Partnerships are one of the most important ways to take advantage of your business. They allow you to build relationships, create a pipeline, and ultimately help grow your bottom line. But as with any other type of partnership, some factors must be considered. That list is just what I put together for my clients when creating their programs. These are 9 of my favorite references when building a relationship with potential partners:
1. Your goals should align with your values and aspirations—if not, they won’t work out.
When it comes to business partnerships, it’s all about finding a partner who shares those same ideals. These priorities include customer service, honesty, integrity, and transparency as an entrepreneur. You want to know the person who will be on their terms and willing to make commitments that align with the principles you have set forth here. No partner can come into your life and leave you wanting more without aligning in similar directions. In the example above, you want someone who has excellent communication skills. Someone who puts themselves first (which means taking care of the relationship). The best way to do this is by making sure the person you choose knows how much effort it’ll take to get things done for you. This could mean the following:
Your time is no longer available at the moment (as opposed to during regular hours)
It would help if you had this or something else in place
You are running out of patience
You are unable to meet a deadline/plan for the future
2. Give them space.
This is one of many times where setting expectations is critical. If you don’t trust your partner, you aren’t going to have a good, lasting relationship. When we think of “space” as a positive word, often we refer to our emotional safety—the comfort of knowing that we’ll always have each other’s backs, even if we haven’t been talking for years. Many founders and entrepreneurs mistake their friends for mentors, but this is the opposite mistake they make once again! Because the relationships developed from friendships often begin and end abruptly, leaving a trail of chaos behind. So instead of giving people a blank slate to start on, you can provide them with space-time and attention, and so forth—and then watch how they turn it around.
3. Be clear on specific needs.
As I mentioned earlier, most successful entrepreneurs know the importance of finding out exactly what their prospective business partners are looking for. And I also like offering advice on how to identify these wants. For instance:
Do they need more than cash flow? Do they need additional resources? What kind? Who are they? Are they short-term-oriented? Long-term orientated? Why? Or long-term focused?
4. Have an open mind.
When building a partnership with someone who has a unique perspective, it makes sense to be receptive. However, it isn’t enough to accept they might be able to help. Instead, make sure you try them out in various environments before deciding whether or not they would fit in. Just because somebody is competent doesn’t mean they are capable of solving every problem. This means letting people go to find out what their needs are before putting money down. Once you pick up the phone and ask them for your business plan, you will know exactly why they exist and in which capacity.
5. Seek feedback.
You might think feedback might be given to anyone who signs up for your team, right? Wrong! It’s about being prepared that feedback will come from multiple sources, including those you have already selected. This may become difficult to get, but you don’t want to be disappointed. Find a partner who knows they have gone through several rounds of interviews, and you can trust their experience. Ask them to provide an honest, candid opinion. Also, avoid asking, “What do you think?” because that’s simply a sign that you do not care enough to bother taking action on them. Get them to share their insights about the market, and you can’t benefit from all their opinions. One thing you do not want is them giving you suggestions that your company isn’t doing enough for. Again, this tells me your company isn’t suited for some of the opportunities, so look past that concern. When you’re selecting your business partners, you choose a person who will be more likely to do something productive. Don’t be afraid to ask for their input with a bit of extra thought.
6. Take them seriously.
While some businesses, especially startups, take everything too personally when selecting business partners, others look out for the bigger picture. Still, sometimes the truth hurts, so sometimes even the minor detail matters. In addition to trying to understand another’s perspectives, they often need to know that they will face obstacles along the way. Whether due to unforeseen circumstances or something the pair does themselves, give them room to react. Understand that you are both learning and growing simultaneously, and that’s okay. Even if you have differences of opinion, you were built with the same goal. By sharing your perspective, they will get better at it themselves—and if you truly value their input, you are less likely to feel disheartened. If anything, it’s going to motivate them to try it harder. Don’t wait until the final day to give feedback. After working with such a great new team member, tell them, “Hey, thanks! I appreciate hearing you guys out! We had a lot of fun going over your plans. It made me feel like we could work together. Your feedback was valuable, and I learned a ton!” These small moments make significant impacts.
7. Listen.
One of the biggest problems with most organizations is their tendency to focus on outcomes rather than actions. While that’s worth considering initially, it’s essential to step back and remember that what you’re doing is only part of the process. Listening is a crucial skill. Not only learning but listening also helps improve the way you communicate with everyone involved. Listen to others. Don’t just nod your head when someone talks about something they need or are experiencing. Make eye contact. Try using active-listening techniques or just pause for a few moments after hearing a story. Talk to them without agenda or judgment. Listen like you genuinely want to and listen without trying to put yourself ahead of their feelings.
8. Keep their feedback in mind.
Partners who want to grow with you need to be more than just collaborators to stay successful. You need to develop a strong understanding of their needs, how you want to address those needs, and how you will measure their success. And while it is tempting to throw some numbers down at the end, remember that most things happen without context. Your goals might change, or your ambitions might be different. Keep those needs in mind when evaluating candidates, whether a job offer or a potential opportunity.
