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s 2018 begins to take shape, so too do new business opportunities for companies


who want to expand their networks and grow their businesses. For small or family-owned drug and alcohol testing businesses, partnering with a larger company or a different company with the same target market can provide you with a leg up in the industry, opening doors to endless opportunities and a larger consumer base. For instance, for a small drug and alcohol testing company, partnering with a company that performs DNA testing, wellness education, or employer consulting may be a great way to expand the business.


Access to more resources Let us look at some of these advantages of partnering with other companies who have a similar client base. For starters, partnering can provide you with access to new, larger markets and distribution networks that will enable you to get your name out there with just the right amount of credibility to draw in a larger customer base. When you partner with a sizable


new company, you will also gain a larger capacity for both new clients and employees to tackle the everyday services your company and your new partner provide. Arrangements of a joint venture such as this can be quite complex, although it does not have to be overwhelming.


Access to


specialty resources When you partner with other organizations you not only get the benefits of a larger base of knowledge and expertise, but the assistance of more specialized staff, financial resources, and technology-related services that could make your company’s processes more streamlined. Often, partnerships


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also enable some much-needed growth of your existing organization without having to go out of your way to borrow money or search for outside investments. As you can see, these partnerships allow your company to grow while sharing the risks and funds with a sometimes larger, more experienced organization. The chance of these potential risks occurring is also lessened and even prevented in many circumstances.


Marketing and


strategizing harmoniously with your new partner While partnerships might be complex at times, they can also be extremely flexible, and can have a limited life-span, allowing you to gain an understanding and get a beter handle on things before going off on your own with all the tools you need to be completely successful. With the experience and know-how


that another organization may bring to the table, you and your partner can share your customer databases to further get your name out there. Additionally, you can use the name and services of your partner to market their products to your existing customer base, providing them with more options and services than ever before.


Research and development Together with your partner organization, you can perform the proper market research and gain an understanding of what needs to be done to further develop your organization. With guided development and growth there is no reason to worry about errors and misjudged decisions.


How to ensure your joint venture is a success When entering into a partnership, you need to initially ensure there is clear and


concise two-way communication and understanding. Tis is the first step to successfully seting up any business deal. Te next thing you must do is make sure the objectives and goals of your venture are laid out on the table so that everyone understands the endgame, so to speak, and both organizations can be on the same page. Each partner in a joint venture is


going to have diverse strengths, levels of expertise, and of course an array of different assets and investments. It takes both time and effort to build a strong relationship. With different management styles, it is important to make sure that the integration of this partnership goes smoothly with two-way cooperation and understanding. Thoroughly communicating the


business plan on both ends is essential in planning your partnership and business relationship. Through proper research and thorough analysis of objectives and goals, your joint business relationship should provide the support and knowledge you need to get started on the road to success.


The new year and new joint ventures No mater the size of your business or the services you currently offer, partnering with another organization with a similar client base could help you to expand and grow your business in 2018. ❚


Tamika Carter, PHR, SHRM-CP, is the Director of Marketing & Communications for the Drug & Alcohol Testing Industry Association (DATIA).


Tamika is a certified Professional in Human Resources (PHR), a SHRM Certified Professional (SHRM-CP), and a graduate of George Mason University, where she majored in Marketing.


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