2 initial steps to create a great business partnership

Do you have a bad partnership story?

Many of us have heard horror stories about the partnership disaster. Some of us even experienced painful separation from business partnerships. Costs, both financially and emotions, have left many entrepreneurs swearing again!

It has become increasingly difficult to achieve great success in the current complex business environment by exploring itself. Building several forms of collaboration, whether it’s a loose alliance, formal affiliation or legal partnership, adds extraordinary value for small business owners who want to make quantum leaps in company performance.

The challenge is related to the right partner first, and then overcomes financial, legal and partnership details. However, most of us tend to not look abroad when choosing a partner. How many times have you heard “Oh, we will be a great partner? He has sales and marketing experience and I have a financial background. We complement each other and will make a great team.” While knowing your potential functional skills and skills are important, it’s only the beginning of the selection process. Creating a great partnership requires your homework in advance and communicates with deep honesty and degradance.

The following are two of the seven steps that can increase your chances of success.

1. Do your thorough test. It’s not enough to say, “we get along”. Do you share core values, visions and expectations for companies or projects? Most fatal conflicts will appear as a result of this unexplored area. Unfortunately, this is a step, many people ignore or pass because they are not comfortable asking these questions, taking answers to nominal value without deep probing, or too saved in the results of choosing certain people as partners.

2. Set roles and responsibilities. Fortunately, we usually work with someone who has complementary skills. Understanding our differences as strength and acknowledging weakness in ourselves and potential partners is a critical initial step. Defining the roles and responsibilities based on the honest assessment of these fields, allowing partners to avoid ego problems, directing each other with the toes, duplicate efforts and provide a mixture signal to the organization. This does not mean a job description is not flexible. The limit can and must remain rather loose so the organization becomes fast and flexible.

What are some things that you have done to choose the right business partner?

The author “creates a new business partnership – workbook for success,” Barri Carians have more than 17 years of expertise on what is needed to create a sustainable business partnership, from choosing wisely to feed and maintain relationships. Most of this knowledge comes from doing dozens of what is called the Barri “Partnership Intervention”, all in an effort to save relationships, partnerships, and thus business.