Nurturing Your Business’ International Partnerships
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Society has become increasingly globalized since the exponential technological advancement of the late 20th century. A combination of the internet’s continued expansion and the trivialization of international travel has made the world vanishingly small, and international business all the more possible for even smaller companies.
Whether your business is a promising start-up or a well-established domestic business, the next and often most lucrative part of your growth strategy can be found in expanding your remit overseas. Partnering with foreign or international organizations opens you up to new routes of supply, opportunities for manufacturing and contacts for financial growth.
However, curating a strong and mutually beneficial relationship with an international partner requires more than a willingness to partner. The relationship needs to be positively maintained and reinforced. What follows are some key ways in which you can nurture a relationship with an international business, and secure your business’ future on the world stage.
In-Person Meetings
While web comms platforms like Slack, Zoom and Microsoft Teams have made digital multimedia communication simple and accessible, they should not be the sole means by which you form a long-lasting business relationship – and in some cases, there is no substitute for an in-person meeting.
Further to the arrangement of their travel to your business premises, your overall approach to their hospitality while visiting can also have a significant influence on your current and future relationship. Expensing high-quality accommodation and food to your own business means your partner is treated well under your care, thus illustrating the importance of their patronage to you and your business. Your reputation as a host will precede you, streamlining your existing relationships and making future partnerships easier.
Optimize Communication Methods
Of course, in-person meetings are important but not always practical. Where communication is vital to the continued success of a partnership or joint venture, the methods by which you communicate should be conscientious and optimized for efficiency. For example, your partner will likely exist in a different time zone, meaning any scheduled phone calls or exchanges should be carried out to suit both your and their timetable.
Regular Involvement in Progress
Speaking of communication, a transparent approach is required at all times to ensure your partner is kept in the loop. You may be concerned about ‘oversharing’ information and frustrating your partner, but this is a safer option than intermittent updates that could be misconstrued as deliberate obfuscation. In updating a partner regarding progress, it is important to include the rough with the smooth; setbacks happen, and any decision to whitewash them in updates could harm you later on – especially if issues balloon, and result in increased costs.
