Creating Strategic Partnerships

It’s often important for entrepreneurs to forge a strategic partnership for continued success in a highly competitive environment.  Here are some tips to help guide you through the process:

1 – When we enter into partnerships, we often feel anxious.  Believe that all parties will eventually have their needs met.

2 – Be clear to the value you bring to the table.  Be honest about why you’re wanting to create a partnership.

3 – Make sure you already have a business plan/mission and vision statement put into place.  If you don’t, then you’re not in a position to work with a partner (just yet).

4 – Listen to the other party.  Ask why he/she is seeking to connect and what they are hoping to get out of the partnership.

5 – Make sure you share the same vision and passion.  Partnerships work the best when each person’s values are the same.

6 – Don’t hurry into the partnership.  Set up a follow-up meeting to talk about next steps and to make sure you’re both equally committed.

7 – Be prepared.  Don’t expect everything to come up roses.  There will be some push and pull when hashing out details.  Be clear about where you stand, but be flexible too.

8 – Seal all agreements in writing. This can be a hard conversation to have with a new partner, but it is extremely important.

Hopefully you’ll start off your new partnership feeling motivated and ready to grow. And if you follow the above tips, you’ll be on your way to great success.