Saturday, September 7, 2013
One of the best strategies to help grow your
business is to partner with other people who have access to the same audience,
but aren’t in competition with you. Developing partnerships, collaborations and
joint ventures offer many growth opportunities, so knowing how to secure a long-lasting
partnership is an essential skill that every entrepreneur should have.
Partnerships are built on layers of a solid
foundation (know, respect and trust). Here are three tips to help you seal
great partnership deals:
1.
Get to know the person(s)
Take time out
to get to know the person/people that you want to partner with to ensure that
the synergy is authentic, creative and motivating. Starting collaboration with
someone that you don’t know leaves a grey area that can later become a hindrance
in the development stages of your progression. Invite the person to meet you
somewhere for a cup of coffee or for a light meal. Make this an informal
meeting so that you all can be open, honest and free to express your thoughts
and ideas without feeling like you’re being analyzed or criticized. If you’re
considering a partnership with someone who isn’t local, schedule a few meetings
via Skype or Google Hangout to chat about your vision.
2.
Respect their stance
We’ve all
heard the phrase” you don’t have to like me, but you have to respect me”. This
is a true statement, and respecting the person’s stance is significant when
eliminating confusion or distraction to meet a specific goal. Show respect for
the potential partner by acknowledging their unique strengths and honoring
their ideas as a valuable part of the decision making process.
3.
Build trust for longevity
Always
present a completely fair “win-win” offer. Pitching referral fees, offering
invaluable barters and trying to hustle people out of their profits isn't going
to get you a strong, long-lasting alliance. Instead you will get a
"rent-a-buddy" and a lot of unreturned calls or no-response emails.
Put more focus on building the relationship and less focus on what you can get
out of the deal. This mindset and approach will help you double if not triple
your profits much quicker than you expected! Lastly, be honest about
shortfalls, reliable, committed and willing to have open communication.
