Is this a Good Business Partnership?

by | Jan 24, 2011 | Marketing & Selling

evaluate your partner
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This month’s theme is “Creating Business Partnerships.” Throughout January, my posts will be exploring the many ways that we create partnerships within our businesses and how to leverage them to grow our business.

“A business has to be involving, it has to be fun, and it has to exercise your creative instincts.”
~ Richard Branson

How do you determine if a potential business partnership is good for your business or not? Here are some questions you should ask:

Does this potential partner share my values, spirit and vision?
The last thing you want to have happen is to get into a partnership where your business values clash. Business partnerships can work if the two business owners don’t share the same values and vision, but only if those different values and vision compliment each other. For example, if you value customer service and your business partner value profit … even to the point of hurting customer service to increase it … this will not be a good business partnership.

Does this potential partner have skills that you lack that will benefit the join venture?
When you’re looking for a business partner, you are essentially looking for someone who can bring to the table skills that you cannot. In addition, you want this partner to have skills that are relevant to the business or project you will be partnering on.

Does this potential partner have resources or credibility that will enhance the venture?
In addition to skills, you want your business partner to add resources or credibility to the project. For example, many new business owners will partner with more established business owners so that the project will carry more weight that it would if they were to do it alone.

Is this potential business partner ethical and free of personal baggage?
You don’t want to get involved with a business partner who will bring your business down throw unethical behavior or personal baggage they can’t control and keep out of the business partnership. In other words, you don’t want to end up doing business with someone like Bernie Madoff!

Is this potential partner financially stable?
If your partnership with this person is going to cause you to co-mingle funds in a joint project, you want this person to be financially stable. If they are in dire financial straits and things go South, your money could be confiscated to take care of your partner’s debt.

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