Partnerships = Business Growth

The history of successful partnerships proves the saying that the whole is greater than the sum of its parts. The beauty of good business partnerships is that they expand resources, influence, potential, and results. Simply put, good partnerships produce good results, whether they are forged between solo entrepreneurs or between any imaginable configuration of individuals, programs, organizations, or initiatives.

For partnerships to be productive, the partners must be compatible in vision, approach and work processes; they must know how to communicate with each other, when to stand firm on an issue, and when to compromise. The participants must 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.

Productive partnerships take many forms, from informal collaborations and alliances to formal partner agreements. Internet technologies also facilitate easy-to-track affiliate relationships and offer potential for building effective business partnerships anywhere in the world. In any case, the objective is mutual benefit, for the benefit of clients of both entities.

Before partnering with another individual or business, it’s crucial to be clear on your ideas and visions. What do you want to achieve, and are you certain you cannot (or do not want to) provide that yourself with current resources and know-how?

Depending on your need, you may wish to start your search for the right partner locally, with such organizations as the Chamber of Commerce, Rotary International or the local Small Business Administration office.

Even the best laid plans must be adapted to shifting conditions, altered needs and preferences, experience of what isn’t working, emerging opportunities and fresh thinking to improve outcomes. Partnerships are no different and clearly evolve in response to successes and partner’s needs. Productive partnerships also include:

• Mutual respect, understanding, and trust
• Ability to compromise
• Can-do attitude
• Flexibility and adaptability
• Open and frequent communication
• Review of both disappointments and achievements
• Encouragement to explore boundaries and to grow partnership

Bottom Line: To see your business grow, consider building productive business partnerships.