Entrepreneurial Partnership Can Add to Business Success

According to research by K&H Bank, building partnerships with other companies can contribute to the success of businesses, and the bank would therefore encourage business partnerships to boost entrepreneurship and improve their prospects, K&H told MTI on Wednesday.

According to their data, by September this year, the number of newly registered sole proprietorships had dropped by 12%, while the number of newly registered partnerships had fallen by 15% compared to the same period in 2022. The number of dissolved partnerships increased even more, by more than 41%, they said.

According to K&H, the first step in building a relationship is to decide whether a business would form a partnership with a company of the same or different profile. When different companies work together, there is no threat of competition, and because each party is an outsider to the other, they can give each other new ideas. At the same time, the entrepreneurs quoted in the communication also see the benefits of working with companies with similar activities. For example, they can share costs, improve marketing efficiency and reach new customers by sharing sales channels.

To support networking, K&H also operates a business matchmaker with a revamped map application. Such programs, similar to social networking sites, make businesses visible to others, so they can easily connect with each other and start building partnerships by sharing offices and meeting rooms," the release said.