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
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
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.
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.