Updated: Aug 30, 2021
All entrepreneurs dream of creating a successful business to provide their reputation, fortune, and the ability to make a difference. One of the greatest ways of all these goals is that it is a powerful partnership. These partners vary in strategic business partnerships that have direct business partners such as co-founder, torture, and mentor or strategic business partnerships have official or informal allies. So how to build powerful partnerships?
There are 9 basic elements that help you get started and you can maintain the course because your business increases. These are also applicable to partnerships and can be launched with friends with their own rules to ensure the success of the introduction of their rules and difficulties.
1. Alignment of Core Values:
This is the most important factor in any close relationship. Finding a partner who believes in what you believe in and stands on the same standards, will be crucial at every decisive step in your career path.
2. Long-term Shared Purpose:
You need to share your business plans with your partners as they need to align with their future vision of the business direction and the impact they will have.
3. Complementary Forces:
The best partnerships include leaders who have different skill sets. You don't need another one of you. If a partner is the main strategy, considering an overview, other partners are ideally superior in operation and implementation. Your partner must fill your gap and simply add the bandwidth.
4. Always be in Networking:
If you want to develop a working relationship with a partner, you must disclose the formula for quickly establishing a relationship with anyone. “I use a process called FORM,” - according to Jason Humble, CEO of Humble Capital Group in New York, which represents Family, Occupation, Recreation and Motivation. “I try to learn about these four things within the first 10 to 15 minutes of meeting with someone by asking thoughtful questions. I focused on getting to know my partner beyond his success in business.” He recommends listening intently to everyone’s responses, as you never know how you may benefit from each other in the future.
5. Proactive, Intentional Communication:
Even if your value, purpose, and strengths are aligned, your partnership will struggle if you do not give priority to communication. Partners should feel comfortable talking about anything business-related. They should think that they do not care about difficult conversations.
And ideally, they must receive a telephone/conference every week, in addition to the conversations that occur naturally in the course of business days. This provides a time/space dedicated to addressing the topics that can be overlooked.
6. Scheduled Strategic Planning:
In addition to arranging weekly conference calls, partners will also benefit from booking a strategic planning meeting every 6-8 weeks to review business progress against clearly defined goals. No coordinator is required. This is just a short period of time (4-6 hours) to catch a breath, reflect on the company's achievements, discuss potential changes in direction, and set short-term goals that roll up long-term goals.
7. Nurture your Relationships without Expectation:
The key is to provide the highest possible value without expectations. In the end, it usually pays off, because reciprocity is one of the key components to creating influence, according to Robert Cialdini in his best-selling book "Influence: The Psychology of Persuasion". In his research, Cialdini found that if you do something for someone first, they are more likely to be rewarded. You also learned that favors are not necessarily equivalent, so a small favor can sometimes be exchanged for the bigger one. If you continue to provide value in your relationship without waiting to exchange terms, you will build trust and create a natural connection.
8. Ask, But not in The Way You Think:
If you've appropriately nurtured a relationship, you can naturally coordinate the benefits that can provide synergy for the transaction. Therefore, when you think the time is right, you can make your request. However, the way you ask the question is as important as the question you ask. Instead of asking directly about the partnership on the project, ask in a way that allows the other party to start reaching an agreement.
This strategy allows your potential partners to choose to express interest and learn more when they are curious. If not, it gives them an easy way to snooze. Either way, you can take a step in the right direction without damaging your relationship, and you have a chance to share your vision.
9. Legal Documents:
If you plan to cooperate, protect the company and both of you through a partnership agreement. Nobody expected the association to develop in the south, but it happened.
BONUS TIP: don't judge a book by its cover.
Unfortunately, many entrepreneurs evaluate each new relationship based on what they believe can be gleaned from a person's appearance, seniority, and even net worth.“It’s amazing how entrepreneurs can suddenly treat you differently once they realize who you are or what they think you can do for them...”, Humble adding "there is an opportunity with every person you meet, regardless of what you think of their face value. Every person is valuable to someone.”
The ability to establish and maintain strong partnerships at any stage of a business is one of the most valuable skills that any entrepreneur can possess.
Reference: Entrepreneur Asia Pacific - 3 Tips for Creating Powerful Partnerships.
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