There can be disastrous
results when care is not taken to build a solid
foundation under which a new Business Partnership or
Alliance can safely develop strength and stability. This
Top Ten list offers some basic steps to consider when
moving forward into a Business Partnership and Alliance,
that can decrease the chances for negative results, and
can increase the chance for a Successful Partnership to
choosing one another as potential partners, establish
mutual ideas, goals, and philosophies operating in the
team you are developing.
Look for enough
compatibility to challenge and stimulate one another
over time, as well as the presence of mutual trust.
2. Choose a
partner whose strengths complement the limits of the other
partner, and vise versa.
Establish the project or core focus of the partnership
that is being created.
Determine the kind of Partnership that will be created.
Will it be Equal, or
possibly an Associate relationship, or any other
possible combinations in between? Factors such as
determining level of financial risk, availability of
time and energy for the project, and prior existence of
any intellectual property tied to the project are some
key items to consider. Hiring a Coach that has expertise
in this area is recommended during the formative stages
of the partnership, and at any time such support is
needed in the future, in order to protect the best
interests for each partner involved.
a sound financial compensation plan for profits received
that both partners agree to in a signed document or
Legal representation for
the partnership may be appropriate at this juncture.
Determine what roles each partner will play during the
course of the project, defined and clearly documented for
Be accountable to your
role, until both partners change the structure of roles
and suppport the intent to continually place a working
plan into action, review the results of the action
taken,and making expedient and necessary shifts that will
support the health of the partnership over the lifespan of
possible get the support of your immediate support system
established before entering into partnership.
You will need to educate
them about expenditures of time, money, energy and other
resources that will be needed to successfully launch the
project(s) your partnership represents.
planned, regularly schedule meetings on a weekly basis.
These meetings will be
set up for the purpose of discussing the wins and
challenges, what's working and what's not, areas of
discord and mutual planning for future growth and
10. Set a
minimum time period that both partners will agree to a "no
New ventures take time to
be planted, watered and nourished, weeded and ultimately