6 Tips for Strong Business Partnerships

People have often wondered what is the key to success in the unforgiving world of business. Some people think those are fresh ideas and original approach. Others think it’s diligence. Ask any long-time player, though, and you’ll get one simple answer – the only thing that matters is who you know. A large business network will open a lot of the closed doors, keep your ship on course in the time of crisis, and provide you with all the backing you may wish for. But, a business network is nothing more than a bunch of strong, mutually beneficial business partnerships. So, let’s go one step at a time and see how to build such partnerships. 

Insist on trust and transparency 

Any successful, stable human relationship is built on trust and mutual respect, and business partnerships are no different. Admittedly, maintaining a business relationship is considerably harder, especially if the two parties are driven by different goals and have different business viewpoints. But, if you show trust and keep things as transparent as business rules allow, the other party may be more willing to accept your point of view and work with you. 

Build the partnership upon the shared vision of the future 

Nothing brings people so close together as much as mutual interest. So, find the thing you and your business partner can strive toward and build the relationship on that foundation. Keep in mind one thing, though: The goal you’ll use to tie your business partners closer to you has to be tangible and achievable. What’s most important, achieving that goal has to benefit both parties. Any other approach will make you appear either dishonest or overly naive. Discuss what success in business and life means to each of you. 

Distribute Responsibilities 

In a way, business relationships are similar to marriage. If they are to last, responsibilities have to be distributed equally and fairly. If one partner is preparing the lunch, the other will do the dishes. If one partner takes out the trash, the other needs to take care of the toilet. Putting too many responsibilities (especially stressful and exhausting ones) on one party will inevitably cause turmoil and weaken your partnership. But one thing is for sure: you have to go above and beyond to do exceptional work

Put agreements to paper 

We already mentioned the importance of appearing trustworthy. But trust is one thing, and closing the agreements with a handshake is something completely different. First, you’re running a risk of making the impression of snake oil salesman. Second, you will leave too many gray areas both parties will be tempted to exploit. Putting the agreements to paper, on the other hand, will make you look professional, and encourage your partner to cooperate. 

Pay the tribute 

In ancient times, mutual respect between the partners was expressed through the exchange of tribute. Right now, showering your partner with expensive gifts gives the appearance of sleaziness. However, subtle moves are always appreciated. For instance, companies like Encore Corporate Cars are a great choice when you have a client or a partner coming in for a meeting. Sending a chauffeur to pick up your partner will be interpreted as a sign of respect without looking like a bribe. 

Establish a system of support 

All successful systems are based on the mechanisms aimed at monitoring, evaluating, and, eventually, refining those systems. Your business partnerships should operate on similar logic. Your partnership should not only be transparent and legally regulated, it should also be worthwhile, productive and efficient. Make sure that’s the case, even if it means that you have to involve a third party that will play the role of observer and mediator. 

The level of success in the world of business can be measured in a number of different ways. The one that will ensure you the longest staying power is the number of productive partnerships you’ve managed to establish. We hope that these six tips will set you on the right track. How successful you are going to be, however, depends entirely on your skill and persistence.

I hope you enjoyed this article about some tips for strong business partnerships to increase your odds of success.

Interested in more articles about business management?

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Published by Michael J Schiemer
Owner of Bootstrap Business
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