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Data Shows Business Partnerships Are A Good Idea

• Posted by Liquivida Lounge April 27, 2023 Filed in Health #IV vitamin therapy  7 views
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  When it comes to finding success in business, few things can make a bigger difference than a strong partnership. Notably, there are several different types of partnerships that can help a business succeed. There’s the partnership that exists between two co-founders who launch a business together. There are partnerships between a business and its suppliers. And there are even branding and distribution partnerships where companies do cross-promotions or other joint marketing initiatives.

  1. Partnerships Boost Revenue

  Perhaps the most obvious way that a business partnership can be beneficial is its potential for increasing a brand’s revenue. For example, 95% of Microsoft’s commercial revenue comes through its partner ecosystem, which grows by an astounding 7,500 partners per month. For Zoom, channel partners contributed to 40% of its business in Japan and over 70% of its business with the U.S. Federal Government in fiscal year 2021.

  2. Partnerships Create New Opportunities

  Partnerships can create new business opportunities for entrepreneurs by providing access to resources and information that help them launch and run a business.

  One way that this is commonly done is through franchising. The franchise industry earns roughly $827 billion annually and spans approximately 792,000 franchise establishments in the U.S. alone. While the biggest market segments are fast food restaurants, business services, full-service restaurants and real estate, franchises can come in all forms — such as Liquivida, which uses franchise partnerships to provide IV vitamin therapy.

  As Samael Tejada, founder and president of Liquivida explains, “Franchising allows entrepreneurs to license the use of a well-known brand and its products and processes, and then operate under the name of that larger company. The entrepreneur still oversees the day-to-day operations of the business and is responsible for its results, but they gain access to a lot of support from the franchisor after they make their initial investment. Training, operating manuals, marketing and business strategy support, and even site selection and development assistance may be provided to give this partnership the greatest chance for success.”

  

  3. Partnerships Fuel Innovation

  Not every value-generating partnership is so focused on revenue. Research from BPI Network indicates that 44% of businesses “seek alliances for new ideas, insights and innovation.” A report in the Harvard Business Review indicates that 94% of tech executives view innovation partnerships as necessary to their strategy.