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You don't have to go far to hear about business partnership ventures that went wrong.  Some people have lost hundreds of thousands of dollars; they have lost friendships, families, their homes and their livelihoods.  Don't let this happen to you!

If only there was a way to check that  you and your prospective partner/s are on the same page and  how you will work together right from the start?

INTRODUCING the PARTNERSHIPS TOOLBOX.

 

 

Welcome to The Essential Partnerships TOOLBOX - How to set up a Business Partnership Venture for Success

The one-stop resource to build your business case and plan how your business partnership venture will work BEFORE you get to sign the agreement.
 
Plan ahead to potentially save hundreds of thousands, your friendships and your reputation!
 
AT LEAST 50% of partnership ventures fail within the first 2-3 years.  That's the official figure - the real figure could be a lot higher.
 
Partnership ventures start out with the best of intentions, but there are so many things that can go wrong that are amplified when two or more businesses or partners have a stake in the venture,  Download our article "18 reasons why 50% of business partnership ventures fail within the first 2-3 years" .  These were based on feedback from business owners who had been burned by partnerships gone wrong - we could have easily added more. Read More
 
We heard amazing but tragic stories that could so easily have been avoided.
 
 The Essential Partnerships TOOLBOX is a system for planning your partnership venture so that you and your partners are on the same page right from the start.  It is a system to reduce risks through diligent planning up front.  It is a guide to help you consider what's involved and put a plan to paper to refer back to.  
 
The Essential Partnerships TOOLBOX is a system that can be tailored to suit your situation.  It includes a structure, templates and checklists to get started straight away with your prospective partners to develop a business case and plan.  If you have resources (human or otherwise), the system includes a change management process for you to adapt to your needs.  The system includes an option to upgrade to our premium  packages to assist you with developing your business case or change management plans.
 
In today's global society, partnerships exist across borders.  This toolbox is universal which means it is useful no matter where in the world you are planning your prospective partnerships.

Tips for successful partnerships

Craig and Jason – Their Story

Business looked good. So good that Jason saw the opportunity to enlist a business partner for his growing fencing business. Craig had complementary trade skills and some business skills that would be useful for the partnership. The market looked good, so they just got on with the job. For the first eight months, things ran well. Jason and Craig slipped into an easy partnership arrangement. Then along came some unforeseen spanners in the works. The first major contract didn’t create as much work as expected. A large supplier came to town, along with the ability to supply materials cheaper than they could.

9 tips for a successful partnership

1 Complementing skill sets – ensure you have a mix of diverse and complementing skills

2.Similar values and vision – a strong vision creates direction and strength to get through the tough times.  Many partnership breakdowns can be traced to different values sets.  Sharing similar values is imperative.

3 Balance effort -be clear about the time, resources and effort you are prepared to put into the partnership from the start to avoid resentment later on.

4 Transparency – openness and honesty is critical.  Don’t be on the receiving end of hidden agendas – foster transparency from the start.

5 Communicate – a lack of communication is a symptom of lack of joint planning – who does what, reporting and accountability.  Create a formal communication process to keep your partners informed (vice versa)

6 Don’t move faster than you can manage – avoid resistance with a change management plan that accommodates each partner business

7 Have dispute and exit plans in place – for peace of mind, consider your assets in the event of the partnership ceasing and ensure there is also a dispute resolution clause in the agreement

8 Evolve – keep the partnership moving with the times to stay relevant in the marketplace

9 Do you really need a partner? – Whilst a partnership could be mutually beneficial and greater than the sum of the parts, there may be alternative options more suited to your goals.

 

The full article is available at http://blog.bartercard.com.au/9-tips-for-a-successful-partnership

Included in the toolbox:

 

9 steps to planning your  business partnership

1 A strong proposition for a partnership venture 
2 A collaborative business case
3 A plan for the partnership - including resources
4 What you need to consider for the agreement*
5 Plan to manage risks (before they manage you)
6 How to measure your success
7 A Plan for initiating and managing change
8 How to go about merging systems and processes
9 Working with partnership dynamics
 
* this resource is not intended to give legal advice.  We leave that to your legal teams.

 
 
 

This toolbox is available as a stand-alone resource or as part of a package of support so that all partners benefit from being equally able to contribute to the partnership planning process.  As outside facilitators, our aim is to assist you in planning how your partnership venture will work.

 

Modules

 

Planning your Partnership Business Arrangements

The Proposition - starting with the idea, determine whether a partnership is the right model.  Create a business case with your partners to make sure you have the same vision, understanding and goals right from the start.  Use our templates to consider how the partnership will operate - avoid misunderstandings and hidden agendas as much as possible.

Framing the Agreement - following on from the Proposition, consider what you would like to discuss with your lawyers around your Agreement.  

Risk Management - your chance to think about the risks and work together to reduce the likelihood or mitigate the impacts.  Don't go into any venture without seriously considering the risks.

Evaluating Success - how will you know the partnership venture is working for each partner and the venture itself?  

Preparing for Change - Resources and People

Sharing Services - If your partnership venture impacts on people, resources and systems, this model explores a multi-level systematic approach to streamlining your services.

Managing Change - use alongside the Sharing Services module to set up and use a change management plan to minimise disruption and objections, to get faster results.

Foundations for successful long term partnership

Foundations of Collaborative Partnerships - did you know there are different degrees of partnerships?  Get to understand the dynamics of partnership relationships from networking through to full on mergers.  Get to know the Five Foundations that MUST be aligned for your partnerships to work.  If one of these foundations is out of sync, the partnership venture could be in serious trouble.