There can be times when the ropes fray and this means we end up having to walk away from a business partnership, or we’ve found ourselves dropped by a bigger partner that would have given us the leg-up that we needed. While the vast majority of business partnerships fail, it may seem like it’s the end of the world and that you may not be able to build yourself back up. But there are things that we all need to remember at this difficult juncture.
Don’t Stop Talking!
When some people lose a business partnership, they immediately burn their bridges. And if a bigger company has decided that you’re not what they want, you have to remember that these relationships could open up again in the future. Whether you are dealing with water treatment suppliers UK-based or based overseas, the fact is that you can find a simple way to keep in touch with them. It may seem difficult at the outset, but you will be better off not burning your bridges or being furious and bitter with them.
Learn From the Experience
If you have been dropped by someone, it’s easy to feel hurt and wounded to the point where you are wondering if you are to blame. One of the obvious, yet most difficult lessons in business, is learning from failures. Sometimes, asking for feedback can be all we need to give us the lessons to move on, but also we shouldn’t just rely on them to point out our foibles. It’s just as important for us to recognize that if there is something not running smoothly, changing these approaches can mean that we find better and more fruitful partnerships in the future. For example, if you find yourself struggling with a distributor who has dropped you, is this a sign that you might be better off selling straight to your customers without the middleman? Doing this means you can have a better relationship with your clients in the long run and save yourself the hassle of dealing with another entity.
Be Ready for New Opportunities
You could find yourself being able to rekindle your relationship with the partner that dropped you, but rather than clinging on for dear life in the hope that they will take you back, you can always take stock in what you need to achieve and be open and receptive to any new opportunities. Sometimes, if you’re offered a partnership after an earlier one has bitten the dust, it may feel like you are opting for second best if it’s not as lucrative. But the fact is that if someone else is approaching you for a partnership, you clearly have something to offer and exposure is exposure!
This Is Business, Not Personal
While you could start chopping your business into pieces or you could start outsourcing because you were relying on this partnership to get you through a difficult time, the fact is that business is business, not personal. And if this happens to us, we’ve got to remember that if we were on the other side of the proceedings, we would very likely do the same thing.
