When you’re running a small business, it’s important that you take advantage of every opportunity available to you and your business. After all, owning your own small business is a very daunting task and a real risk in this volatile economy, but it is also compelling to be your own boss. Some experts even estimate that nine out of ten new businesses will fail within the first five years of opening.
One of the best ways to help your business succeed against the odds is to find good partnerships with others in your local community.
First of all, reach out to your local business groups and local business associations for networking, information, advice, and many other business opportunities. Start with your local chamber of commerce, which is a partnership made up of members of the local business community.
Your chamber of commerce may also be a powerful political player, which can have a large impact on your business in certain situations. Similarly, look for other local business organizations in your area of work. Another option is to contact your local college or university for suggestions on reaching out to local organizations and associations.
Next, make sure that you are working with other companies that are involved in your community and in the wider community of your industry. For example, if you need magnesium castings in the United States, find a company that is known to work well in its community like Curto. Although there are also good opportunities to partner with companies and groups from overseas or in other parts of the country, it’s best to start by looking around and working with those who are invested in your community.
Finally, look for partnerships with non-profit groups, community groups, and other non-governmental organizations. You may be surprised to find that you are able to help others while also helping your small business grow and thrive.
In many cases, working with nonprofits will net you a great deal of positive advertising, outreach, and a chance to build long-term customer relationships. And, since you can participate in non-profit work at whatever level your small business feels comfortable with, you can often do so at little to no expense at all. In many cases, this will help your relationship with your community and with your customers. Your business will benefit from these relationships.