Here’s what we will cover today:

• Learn how the right partnerships can help your company flourish

• Learn about Y Combinator’s new startups cohort

• Discover a cool new tool for creating videos

Quote of the Day

"The problem is never how to get new, innovative thoughts into your mind, but how to get old ones out.”

~Dee Hock

Today’s Tip

Over the years, I’ve created several partnerships with major websites and organizations to be the only business plan provider they promote. This excludes my competitors from working with those organizations and serving their customers.

Having the right partnerships can help you gain customers, decrease costs, and gain credibility among other things.

So, please think about this today: can you form exclusive partnerships to help you grow your company and gain competitive advantage?

If so, follow these 7 steps to find and secure business partnerships:

1. Identify Needs and Goals: Clearly define what you aim to achieve through a partnership, such as expanding your market reach, enhancing your product offering, or leveraging shared resources.

2. Research Complementary Businesses: Look for companies that offer products or services that complement, but do not compete with, your own. This synergy can create added value for both parties.

3. Evaluate Potential Partners: Assess the reputation, market position, and financial stability of potential partners. Ensure their business values and culture align with yours for a harmonious collaboration.

4. Initiate Contact and Build Rapport: Reach out to potential partners via telephone and/or email with a well-crafted proposal that outlines mutual benefits. Arrange meetings to discuss opportunities and build a relationship based on trust and shared objectives.

5. Negotiate Terms: Clearly define the terms of the partnership, including roles, responsibilities, financial arrangements, and performance metrics. Ensure both parties are aligned on expectations and objectives.

6. Formalize the Agreement: Draft a detailed partnership agreement, reviewed by legal professionals, to formalize the relationship and protect the interests of both parties.

7. Monitor and Nurture the Partnership: Regularly review the partnership's performance against agreed objectives. Maintain open communication and address any issues promptly to ensure long-term success.

Do this and you’ll find yourself to be the envy of your competitors.

Today’s Resource

How to Build a $10 Million+ Company

What’s the difference between successful multi-millionaire entrepreneurs and the typical small business owner just struggling to get by?

Well, there are a LOT of differences, actually…

But I’ve summarized the main differences on this page:

How to Build a $10 Million+ Company 👈 The really interesting part is that you don’t have to work yourself to death to grow a wildly successful, eight-figure business...

In fact, when you follow this formula, you can make much more by working less…

How to Build a $10 Million+ Company 👈

Trivia

Today’s Question: Once one of the world's largest non-state oil companies, which Russian petroleum giant was declared bankrupt in 2006?

Previous Question: What is the average amount of time people spend looking for lost files and other items in their office?

Previous Answer: Officer workers spend an average of 50 minutes each day looking for files, information, and supplies.

Schedule an afternoon to get organized. Saving yourself or your team members even 20 minutes per day can mean an additional 8-hour workday per month of productive time put to use towards growing your business.

Tools of the Day

PlusThis - a marketing automation plugin we use that works with many CRMs

VEED - VEED makes video creation easier for everyone.

News

Sam Altman on why you should bet on AI improvements. Sam Altman on how startups can survive GPT's advancements & build a sustainable business.

Y Combinator Startups That Could Be The Next Tech Unicorns. Maybe some of these can provide some inspiration for you.

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