Businesses are thinking bigger now. Your partners need to understand your values, win business and support contracts for you, and vice-versa. But, finding the wrong global partner could be a huge blunder. Here are few tips to help you make the right decision.
Hi, I am Zacharias Beckman, president of Hyrax International and today I want to talk about finding the right partner to go into business with, overseas. A lot of our customers come to us because they are in business with the wrong partner. They found a great looking ad on the internet, they sourced a request for proposals, and they got back an excellent response. Before you know it, they’re signing a contact and they’re going into the business — really, with somebody that they don’t know.
The problem with this is that, on an international scale, contracts don’t mean the same thing that they do locally. Part of this is just a practical matter. Enforcing a contract overseas is very hard. It’s expensive, it’s time consuming. But more important than that, is that relationships are the core of business in most of the world. That means that to find a really good partner you have to build a relationship network. You’ve got to have feet on the ground, overseas, building connections that you can use to find partners that are trustworthy. Those connections are what’s going to help you find the right partner, internationally.
The most important thing here is that, when it comes to finding a partner overseas, you need to have a relationship. You need to have feet on the ground, you need to build a trusted network, and you need to create a relationship based in more than just a written contract. And you need to understand the culture in which you are doing business, so that you really know how to relate to and build that strong relationship with your new partner.