Build Competitive Advantage Through Partnerships
The power of building a business occurs in many forms, from mergers, acquisitions, organic growth, and partnerships. It is time to back Black owned businesses in our communities to expand Black wealth. The Power of partnerships within the Black community can lead to capacity building to enhance a business of a specific size with additional capabilities and qualifications, expanding both companies' competitive advantage. Partnerships support the adage; two brains are better than one. When seeking an opportunity, consider the power of teamwork. A partnership can level the playing field to combat the inequities that many Black businesses face in acquiring capital, contracts, and credit. A partnership can leverage the expertise required to innovate or manage the necessary competitive advantage to be sustainable.
Partnerships can have challenges, as any business relationship. One challenge is debts and liabilities are shared among the partners just as the successes. When considering your next venture or business opportunity include partnering as a means to success.