4 Benefits of B2B Partnerships

By Anita Jaynes on 20 January, 2022

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Many times, growing a small business may seem like an insurmountable task. You know that you should reduce your expenses so that your profits rise proportionately, but you’ve run out of ideas to accomplish this. Have you considered the benefits of B2B partnerships? You just might be amazed at the various ways in which partnering can help both businesses benefit from the relationship.

1. Mutual Benefit of Shared Expertise and Experience

One of the obstacles that many small businesses encounter is a lack of experience or expertise in various aspects of their operations. By partnering with other businesses in the same industry, you may have knowledge in areas they are lacking, and vice versa. Not only can both businesses experience growth from this type of partnership but think of the reduction in payroll by leveraging each other’s areas of expertise.

2. The Advantages of Shipping Partners

Here is a lesson to learn from the giant Amazon marketplace. While it would be scaled down for small businesses and operated a bit differently, you could leverage the power of partnering with shipping companies. It would be handled a bit differently and the cost of shipping would still be paid, but you could often avoid the cost of building a large warehouse for your products. For example, North West Storage Solutions in the Preston, Lancashire area could be utilised to house your products as they are produced. They have a combined total of over 200,000 sq. ft of storage space and more than 35,000 pallets available. Think of the reduction in costs when you could simply upload an order and be done with it. They would pick it up and ship it to its final destination. This is a different kind of partnering but more and more companies are utilising shipping partner services.

3. Increased Business Opportunities

Once you’ve reduced the amount of time you are spending on various operations shared with partners, you are free to spend time seeking new clientele and/or recruiting new talent for your company. Also, there may be opportunities to share customers with business partners as long as you are not going to be in direct competition with each other.

4. Cost Effective Shared Resources

Another advantage to partnering with another business is that you can often share resources. While sharing expertise and experience is a form of shared resources, there are other resources you might be able to share as well. Sometimes this is in terms of equipment one partner has that the other lacks.
Finding creative ways to share resources can help bond a long-term B2B relationship that is beneficial to both.

Learning the difference between healthy competition and the benefits of shared resources can help you grow your business exponentially. The more each business can draw on the other’s resources, the lower their operating costs will be. Of course, you will need to solidify the B2B arrangement with a formally drawn up contract, but once that meets the agreement of the business partners involved, you should begin to see growth in areas you least expected.