How To Choose The Right Business Partners?

Business Partners

Fortunately, by applying a few precautionary principles, it is possible to avoid payment defaults and other complications even internationally. Focus on the most effective ways to get to know your partners and prioritize your actions.

Business intelligence to get to know your business partners well

To help companies make informed business partner selections , business intelligence specialists offer comprehensive services. Their role is to collect very precise indications with which they establish a complete analysis of the level of risk for the company in question. They thus inform you in detail about their solvency in the short and medium term and allow you to know the probabilities of default.

This tool is essential for estimating customer or supplier risk and gives you the opportunity to check the ability of your business partners , whether buyers or sellers, to meet their commitments. To do this, the organizations that offer it rely on data obtained from the registries of the Commercial Courts, BODACC, INSEE, or their local counterparts internationally. Thanks to the privileged relationships they maintain with the actors who observe payment behavior and collective proceedings, as well as with affiliate groups, legal notice newspapers and specialists in solvency investigations and collection files, they provide you with clear, precise and reliable information.

Thus, you will know everything about the companies that will become your new business partners , about their leaders and teams, about their structure and about their financial data. Solvency indicators and judgments and privileges will even allow you to know if the company in question is properly paying its debts to the Public Treasury and the URSSAF or if it has a history of litigation or financial incidents.

Some main principles for successful partnerships

Any relationship, whether personal or professional, must be based on a number of principles if it is to be lasting and qualitative. If you take the lead in verifying the reliability of your business partners , you will already have a sound foundation to which you can add your own efforts.

Communication and transparency

If you need to know the level of seriousness of a company with which you plan to do business, tell yourself that it is the same for its representatives. Do not hesitate to take the lead as a pledge of good faith and make sure to continue to communicate in an open and authentic way over time. This transparency will help you to understand any problem that may arise more calmly and in the common interest.

Understanding and Clarity

Be clear about your expectations and be understanding of those of your business partners . To do this, properly define your own objectives in order to send a coherent message about your values, intentions and business needs. Your mission must also take into account what remains feasible on the part of the companies with which you work. Encourage them to share their doubts and reservations with you: your mutual success will have much to gain.

Focus on your strengths

Each organization and, a fortiori, each partnership between several actors has strengths and weaknesses. The more you are aware of this reality, the more you can use it to your advantage by choosing business partners with whom you can form a natural complementarity. This cooperation can have geographic, demographic, sectoral, expertise, etc. assets. Take the time to get to know the trump cards of your allied companies and check their experience and authority in their field. Surround yourself with thought leaders who are at the forefront of their industry.

Connecting with new businesses is always a tricky time. However, by using a business intelligence service and applying a few simple principles, you will save time and money. Get started with new prospects, customers and suppliers while staying informed on the evolution of their situation and being able to react quickly in case of change. Some organizations even offer to monitor your competition.

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