Farming partnerships are valuable for a number of different reasons.
From bringing in new business to improving areas of weakness, it’s easy to see why many embark on these relationships.
However, it can be easier said than done to unlock all the benefits!
Advice from the outset is key to success. Going into a partnership blind can have disastrous consequences – so let’s ensure that doesn’t happen.
Here are some top tips for getting farming partnerships right.
Know Exactly What You’re Looking For
There are a number of farm partnership opportunities out there, so it can be difficult knowing exactly what it is you’re looking for.
However, deciding is the first step to a successful business relationship!
Perhaps you’re looking for access to new technologies, or to strengthen areas you’re lacking in, such as output.
Whatever it is – it’s vital you’re aware of it from the start.
Get Clarity From the Start
Being clear from the start reduces the risk of any disputes or disagreements later on down the line.
Ensure you understand a potential partner’s business fully before embarking on any new relationship.
Clarity from the beginning is essential to making things work!
Have Clearly Defined Goals
It’s key you know exactly what it is you’re hoping to achieve. What are you’re looking for from this new partnership?
Defining your goals makes them easier to work towards.
This could be increasing revenue or output, for example. Or, perhaps you’re hoping to gain an insight into how new technologies could benefit your farm.
Set milestones, for example when you hit the six-month mark, where do you want to be?
Work Out What Each Party is Bringing to the Table
The best farming partnerships are those that are mutually beneficial.
Therefore, you need to understand exactly how this business relationship benefits everyone concerned.
What are you bringing to the table? Why would a company want to partner with you? Use this to help you secure a partnership – and remind yourself of it throughout.
This could be a variety of things, from creativity to technology. Whatever it is, ensure you’re using it as a selling point. Never downplay your strengths!
Have Open Communication
Maintain open and honest communication throughout.
If you feel your partner is underperforming in any way, or not upholding their end of the deal, make sure you inform them of this.
Or, if there are any issues you’ve encountered on your side, you need to make your partner aware of this. Never try and hide anything – this will only create bigger problems!
The must successful partnerships are formed by those who know how to communicate.
Analyse Your Performance
Ensure you’re aware of how (or if) the partnership is working.
Measure your performance by keeping an eye on metrics and data – aligning this with your goals. Are you achieving what you set out to achieve?