small businesses operate.
Business development experts believes that Strategic Business Partnerships helps to build stronger teams to grow financial and business ideas at certain levels.
As the saying goes, ‘a tree can’t make a forest,’ so too in the world of business and entrepreneurship, an individual, at a certain level, would require to establish strategic business relationships in order to achieve more either directly or indirectly.
The dynamics of business landscape is shifting towards strategic partnerships in the business world today and have become the cornerstone of success and growth. Collaborating with the right entities and business partners can elevate your business to new heights, fostering innovation, expand market shares, create wider niche and build more consortiums for business expansion and creating mutually beneficial opportunities.
Speaking on the development for small business partnership, national president of Association of Small Business owners of Nigeria, (ASBON) Dr. Femi Egbesola, said small business owners should not completely rule out the idea of business partnerships, adding that, partnerships bring together complementary skill sets and expertise.
Egbesola, noted that, aligning with a partner who excels in areas where you may be less experienced creates a powerful synergy, that allows both parties to thrive through collective knowledge.
He added that partnerships open doors to new markets and customer segments while hinting that businesses should leverage on your partner’s existing network, and reach a broader audience.
He said, collaborating with external partners often leads to innovative breakthroughs, noting that, the exchange of ideas and perspectives can spark creativity, driving the development of new products, services, or operational efficiencies.
Business partnerships enable efficient resource utilization. Whether it’s shared technologies, facilities, or workforce, pooling resources allows for cost savings and maximizes operational efficiency. He enthused”.
He urged businesses to continue push that business or idea, while also considering strategic collaborations and partnerships as it can be beneficial to achieving your goals.
He stated that strategic partnership will enable Businesses to be eligible for growth grants and receive technical support, business advice throughout the program in partnership with the Central Bank of Nigeria, NIRSAL, BOI and The Business Management operations.
He however listed prime areas on how small business owners in e-commerce sector can evolve with a groundbreaking partnership while stressing that collaboration will change the way we think about online shopping and social media.
He further said small businesses needs to capitalise their growth on partnership, adding that, this will foster Increased Visibility of products that can be showcased directly on social media platforms, reaching a broader audience.
ASBON boss also offered survival tips to small businesses in areas that will engineer growth and help them create a more effective marketing campaign
He encouraged them to stay competitive, adding that, collaborative partnership will enable business to stay competitive and relevant in an ever-evolving digital marketplace.
“This is more than just a collaboration; it’s a fusion of e-commerce and social media, offering a more integrated shopping experience. It’s a great opportunity for small businesses working out of garages or small warehouses to expand their reach and grow their brand,” he said.
