In running a business, you’re only as strong as your network. Every business relies on partners, suppliers, or vendors to help their operations run smoothly. That also means there are other businesses that likely depend on you. Hence, beneficial mutual partnerships or synergistic relationships that naturally form as you grow as an industry leader.
Just like our personal lives, these partnerships are a two way street. On both sides, both parties must nurture and massage the relationship to continue inspiring positive results (and hopefully good fortune!).
So, what does it take to be a good partner to those you work with, and what should you expect from others? To premier our Partner of the Month program, our latest value for industry partners, we thought there’s no better time to discuss the importance of good partnerships.
Keep reading for our ultimate guide on how to be a good business partner, especially in the infancy of an industry (cough, cough, cannabis!).
How to Be a Good Partner: Top 4 Ways
In the cannabis industry, everyone is creeping on their own come up and starting fresh. No matter your or your partner’s background or experience – it’s important to keep in mind, we’re all in this together! To ensure you’re developing strong and valuable partnerships, it’s important to not only yourself to a higher standard but your partners as well.
So without further ado – as experts in building profitable cannabis industry relationships, here’s our list of the top X ways to be a good partner.
#1: Foster reciprocity
By definition, reciprocity is “the practice of exchanging things with others for mutual benefit,” A definition you definitely want to apply to the partnerships you build. That means, don’t just contact your partners and ask for leads. Instead, consider what you can give in exchange for those leads that would be especially valuable to your partner to provide them.
This fosters a synergy that’s mutually beneficial, and motivates you to foster the relationship even further!
#2: Strategize mutual success
Speaking of mutually beneficial, always be strategizing and connecting ways you can partner to expand your reach or success. For instance, many good partners will mutually collaborate via webinars, in-person events, or co-marketing efforts that double the eyes and audience you both can bring to the table.
To keep your mutual success on autopilot, try to establish a new partnership collaboration on a regular basis, whether that be monthly, quarterly, or annually (say for 420, 710, etc!).
#3: Keeping up communication
Speaking of collaboration, our next tip on how to be a good partner is to keep in touch and communicate. This may seem simple, but in cannabis, especially, days go fast, and time simply slips away. By scheduling a monthly or bi-monthly check-in with your partner, you’re both held accountable for showing up and touching base to nurture mutual growth.
This not only gives you an established time and an open forum to keep one another up to date on industry happenings. But it also gives you the time to discuss any current trends and insights your relationship can mutually capitalize on. Even more, regular check-ins ensure no one partner gets bitter by only calling when the other needs something, and vice-versa.
#4: Maintaining transparency
Again, just like in personal relationships, maintaining transparency is crucial to keeping your professional partnerships on track. This can boost the relationship from the start by being transparent about your goals for the partnership. Being transparent throughout the lifetime of the relationship about individual growth, struggles, or setbacks also helps to maintain trust and credibility moving forward.
In general, being transparent avoids any confusion with your partners and helps alleviate miscommunications. Two traits we could all benefit from in avoiding unnecessary bumps in the road!
MJstack: Your Way to Find Good Partners
If you’re not to the point of having these types of relationships to improve or refine, you might be thinking, “Where do I even find good partners?”. In cannabis, this can be more difficult than in most industries, considering most partner brands are still in their infancy or “come up”. That means it’s even harder to decipher partner brands that are legit from those that are just out to flip a quick buck.
That’s where trusted partners, and consultants, like MJstack come into play! At MJstack, we understand how hard it is to navigate the chaotic cannabis industry landscape. That’s why we help new, and established cannabis brands decipher the services they may need at the best cost for their bottom line.
Let us be the connection to your good partner network, that lets your business grow exponentially and profitably! Get in touch with MJstack to schedule your complimentary consultation now.
