Finding the Right Growth Partner

Every business wants to enjoy growth at a sustained level. But, if it was that easy, every business would do it. In fact, around 60% of small businesses fail in their first three years. This goes to show how challenging it is to maintain and then upscale a business. But, why exactly do so many businesses fail?

Well, this can happen for many reasons. Of course, the exact reasons will depend on the industry and the business’s circumstances. Yet, there are some common issues. These include insufficient funding, poor management and a lack of business planning. All of this contributes to a business failing to meet achieve its vision, mission and goals.

To stop this from happening you can recruit external help. This can be a growth partner, who will provide you with long-term support. They will pass on their valuable knowledge, experience and insights. This will help you to fulfil your business’s strategy and goals. Then again, hiring a growth partner means handing over responsibility. This makes it a difficult decision and one which you need to get right. But, what exactly should you look for in a growth partner?

Transparency

A key indicator of a reliable growth partner is honesty. A partner should be clear on what they can offer you. After all, you are paying them to help grow your business. So, you need a partner who can help with the strategic direction of your business. Your goals should be a priority for them, helping you get where you need to be.

But, if a growth partner isn’t transparent, it can cause serious setbacks in the future. The growth partner in question might not let on that they can’t fulfil the terms of the agreement. Not only is this a waste of time, but it can also cost your company vast sums of money. That’s why it’s essential to find a partner that has experience in your industry. Otherwise, they might make obvious mistakes, which a more experienced partner would avoid.

A valid portfolio

When you hire the services of a company, you should feel assured they can meet your expectations. To ensure this happens, you would first look at the company's recent portfolio. And, of course, the process of looking for a growth partner is no different. This might mean looking at the company's website for case studies and success stories. You might even find a list of the clients they have worked with.

This process is about making sure you choose a company that has experience in your industry. Some business experience is transferable. But, it will take time for an inexperienced company to gain knowledge in your business area. So, for more efficient results, you should choose a partner that has experience in your niche. This is especially true if you are to give your company the best chance of achieving its intended growth.

They can support you in various ways

A growth partner will provide you with the support you need to reach your goals. For this to happen, they will make use of their many departments. These will contain experts in their respective fields. This is where a growth partner will help you with tasks that you don’t have the capacity for.

For instance, you might have a marketing team, who already have their own tasks to deal with. This could include building brand awareness, promoting products and providing customer service. In this scenario, a growth partner can use their expertise to support you. This might be on a creative level, helping in areas such as design, copywriting and video content. Or they could help you in an operational sense, taking care of SEO, paid search and strategic planning. Either way, with the resources of a growth partner, you can reach your desired growth in a shorter amount of time.

They specialise in different areas

As you know, it’s essential to find a partner that understands your line of work. Yet, seeing real growth requires attention to different areas of your business. Of course, you will have less confidence in some areas than in others. You will likely find this if you are venturing into a new market or expanding your business.

Hiring a growth partner is an opportunity to work with industry experts. With knowledge of your industry, they can propel your business to new heights. But, you don’t want their expertise to be identical to yours. Otherwise, they won’t be able to provide you with much extra value. Instead, you need a partner that has contrasting elements to your business. This will allow them to challenge you, introduce you to new areas and help you take calculated risks. Through this, you will be well on your way to achieving your desired growth.

They take time to understand your business goals

The aim of a growth partner is to help you increase the size of your business. And part of this is helping you achieve your business goals. Of course, you won’t actually know if a company can help you do this until they have started working with you. But, understanding your business goals should be one of their top priorities.

The growth partner should discuss your goals during your first interactions with them. With this, they can assess the challenges you are likely to face. They can then use this information to provide solutions to overcome these challenges. This should put you on the path to success and one which results in the most growth for your business.

Pareto as a growth partner

Do you want to boost your revenue and grow your business? Well, fortunately, Pareto can help you, as your growth partner. We will build a long-term partnership to help you grow in a variety of different areas.

We can help with your skills gap, growth management strategy and culture. So, no matter what your goals are, Pareto is the growth partner for you. Keen to find out more about how we can help to grow your business? Then, head over to our Growth page for more information.