It is common knowledge that no business operates in isolation. Your industry has many other businesses, either competing, complimenting or supporting the value chain.
In other words, your business needs other businesses to fully complete its service offering, whether in production, trading, distribution, marketing, warehousing, retailing, servicing, etc. Therefore, every single business relationship is important and expected to offer some mutual value to all involved.
In more sophisticated economies of the world, it is typical that two companies form a strategic partnership when each of them possesses one or more business advantage or have some kind of specialized expertise that will help the other deliver better in their businesses.
Often times, it is always a win-win situation for both enterprises. Instead of fighting every business entity that enters your industry, it is time to have strategic partners.
You’ll have to look at your entire value chain strategically and be deliberate at choosing your battles. Who should be your partner instead of competition? What part of your business will save you more money if outsourced? What part of your business gives you better advantage compared with your competition?
We have to learn to build businesses that are strong and that can outlive us. We need to avoid owning 100% of a small local enterprise and begin to own portions of global enterprises. There are many potentially global Nigerian businesses that have died because the owner became greedy. They had the “Sole Owner” mentality and would not take advantage of strategic partnerships.
Avoid such mindsets and let’s build truly global brands. After all, the world is now a global village!