Parternships Can Be Successful!

imagesIn a follow up post from last week, I wanted to discuss what it takes to make a partnership successful!

Making a partnership work requires a conscious effort from all partners. As mentioned previously, partners’ skill sets should complement each other.  BEFORE you enter into a partnership, evaluate the skills of your potential partners and decide if they complement your own abilities – if so, you are of value to each other!

Once you have entered the partnership, there are a few simple things that can be done to achieve success. Though simple, the following 4 steps are not always easy to follow!

1. Give Up Control

Let your partners do what they’re good at! Trust their strengths and abilities. Your partnership will be much more efficient and effective if you can each focus on what you do best.

2. Set Common Goals

It is important that you and your partners have a set of common goals that you all understand and can rally your staff around. Along with these common goals come roles that each of you will play in achieving them – these roles must be clearly defined. Ensure that the goals are measurable, and assess your progress often with your partners!

3. Work as a United Front

It is important that you and your partners work as a cohesive unit, or at least appear that way in the day-to-day business operations. One should never undercut the other or undermine their decisions when it comes to staff, clients, suppliers, etc. Disagreements should be discussed and resolved privately!

4. Put the Business FIRST!

All partners must always put the business first. What each partner does outside of work should not affect the business, and the business is not responsible for a partner’s personal endeavors. For example, the business’s line of credit is not to be used for a partner’s new home. As silly as that may sound, it happens far too often!

 

As with any relationship, if you’re willing to put in the time and effort to make it work, you’ll reap the benefits! Follow these steps and you’re on your way to a successful partnership.

Do you have any tips and tricks for working successfully with a partner? Let me know in the comments!

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