A good business partnership can work as a power booster for any business. Business partnerships are of various natures. It could be a short term partnership planned for achieving particular goals and once the goal is achieved the partnership is dissolved or a long term partnership processed and signed following legal laws. One has to follow certain rules to make a partnership successful be it for a short term partnership or a long term.
Joint Undertakings stand a better chance when they benefit both sides.
Shared vision and mission:
The foundation stone of any partnership is shared vision and mission. Two people, company or organizations which have common vision to achieve common mission could help each other in achieving the final destination. Though the motive can be different, but the objectives and methods have to be the same.
For successful partnership it is essential to discuss the company’s vision and mission with the partner. Find out what are the common factors that will motivate both the party in making the partnership successful and what are the differences that could create hurdle in a successful partnership. Discuss all these points only then proceed further.
Each partner’s need and expectations should get addressed:
Partnership is about equality. Giving extra privilege to one party will create disparity and sooner or later partnership will come to an end. To avoid such unpleasant situations it is better to create a written plan and policies and follow it throughout the partnership. The purpose of entering into a partnership could be different sometimes people seek a partner for capital, sometimes for expertise, sometimes for connections, whatever your need is, seek a partner who will fulfill your requirement and proceed further towards your goals. These are not always expressed, yet they remain as an underlying expectation. If the expectation isn’t met, the relationship can become strained.
Know your partner’s expectation, what they expect from the partnership. In many cases partnerships come to an end due to changes in business circumstances or personal interest. Have back-up plans for such unexpected situation as well.
Know and explore your partner’s strength:
Recognize the power and strength of your partner and utilize it achieving organizational goals. Sometime strength and qualities of an individual is overlooked. The most obvious strengths will probably be recognized; however, underlying strengths, when brought out can often make a big difference in long term motivation, commitment and success.
Provide right motivation and inspiration to the partner and the team so that they will come forward with all their strength and ability. It will help in achieving business goals and objectives with ease. Know each other’s strength and evaluate how it will help in realizing your goals and aims.
Support the partnership limitation:
Partnership does not mean that all aspects of the business will be handled by the partners. There are areas that could require support and assistance from a third party. Identify your weak area and find a solution for it. Wherever they are it’s important to identify them as early as possible and have a plan to manage them so they don’t get out of hand. Find out the areas that are unmanageable and fill the gap before it starts taking up your business.
Set company and individual goals
For a healthy and successful partnership it is important to set company’s goals as well as individual’s goal. Many partnerships come to an end because of unfair distribution of responsibilities. Each partner should set individual goals that support the company goals. Put all these in writing and get each to commit to their goals. Then at the end of the period there is no question about who’s accountable for what.
Handle disagreements, disappointments and frustrations early.
Disagreement and disappointments are very common and natural in partnerships, wise partners knows how to avoid it and how to tackle if such conditions arise. Instead of giving more privilege to personal esteem and goals put business goal as top priority.
It is always beneficial to talk about your expectations and what you like to see for the business and be positive in your thinking, outlook and attitude.
Make partnership your strength and achieve your goals. It is suggested that business is dependent on each partner like one partner handling administration and marketing and the other handling production.