Are You Considering a Partnership for Your Business?

The dawning of a new year can inspire us to consider business solutions we might dismiss at other times. One of those solutions might be joining forces with another person, organization or department for the benefit of both.

Good partnerships expand resources, influence, potential and results. But good partnerships don't just happen. For partnerships to work, the partners must be compatible in vision, approach and work processes. They must communicate well with each other. They must know when to stand firm on an issue and when compromise is appropriate. They should share risks and responsibilities, and treat each other fairly. This kind of relationship fosters trust, which in turn, is the foundation of a successful endeavor.

Other Ways to Cultivate a Good Partnership
The Leader to Leader Institute described other principles of good partnership. Here are a few:

• Consider your partner as well as the partnership. In order to be successful, partners must not only understand the values, goals and constraints of the partnership itself but also those of the other partner.
  
  
• Create a clear, shared vision and understanding of each partner's roles. At the start of the partnership, clarify your mission and define success and the expected results. Don't assume you're on the same page; spell it out in writing.
  
  
• Attainable goals. Translate broad goals into measurable, interim targets and time frames. Before taking the first step, be certain that all partners are committed to the objectives.

Would Partnership Enhance Your Business?
Before aligning with another individual, organization or department, it is crucial to be clear on your own ideas and vision. What do you want to achieve? And are you certain you cannot provide that by yourself?

It is also important to understand what you want and need from a partner, and what you have to offer. Consider reputation, scope of services, commitment, financial capacity, skills and resources.

If you are considering forming a partnership with a particular person, department or organization, here are several questions that can help you decide if that partnership would be beneficial.

• In what ways are my or my company's mission and values compatible with this potential partner? In what areas might they conflict?
  
  
• Would this partnership serve my primary customers/clients? Would it generate business? Enhance my company's image? Reach new markets? Strengthen company culture?
  
  
• How would this alliance help my business/department further its mission?
  
  
• What assets would my company be expected to provide? What assets would it receive?
  
  
• What financial and other risks might this alliance involve? What is the benefit/risk ratio?

Finally, consider the differences that have been revealed through the above questions. Are those differences addressable or do they point you toward the exit? If the answers line up to a green light, your productive partnership might be just what your business needs to meet its goals in the new year.

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