8 Strategies for a Successful Partnership

In a recent blog I wrote that Partnerships are Notoriously Bad so I thought that another blog was due to share some strategies for this to be successful.

Trust

Now while this may sound obvious that you need to trust your business partner it can easily still be overlooked? It is generally overlooked as people get carried away with the business idea and tend to ignore early warning signs.

Compatible communication styles

Communication in a partnership is vital; things are a lot simpler if the partners have a similar style of communication. Assertive communication, aggressive communication, passive aggressive, submissive and manipulative communications are just a few.

Complementary skill set

If you are going into a partnership you are far better off if you complement each others skill set, rather than if you have the same skill set. This means that you both bring different things to the small business table.

Address expectations early

Are both your expectations aligned? Make sure across all areas of the business your expectations are addressed and on the same page as each other. This will avoid conflict in this area.

Have legal partnership documents

Seek out a law firm that can provide you with a partnership document. One that covers all areas and looks at how things will be managed long term and also how any disputes will be managed.

Manage limitations early – weaknesses

Do a personal SWOT analysis so that you know each other’s weaknesses. Now these can be managed through learning or outsourcing and no one is surprised by these weaknesses.

Manage disagreements quickly

Disagreements are going to occur; this trick is dealing with them quickly and efficiently. You can have this as part of your partnership agreement to illustrate how you will manage disagreements. It is smart to have a process and the agreement to not let anything fester and undermine your business.

Have defining roles that include accountability

Most partnerships will have defining roles; make this part of your agreement and include accountability to that role. The reason for this is so that both parties know what they have to do and the results that are expected of them. Keeping each other accountable is an important aspect to a successful partnership.

Here are just some strategies that can help to create a successful partnership. They are still no guarantee of success but they will help you to be on the right track towards your successful partnership.

Accountability can also come from a business adviser or mentor to help you stay on track for the overall business and not just the individual roles.

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