In our last blog, we revisited the topic of business partnerships. Are you considering partnering up with a like-minded business owner? We pointed out that in order to forge a strong business partnership, you should be patient, honest about your strengths and weaknesses and a strong communicator.
Here are four more tips for securing ideal business partnership:
1. Discuss your long-term goals upfront.
It’s important to shoot from the hip straight out of the gate. In order to secure a strong business partnership, both parties need to be on the same page. What are the goals for the company? Which steps are considered necessary in order to meet those goals? It’s important to have a shared vision when it comes to growing the success of a brand.
“Are they similar? Are they compatible?” asks Stephen Key on Entrepreneur.com, “You might disagree about how to get there, but you and your partner should share the same vision. The crucial question to answer is, will you both be able to achieve your goals by working together?”
2. Go over and above your call of duty.
Meeting expectations may work to impress some business professionals. Going beyond your commitments, however, shows that you’re a true leader in your field. Doing so will go a long way in impressing would-be partners. As Geoffrey James points out on Inc.com, doing more than your basic fair share is an excellent way to grow the strength of the business partner relationship.
“Successful partnerships–especially those formalized by contracts–require trust between the partners,” he stresses, “The best way to increase the level of trust in a partnership is to always deliver a bit more than you said you will deliver. To use an analogy from outside of business, the best marriages are characterized not just by both parties meeting their minimum commitments (e.g. no adultery) but actively doing extra, on a daily basis, to try to make the other person happier.”
3. Define your roles explicitly.
It’s no different than members of a professional sports team. Everyone needs to play his/her position and respect the positions of his/her teammates. What is your position? What is the role of your partner? The answers to these questions need to be clearly defined. The last thing you want to do is start a new business partnership only to start stepping on the toes of your new partner.
“You do not want to overlap in your efforts,” stresses Key, “Before you get started, carve out who is responsible for what. These roles may change over time. But they must be established up front to avoid conflict.”
4. Look into securing business funding.
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