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