- Local partnership is a good business strategy that can greatly benefit startups and growing businesses.
- It is important to choose a local partner that meets your needs and aligns with your corporate values.
- Common Ground believes in the importance of building local partnerships and their prime location across central business districts intend to encourage this engagement.
Another great benefit of coworking a business should take advantage of is the potential for local partnerships. Whether you’re a new player in the Philippine market, or looking to expand your business in a particular city, coworking serves as a bridge that connects you with possible local businesses, suppliers, and homegrown talents. This way, you’ll find that by going local, you’re actually taking your business places.
There are many benefits in partnering with local businesses and professionals that you may not be able to avail from distant or overseas ones. Business exchanges among partners are easier, smoother, and more cost-effective when there’s on-site contact, when both partners have the same business hours, and when there’s little need for travel—which are all possible in a coworking setup.
Let’s explore more the benefits of local partnerships and why you should be engaging with them in your coworking space.
1. Communication is way easier.
Successful operations, corporate leadership, strong business relationships, and excellent customer experience are all dependent on how good businesses communicate. But even with advances in technology, a face-to-face encounter is still needed—and even preferred. After all, it’s easier to express one’s message, check for sincerity, and build trust when you communicate in person.
Going local with your partnerships makes in-person communication more available. Having local partners in close proximity to your business, or even within your location like in a collaboration space, makes setting up meetings and developing business relationships easier, open, and more direct.
2. You can work closely to ensure quality of output.
In a coworking space, you can literally work with your local partners side-by-side. With this, you can better align operations and ensure quality along the way. If any issues are detected, it’s possible to address and solve them right away.
Being able to assess each other’s processes and performance, and to resolve problems immediately not only improves quality control. It also strengthens trust and unity among partners.
3. Immediate support is available.
Of course, no matter how hard you work at it, problems do arise, especially when you’re just starting out or trying to grow your business. But with a local partner close by, response time to issues can be dramatically cut short. This is far more complicated and time-consuming with an agent or supplier that is based in a distant location.
In a fast-paced environment, the ability to bring timely resolution to issues can bring you ahead of the game. It can facilitate continuous and smooth workflow and better customer service.
4. You can reduce lead times and operation cost.
Time is money in business. That’s why on-time completion and delivery are important to keep up with business demands. With local partnerships, faster turnaround and prompt delivery are more likely to be achieved, especially when you’re in the same workspace with them.
Besides saving you time, finding suppliers and affiliates in a coworking space saves you money from avoiding shipping and travel expenses.
Another way you can minimize cost through local partnerships is by bartering agreements. This is a common practice in Philippine business, even among corporates. Discussing service or product discounts among partners can create a win-win case for everyone.
Did you know that even coworking providers partner with local businesses to give their members great deals and exclusive privileges? This is another way of benefitting from local partnerships in a coworking space.
5. Have better local knowledge and referrals.
When you’re trying to open shop in a new site, getting business partners based on the area can give you insider information and insights regarding the local community. These partnerships will give you a good grasp of the local community’s culture. This way, you are better oriented about the business climate and culture, market trends, and consumer behavior in that location.
Local partners also make better recommendations when it comes to finding the best suppliers, service providers, and even recruits. They can also introduce your business to other potential partners or investors, and even to local customers.
A coworking space is a melting pot of different businesses, especially local ones. Here, you can easily grow your network of local partners and widen your community reach through knowledge-sharing and referrals.
6. Improve your local standing.
Gaining local knowledge and growing your local partners and customers can lead to better recognition of your business in the local community. It can even increase your local influence.
For foreign businesses wanting to develop their local presence, learning from and linking your brand to homegrown businesses that have a good reputation and standing can help. It’s all about strategic partnership. With the right local partners, you have the opportunity to improve your brand following and customer base.
However, it’s important to really get to know these local businesses before entering partnerships with them. You know what they say, show me who your friends are and I’ll tell you who you are. This is also true in business partnerships. With coworking, you have so many options. You have access to a lot of potential partners all in one place. Choose the one that does not only meet your needs, but meets your corporate values as well.
By engaging in local partnerships, you get the most from coworking.
A coworking space is such a unique workplace that benefits businesses in so many ways. But besides taking advantage of the obvious (stylish interiors, outstanding amenities, flexible terms, etc.), entrepreneurs, startups, and growing businesses should think and plan on how to capitalize on other benefits of shared office spaces—one of which is local partnerships.
Local partnership is a great business strategy. And there’s no better place to do it than in a coworking space—that one place where different entrepreneurs and companies, who could be potential partners, operate and collaborate.
As Southeast Asia’s very own, Common Ground best understands the business and economic environment of an ASEAN country like the Philippines. Its strategic location in well-known central business districts in the country aims to connect newcomers to more reliable and credible local businesses. In fact, Common Ground offers free consultations with vetted local resources. Check their Facebook page here.
Do you think local partnership is a good business strategy? Are you willing to partner with local businesses to help move and grow your business? Better yet, book a tour with us and experience the unique coworking culture at Common Ground.