How to Get a Partnership Deal for Your Business

A good partnership deal can take your business to the next level. No business is too new or too small to start looking for potential partnerships. To find out how to get partnership deals for your business, keep on reading.

Be Transparent

The most successful partnerships between two separate businesses happen when both parties are fully transparent and up-front with each other. That transparency will lead to mutual trust, which ultimately translates into an increased confidence in working together and growing each other’s businesses.

Make It Clear You Will Help

Make it clear to your potential partner that you are there to help and can execute. It is plain and simple.

Enact a Vested Value Clause

The best way to protect each party is by having a vested value in which the benefit gained by the more active party strengthens if the actions are not reciprocated on the other end.

Communicate

Emphasize the importance of respectful communication. It can be stressful for employees and their leaders to adapt to a new partnership, but as long as everyone feels that they have an open line to speak about their concerns, operations typically go quite smoothly.

Create a Mutually Beneficial Partnership

Creating a successful partnership requires you to focus on long-term value. One-sided partnerships where one or the other company “wins” in the short term don’t typically work. Therefore, set the stage from the start, and be fully transparent about your desire to create a mutually beneficial partnership where both sides feel equal.

Make Sure You Have a Way Out

You should have a clause in your agreement that allows you to easily have a way out of the partnership if necessary. Not all partnerships are successful so write down what happens to all the assets to avoid any potential problems.

Do a Transparent Pilot Program

The best partnerships are long term. Make sure that both sides are doing a completely transparent pilot program where you share all the metrics. Be honest about what is going well and wan be improved. The honesty will lay foundation for a great partnership.

Handle Disagreements Early

Handling partnership disagreements effectively is the key to keeping the relationship on an even keel and the partnership in good order. Do not let bad feelings build and fester over time. Make it a rule that each can approach the other when something needs to be addressed.

Do Business with Trustworthy People

You need to do business with people you trust and like. There has to be a clear benefit financially or strategically. Ask yourself if the business you are doing is benefiting both parties or just one.

Get Clear Information Flow

Partnerships tend to fall apart because of communication problems, so coming up with a detailed plan from day one for how information will be shared, who will be responsible for communicating specific elements, and which channels will be used really helps alleviate stress and potential roadblocks.

Identify and Utilize the Strengths of Each Partner

Sometimes the strengths of each individual are overlooked. The obvious strengths will be recognized however, the underlying strengths can make a big difference when being brought out and matter regarding long term motivation, commitment, and success.

Before You Go Into a Partnership

You should check out the potential partners before you decide who will join you. It is a good idea to make sure they are good partner material. It is recommended that you do the following for each potential partner:

• Do a credit check on each partner. Use one or more of the credit agencies to run a credit check.
• Check the person’s online presence.
• Do a personality test on each partner.

The Bottom Line

Having a good partnership is important in helping your company grow and be successful. The tips mentioned in this article will help you create a positive relationship with your partner.