: How Can I Get a Good Partner?
Cont’d from Part 1
You can find the right strategic partnership anytime; at the start, or at a beginning of a new business/contract/project, in a phase of work. Same way, you can stop/drop one at the end of the deal or continues as long as possible. the question is how can I get a good partner?
Take these few tips.
- Set Clear Goals of What You Want
You must establish clear objectives and goals. You want to make sure all parties know exactly what you do, what you are looking for, and what you want out of the partnership. Be down to earth in spelling out your matter on what you want and who can fit in. Please this is a relationship, it is like a marriage you’re going into; don’t rush on the excitement of seeing someone who sweet tongue you of the prospect of a good partner.
2. Don’t be vague or you won’t get what you want
Be blunt, be specific – nothing like I think he/she will know. This allows you to benchmark project success and make sure there will be no surprises on outcomes and needs. This will also make sure everyone is aligned and on the same page with what each of you is looking for.
- Research the Prospective Partner
Do a background check. You want to determine if the services or products your partner possesses, align with your business. It is important to make sure both parties will benefit mutually from going into business together. By researching your partner, you can identify where your individual services will complement one another and be mutually beneficial. The most promising tool is using your network of friends, colleagues, associates, family, and recommendations to find the right partner you will feel more confident with.
- Your Self, Be Honest
Being honest and transparent is the easiest way to gain trust with someone – let’s say attract like-minded; trustworthy partners. By being honest with this potential partner, you can make sure both parties have a clear concept of what to expect in the potential partnership. Be forthright about your strengths and weaknesses in your business and mention where you can leverage your potential partners’ services. Your business’s strengths may be your potential partners’ weaknesses and vice versa. By divulging both, you can demonstrate the value both parties will bring to the partnership.
- Communication and Communicating
Keeping in contact with your partner is a great way to establish a good relationship and figure out objectives along the way. Maintain weekly/biweekly check-ins to talk through concerns or just to see how things are going. Don’t keep a long gap. This will build trust on both ends and will ensure you deal successfully with issues or changes in processes.
- Understand your Business
Don’t be ashamed, to be honest about your lack of understanding of some business concepts. Otherwise, trying to do something you are not familiar with could lead to costly mistakes. Finding a partner that is knowledgeable about the functions you are struggling with can help enhance your expertise.
- Write Down the Terms of the Relationship and Get You and Your Partner Agree & Sign
This is the most important. I’m an organization expert, I teach Business Systems, Acquisition, Merging, and Partnership. Each time, I’m mediating, negotiating, and talking to a client or on the client’s behalf, I set aside a good time on framing this kind of agreement, getting the parties to understand and be ready to be bound by the terms of the relationship and to sign. Again, never rush starting without management agreement by people like us. Why do many Partnership businesses end up in police stations and courts this is not adhered to.
I’ll stop here!
Mike Ihezuo has been helping business leaders succeed and thrive in a volatile, uncertain, and chaotic economic environment. He’s better heard LIVE than advertised. Your team needs to hear him live or via ZOOM.
