Top 5 Strategies for an Effective Business Partnership
Whether it’s a formal partnership, a referral alliance, a co-operative association or any other form of collaboration, having some ground rules in place to help that thrive and be effective is crucial.
A recent report from the Harvard Business School found that 65% of start-ups fail as a result of conflict among the co-founders. Most successful teams are made up more commonly by people who have worked together in the past, but on the other hand, couples, family members and friends can hit a chasm when the relationship boundaries overlap with business.So what makes for a successful partnership in business?
Here are my 5 core strategies to consider when you are thinking of forming some sort of business alliance:
- Find someone who shares your values and vision.
Values guide your actions, judgments, choices, and shape your identity. A vision reflects your desire for the future. Successful partners tend to agree on standards and have similar visions and, when aligned, you are more likely to make congruent decisions.
- Find someone who has skill sets and traits complementary to your own.
Successful partnerships often include people where the skills and traits they bring to the relationship are complementary and supportive. In Michael Gerber’s book “The E-Myth”, he explains that there are 3 key roles in any business: the Entrepreneur (creative visionary), the Manager(administrator and planner), and the Technician (crafts-person). Partnerships work well when each can perform the 3 roles as needed.
- Find someone who gives and takes.
There should be a sense of equity in partnerships, knowing that some days they are giving more and others they are getting more from the relationship. Keeping a track of benefits can be unhealthy in the long term.
- Find someone who embraces change and growth.
Successful partners support growth and change and are willing to listen and adjust as they grow. Change should not be considered a threat to the status quo, rather an expectation that it will benefit both individually and as a team.
- Find someone you genuinely like and trust.
Any relationship built on trust, honesty and respect is more likely to succeed. So take the time to establish a rapport, as true trust takes time to build.
Applying these overarching principles will give you the confidence that the business relationship you have planned – or in place – will allow you to create results that, on your own, you would find impossible to attain.