Grow Your Business by Leveraging Partnerships
What does this mean?
You can partner with other businesses in order to instantly expand your service or product offering.
For example, you run a fast food business and want to be able to deliver your food to customers on demand. As a business in the fast food and restaurant industry, you probably don't have the expertise to immediately add a delivery element to your business. Additionally, it would take a significant upfront investment to do this (buy vehicles, hire drivers, etc.). This is where the power of partnering can be mutually beneficial. You can partner with an already established delivery company in order to provide this service to your customers.
In this example, you are not investing too much money, but you are able to scale your business using the infrastructure and expertise of another company. Look for those partnerships, they are all around you.
Before thinking about investing in a new machine or any other asset, first think about whether there's a less expensive way for you to get what you want by forming a partnership.
Have a great day!