Unit 5: Chapter 24

As you grow your business, you’ll want to start looking into the possibility of a partnership. A partnership is when two or more businesses work together for mutual gain. Partnerships can be very successful, think about how often you see restaurants or coffee shops in supermarkets. If you need something complicated done well, it can be very difficult. Creating a team, training employees, and getting managers are all very difficult tasks. Sometimes it can be much easier to partner with a business which specializes in the thing you’re trying to do. An example is an advertising agency, which helps businesses advertise their products and services. A partnership between a business and advertising agency is a mutually beneficial partnership.

One main type of business relationship is your vendor relationships. Vendors are businesses that sell products to other businesses. Practically all businesses buy supplies from vendors, so it’s very important to have a good relationship with them. Even if your business doesn’t sell any physical goods, you still need things like office supplies. Oftentimes, larger companies will have a dedicated person for managing purchases from other businesses. This is because it is important to know the quality and pricing of the goods your business is purchasing.

If your business is in good standing with other businesses, your partnerships can be even more beneficial than they normally would be. For example, a vendor may give you a discount to encourage you to continue getting supplies from them. Your business should strive to build relationships with vendors, and get the best deals possible. A good way to do this is by buying in bulk. Vendors are more likely to give discounts to bulk orders. If you consistently make bulk orders, a vendor may also consider your business a high priority, as you are giving them lots of business. Partnerships are extremely important in a business, and should not be overlooked.

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