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Just yesterday, we finally received the news that Bank of South Pacific has signed off on another sponsorship agreement with Skerah. This takes our partnership to exactly a decade and what a journey it has been. Thank you BSP.
The longevity of our partnership is obviously testament to the mutual benefits we have shared over the years. But what we want to talk about in this piece is some of the lessons we’ve learnt and hopefully it can help you as a small business owner as you venture into your own entrepreneurial journey or look to growing your small business.
Without doubt, our partnership was created as a result of innovation. Online business partnerships was rather novel and untested a decade ago so providing BSP a innovative online proposal definitely got their attention.
Lesson – Innovation is a key aspect of business growth and success. Whatever your industry, be creative. Big businesses will listen to you if you can provide an idea that offers mutual benefits.
2. I’m only a small business, they won’t listen to me
Wrong. There is nothing personal in this game so get that into your head. What value can you provide the customer or sponsor?
We learnt that even as a small business, BSP was more than happy to listen. You have to remember that you’re dealing with professionals. So step up your game, be confident, know your stuff, know what you want, know what they want. Size doesn’t matter in this game! Value does.
3. Continuous Improvement
We learnt that if we are to continue our partnership, we needed to be better than we were before. Being complacent in a world that is continously changing is a recipe for failure or loss of partnerships. This is even critical in online advertising or E-commerce in general.
Try to build a better product than the one before. Existing partners are likely to stick with you if you can provide something better than yesterday.
4. Frequent communication
It is vitally important that maintain communication so your client or partner is well aware of how the partnership is progressing.
In a world of social media and email, these tools have made it more convenient for businesses and partners to be informed on the current status of your relationship.
5. The opportunities are far wider than the partnership
One of the best things we’ve experienced with our relationship is the potential flow-on benefits. BSP offers a wide range of financial products for SMEs. It is their business to ensure they partner with SMEs that can provide them positive return on investment. We’ve had to educate ourselves more on their other products and make no mistake, their products have helped us beyond the business and into our own lifestyle. One example is the use of BSP Visa Debit card which we have used for online purchases and even on our travels overseas.
So it’s important not just to take things at face value but look beyond the potential opportunities the partnership can bring. When you realize the potential opportunities, you’ll be encouraged to be more innovative in your offering.
You can find more information on the product offerings for SMEs here.