From a good connection, a few dates and a mutual desire to get to know each other, marriages can be much akin to business partnerships. They both need a few good ingredients, along with a commitment to make it work. Typically, a good marriage starts, develops and has longevity based on feelings. Although in business there is a strong commercial focus, great valuable partnerships usually last because of good relationships, respect and mutual benefit.
You’ve had that first date…
- … you know you have common interests
- … you know there is a natural fit, it feels easy
- … you know you want to see each other again and again
But do you want to commit long-term? Like in business partnerships – deciding on whether to take that step can be uncertain.
Do you meet the parents?
Meeting the parents can be likened to developing those relationships with the wider business stakeholders.
- Will they like me?
- What happens if they don’t see the fit?
- Will this impact our relationship and future together?
- Are their common interests and priorities different?
Getting buy in from people around you is like going for an interview everyday and will impact what the future holds. You find yourself asking familiar questions…
- Am I credible?
- Do we all want the same things?
- Are we comfortable about the contractual side / approach?
- Can it work without buy in from all stakeholders
Ultimately companies that work well in partnerships understand each other’s expectations and objectives, have a mutual interest and most importantly, the key stakeholders hold great relationships across each other businesses.
The family love you and you’re ready to buy that house… what’s your natural reaction when you walk through the door?
You walk into a house and your either the type of person that rules with your head or your heart. Do you love the place but actually it doesn’t tick all your boxes or, does the house tick all the boxes but you just don’t get a good feeling?
Very often in business partnerships, a stakeholder will decide if a partnerships is worthwhile progressing depending on their natural steer. This is either because:
- They see value through revenue (number driven) – using their head
- They see a good relationship which will naturally bring benefit because there is a good fit – using their heart
The truth is, partnership in business are about both. The value a partnership can bring isn’t always about bumping up the bottom line but also about using products / services that bring new business, loyalty and retention.
Ultimately, companies that work well in partnerships understand each other’s expectations and objectives, have a mutual interest and, most importantly, the key stakeholders hold great relationships across each other businesses.
Good relationships create a wider network of experience, dismissal of relationships can impact reputation!