When you started your company, growth may have meant each employee taking on whatever roles were needed for the company to succeed. For your partnership to succeed, however, you must give every employee and manager a specific title with clearly defined responsibilities. Clear and well-defined roles ensure there will be no overlap in offerings that could generate competition between you and your partner. Such conflicts are a significant reason why up to 80 percent of business partnerships eventually fail.
It may temporarily delay the partnership, but you'll both flourish if you take time to thoroughly integrate each other into your teams. That's the approach that Nike and Amazon are taking in their partnership to open a digital Nike store. The potential for overlap and other conflicts is substantial, so they're taking their time to iron out every detail first.
Your partnership, however, shouldn't be just about benefiting from the other company's technology or customer base. To make the partnership as valuable as it can be, it should be about learning, growing, and benefiting from each other's knowledge and experience, too. Remember, you're not just pooling resources; you're also combining your abilities to scale as quickly as possible.
Further along the line, with good communication, partnership roles can be adjusted or changed. A partnership is only formed when there is a goal to achieve between the partners. Well obviously setting more goals. In the midst of having a successful partnership, we forget that setting small goals are just as important as big goals.
Always set goals, no matter how small or how big, write them down and communicate on how everyone can achieve that goal. Working together will help overcome obstacles, to achieve any goal. There are some great examples of successful partnerships among big times companies. Google is one of them. In fact, they didn't get along so well and arguments and disagreements among them were common.
Yet by overcoming their differences and learning from each other, they built one of the largest multi-million companies.
It's interesting to mention that most of the very well known, successful companies, were established through a partnership. These include Microsoft, Apple, and Twitter too. Another great example is the Apple and IBM partnership. Apple with its friendly user interface and IBM with its enterprise level computing capabilities joined forces to create a new generation of software and apps for the use of big data and analytics by enterprise clients.
One of the latest successful partnerships is between GlobalVision and Esko. Insecurity must be addressed openely so the proper changes can be put into place. The solutions made must be handled via discussion between partners and must serve to benefit all members. However, a mature partnership does not try to protect people from themselves. The growth of any partnership has to come from each partner learning through experience what works and what doesn't, in light of the overall climate of the partnership.
This type of freedom allows each person to grow within a safe environment, mistakes and all. Related: How to Rekindle The Flame With Your Business Partner. Successful partnerships promote competition and reward achievement. Partnerships that are competitive crave more challenge. Competition brings an element of fun and comradery into the relationship. This competitive climate creates the desire in each member to keep proving themselves and their significance. As the partnership thrives through up's and downs it becomes stronger.
Like a palm tree, the more a partnership is forced to bend and flex the stronger it becomes from within. Partnerships that thrive can weather every storm and come out more successful. Exceptional partnerships act as a catalyst for each member to grow and succeed.
It provides the space for each member to generate their own innovative ideas. Whenever a partnership suppresses the creative energy of its members and is rigid, it kills the spirit of innovation. This is why it is said that rigid structures collapse first. Wherever creativity flourishes there must flexibility. Each partner must adapt to work in any setting without complaint. Each must be flexible and yielding, knowing that all interventions to the partnership must come from a place of clarity creating harmony between partners.
This is the type of environment that supports innovation, invention and success. It is essential for each partner to be completely in touch with the emotional state of the other partners, and always seek to raise it. Regular check-ins and conversations, regarding progress, changes and future plans should be embedded in your partnership practice.
After every correspondence, follow up with an email to make sure that everyone is happy with decision-making, reiterate the deadlines that were agreed, and share what you took from the conversation.
Skill and strength-sharing is a key element of good partnership practice. Before you begin a joint project, make a list of any strengths, resources and weaknesses you have and share it with your partner s and ask them to do the same. Recognising your strengths and weaknesses will give you both a better understanding of what you can bring to the partnership, what you can leverage and what you can gain.
Go into each partnership with sincerity and transparency. Be generous with what you have and be open to receiving new knowledge, perspectives and skills. Mindfulness should be a key part of any practice.
Partnerships work best when you set realistic expectations, deadlines and are flexible. Has your circumstances changed? Do you still have the capacity to deliver everything you agreed at the beginning of the project?
Is your partner struggling with something that you have the capacity or resources to help with? Take your differences into account and appreciate that your status within a partnership will change.
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