(Expansion) – Whether in the initial stages or when they are about to take a big leap, all companies, sooner or later, are faced with a crucial decision, so much so that it can permanently change their course: the choice of a partner or supplier.
A company constantly dedicates resources to the development and perfection of its products and services, to the search for loyal customers or to streamline its processes, and in this fluctuation of daily activities, the choice of business partners does not always seem to be a priority; however, it is more than just a decision, it is a strategy that can take a business to heaven, to reach its full potential, or to hell, where reputational risks, shell companies, data theft and low Yields are the order of the day.
The current context has been extremely complex. Inflationary pressure is forcing all sectors and industries to reconsider their growth projections, both for the medium and long term, given that the annual rate of inflation is close to 8% in Mexico and its main trading partners.
Similarly, the increase in infections by COVID-19 makes the panorama of the business ecosystem one of uncertainty in the face of new waves of the pandemic, which in itself shook all industries for almost two years. And in this scenario, business decisions must be made with greater caution.
rise or fall
Many decisions related to the choice of partners or suppliers are made based on references or poorly considered arguments, there is rarely an in-depth investigation of both the company and the viability of the deal. There are companies with a great product, but perhaps its scope or delivery times are not what you are looking for.
A thorough investigation demands evaluating all aspects of the future business partner to ensure an alliance for the benefit of both parties. Digital processes such as Know Your Business (KYB) are an efficient tool to fully understand a supplier, the idea is to make the search more efficient and find the ideal partner.
the secret recipe
Finding a great ally doesn’t have to be an exhausting or overwhelming task. Many leaders give up the search for new suppliers because they know that this involves time and resources, other times they leave it in the hands of others and the result is not always good because they do not know where to look (or more importantly) how to look.
Good partners do not fall from the sky, there are few companies that find the ideal supplier at first, but those that do are because behind their choice there is a meticulous and careful strategy.
While there is no secret recipe for finding a business partner, there are four things to consider:
In the first instance, you must be clear about what you are looking for with the commercial relationship, then evaluate if the values and projections of the ally coincide with those of the company. Third, establish clear conditions in the negotiation and fourth that both parties are willing to carry out identity validation processes. The latter generates something that is invaluable in a negotiation: trust.
fear of uncertainty
The environment of uncertainty is worrying in business. Many partners freeze in fear or close their doors to once-in-a-lifetime opportunities. We see them with equity funds turning conservative.
Given this panorama, neither fear should reign, much less blind trust. Today more than ever, companies need to establish healthy business relationships that drive them to grow because at the end of the day that’s what a partner is all about.
With careful processes and clear rules, companies become stronger, take care of the ecosystem, maintain the jobs they generate and benefit the population with their offer. Taking care of each other between companies is building bridges of development for the industry and society, that is the true heaven of business and the goal to which we should all aspire.
Editor’s Note: Ricardo Robledo is CEO and Founder of Tu Identidad. Follow him on . The opinions published in this column belong exclusively to the author.
