Without mincing words, successful partnership goes a long way in expanding your client base, more experience, product or service delivery, take on bigger tasks and more.
Choosing the right partners, terms and conditions for the partnership can itself be daunting. Just like life, some partnerships will be awesome and profitable while some won’t just work.
On the off chance that you want to partner with another small business, here are a few hints to help towards a fruitful relationship:
· BE STRAIGHTFORWARD TO YOURSELF ABOUT YOUR SHORTCOMINGS.
Before you go into the partnership, test your strengths and shortcomings. Keep in mind, you’re looking for somebody who would complement your strengths. You must be open about what you truly bring to the relationship. Preferably, you’ll complement each other’s shortcomings.
· BE OPEN TO PARTNERING WITH YOUR COMPETITORS.
As expected, you’d look for partnership that would complement you. Your competitor may be the with solution because your weakness could their competitive advantage.
Small differences in what you deliver to a client could make you a perfect match.
Through partnership you could deliver a more comprehensive service or bigger project that you’d both miss out on if done individually.
· SET CLEAR STANDARD PROCEDURES, TERMS AND CONDITIONS AT THE BEGINNING.
From onset, make sure your conditions and expectations are stated. When there is no initial agreements or communication framework, communication gets difficult.
Agree on issues such as logistics, payments, disputes and more. This would serve as a framework for any future issues.
· MAKE SURE ALL AGREEMENTS ARE DOCUMENTED.
To avoid issues, make sure everyone is on the same page and all documents are all written.
It can be in any form (Microsoft office and Google Doc) and documents should be sent to all parties.
The notes will explain any confusion and give you a written document on the off chance that anything turns out badly.
· WATCH OUT FOR WARNINGS.
While thinking about potential partners, ensure they answer to emails in real-time manner, show up on meetings punctuality, and deliver as expected. On the off chance that the other party is unwilling to compromise, that is an enormous warning.
· BE HONEST.
In conclusion, consistently treat your partner fairly. Your activities ought to be for the shared, for the advantage of both of you. Your prosperity depends on your capacity to cooperate, so having their best benefits on a fundamental level will help you as well and keep you both in a success win organization.
Read more on “how to run your small business” and “how to spot business growth opportunities”
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