The most common mistake small business owners make when finding a partner? Starting with names instead of goals. Here is how to get it right.
Finding the right business partner is one of the highest-leverage decisions a small business owner can make. Done well, it opens doors to new customers, new markets and amplified reach without the cost of doing it alone. Done badly, it wastes time and damages reputation.
We asked a group of business leaders from across the technology, marketing and growth sectors to share their most practical advice. Here is what they told us.
Start with the right questions
For Shant Soghomonian, Senior Director and General Manager of Partner Ecosystem ANZ at Dell Technologies, the process of identifying a potential partner begins not with a shortlist of names but with a series of honest questions about fit. “Do they have technical or services capabilities to complement our solutions? Are we a good fit for their business model? What’s the joint investment needed to ensure our mutual success?” he says. “Sometimes a partner will be obvious.”
What makes a partnership valuable, Soghomonian argues, is what each party brings that the other cannot easily replicate on its own. “Partners give us a pathway into markets we might not otherwise be able to access. They have specialised knowledge of their markets, technical and services skills and, most importantly, they have the human connections and relationships that are critical for doing business.”
Think local, think complementary
For small businesses with limited budgets, the opportunity can be closer to home than many owners realise. Elise Balsillie, Head of Thryv Australia and New Zealand, points to the practical power of local collaboration. “Think about other small businesses in your community whose goods or services complement your own,” she says. “If you’re a plumber, make a list of local hardware stores that you could do a cross-promotion with, or if you’re an accountant, consider partnering with a local law firm.”
Beyond finding customer synergies, Balsillie says it is important to identify businesses that share your values around customer service and quality. The mechanics of the partnership itself can be straightforward: shared discounts, co-hosted events, in-store demonstrations. “Marketing your small business on a tight budget is hard. Opening your mind to the power of partnerships, and their ability to amplify your marketing efforts, can make a big difference.”
Values and outcomes first
Lauren Swidenbank, CEO of Collabosaurus, a platform built for strategic brand collaborations, adds a data point that often surprises business owners. “Brand collaborations are up to 25 times less expensive than digital advertising,” she says. But the savings only materialise if the partnership is built on the right foundation. Swidenbank identifies three ingredients that determine whether a collaboration delivers.
The first is audience alignment. “A brand partnership works best if both businesses are targeting the same types of people, even if they are operating in completely different industry categories.” The second is complementarity over similarity. “The most unexpected brand collabs are often the most memorable and drive more buzz.” The third is knowing your own value before entering any conversation. “Consider all your assets and what you can bring to the table. Whether it’s social media reach and engagement, high value connections, an experiential offering or interesting products, create an offer they can’t refuse.”
For businesses with ambitions beyond Australia, the partnership calculus changes. Trena Blair, CEO of FD Global Connections, works specifically with Australian companies expanding into the United States and says the American market rewards patience and relationship investment above all else. “The USA market values long-term relationships, so invest time in cultivating connections,” Blair says. “Build your network by attending industry events, trade shows, and networking events. These gatherings provide opportunities to meet potential partners, understand market dynamics, and establish connections within your industry.”
Her advice on the approach itself is practical. “Craft a compelling pitch that highlights the mutual benefits of collaboration. Clearly articulate what you bring and how the partnership aligns with both parties’ strategic objectives. Build relationships gradually, focusing on trust and shared values.” She also recommends seeking legal advice before formalising any agreement to ensure responsibilities and expectations are clearly documented on both sides.
Make the value proposition explicit
Beni Sia, General Manager and Senior Vice President Asia Pacific and Japan at Veeam, frames the partnership conversation around a single principle: the first conversation should be about value, not features.
“Identifying and approaching potential partners for collaboration starts with a conversation about the added value they would get from the partnership,” he says. “It is also important to communicate to potential partners that their success is your success. A win-win situation ensures better collaboration and propels both parties towards continued growth, together.”
Sia also advocates for balancing creative thinking with commercial pragmatism. “Creativity enables us to think outside the box and avoid defaulting to a tick-box approach when designing initiatives that deliver great outcomes for partners. But it’s important to strike a balance between creativity and being practical too. This means thinking about how to deliver impact to the partner’s bottom line.”
Michael Haynes, SME Business Growth Specialist at Listen Innovate Grow, brings a B2B lens to the question and argues that the most common mistake business owners make is starting with potential partners rather than starting with objectives.
“Be clear on your goals and what your company wants to achieve from the collaboration,” he says. “For those of us operating in a B2B context, it is important that you understand the strategic priorities of the key decision makers in your organisation.”
From there, the process of identifying the right partners becomes more focused. “Identify the organisations that have the target audience you seek. Be sure you understand who are the decision makers, their strategic priorities, and how you can help them achieve them, hopefully easier, faster or better.”
Haynes also emphasises the importance of agreeing on measures of success upfront. “Make sure that selection criteria as well as measures of success have been identified and agreed upon by key decision makers to evaluate collaboration opportunities.”
Lead with curiosity, not a pitch
Jodi Duncan, Marketing and Behavioural Insights Consultant at Fletch and Co., closes with a reminder about the mindset that underlies all of the above. The goal is not to find a partner who fits a predetermined brief but to find one where genuine mutual value exists. “The best place to begin is by identifying businesses, or individuals, whose values align with yours and whose offerings either complement or enhance your own,” she says, noting this can sometimes even include a competitor.
Her advice on the outreach itself is to lead with curiosity and hold back on the full pitch. “Personalise communication, highlighting mutual benefits and shared goals, but be sure to not overload them with too much information straight off the bat. This is key to ensure your pitch piques their interest.”
The through line across all of these perspectives is the same. The best business partnerships are not found. They are built deliberately, over time, with a clear understanding of what each party brings and what both stand to gain.
This story draws on insights originally shared in Dynamic Business’s Let’s Talk series.
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