- Good communication — You need to be able to communicate with each other effectively and about the right things.
- Similar goals and objectives — You should have the same goals and overall desire to achieve the same things.
- Symbiotic — You both need to get something from the relationship. A mutual give-and-take and rewards and benefits.
- Similar philosophies and guiding principles — You need a foundational mutual respect and fundamental agreement on how you navigate life over time and what it throws at you.
When searching for a business partner the task can be daunting. You know what you need but you will rely on lots of feedback from others and interactions to make the decision. So how do you start?
- Begin with addressing the qualities and capabilities you will require. What are the must-haves and nice-to-haves?
- Assess the speed with which you want to add this partner to the mix. Is the partner capable of moving at that speed?
- Will you need to spend money to accommodate the partnership? Will there be ancillary software or other purchases that will need to be made to support the partnership?
- Will someone in the organization be focused on maintaining and supporting the partnership? That way, both organizations have a go-to person who can lead the charge and be responsible for partnership coordination, etc.
- The partnership needs to be mutually beneficial. Partnerships are not free. A business plan should be addressed, and a business benefit should be called out and measured.
- Plan periodic reviews and evaluations to ensure that the partnership is working and achieving the results you both want.
All in all, if you view your business partnership as a marriage and focus on open honest communication while measuring results goals and objectives, then you will be successful.