How To Make A Partnership Work

Partnerships may at times be harmful to a small business, but if approached wisely it can turn into the key contributor to the success of a business.

Which type of partnerships will benefit a small business:

  1. Choose partners that complement your offerings.  If you provide services, choose partners that offer tools to enhance the services you provide.  If you offer products, choose partners that may service your products with excellence.
  2. Choose partners that are skilled in turning a situation into a win/win setting for all who are involved.
  3. Choose partners that are go getters and that can make things happen. Planners that cannot implement their strategies are not good partners.  On the other hand, Strategists that can guide a small business through its set plans are the ones that can make good partners.
  4. Choose partners that seek their interests, but that care for your own interests as well.  A small business can do better without partners that only seek after their own gains.
  5. Choose partners that are transparent and that can easily communicate how they feel. It would be very stressful to have to interpret whether your business partner is happy or dissatisfied with the set work arrangement.

Partners that work hard on making their partnerships work will head for success. There is power in team work!  But there is also the threat for greed to take over and ruin years of successful partnerships.  Beware!  Stay focused on your small business successes and keep working hard on creating win/win situations for both parties.

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