Practically Perfect Partnerships Infographic

Recipe. Practically Perfect Partnerships All the ingredients you need for partnership success. Business partnerships can range from long-term formal contracts to short-term ventures. But the same principles apply to all. Use this recipe to create a partnership to be proud of. Most partnerships have a failure rate of between sixy to seventy percent. [1] Find the right people. When identifying potential partners, consider whether they have the qualities necessary to achieve shared objectives. To do this. clarify what your organization wants to achieve. What role a partner will play in this. Who your potential partners are. Getting this clear from the outset will help you look in the right places and find the partner that meets your needs. Understand needs and expectations. There are various reasons why each partner wants to collaborate, for example. Raising capital. Sharing resources and expertise. Using connections. Find out what your partner expects from you in the partnership. Share your expectations as well, before signing on the dotted line. Create a shared vision and mission. Partners should work together to create a strategic vision and mission that is agreed and understood by all. It needs to be realistic, and include values and outcomes that matter to each other, to ensure buy-in from all partners. Make sure it’s put into writing too. Set clear ground rules. This helps partners build robust and trusting relationships. All partners need to understand and abide by these guiding principles, to ensure the smooth running of the partnership. They can include. Tstandards all partners must agree to meet. Who is responsible for what, including leadership how the communication and decision-making processes work. How any conflict will be resolved. Clarify roles. Lack of clarity around job roles can be a source of frustration in many partnerships. Each partner’s role must be identified and understood by others in the partnership at the start. No partner should take precedence over the others. Define the tasks that each partner will perform and ensure that all responsibilities are accounted for. Make the most of each other’s strengths. A good partnership should have a range of complementary skills, which improves creativity and brings with it different points of view. Using the strengths of individuals within the partnership will improve motivation, morale and the likelihood of long-term success. Create an atmosphere of trust. All good working relationships are based on trust and mutual respect, underpinned by clear procedures and systems. Work hard to develop an environment where honesty, transparency and trust are key values, creating a supportive atmosphere, where suggestions, ideas and conflicts are addressed without animosity. Have an exit strategy. Not every partnership turns out as you’d like. So set out clear terms that let either partner leave.

References
1. Hughes, J. and Weiss, I. ‘Simple Rules for Making Alliances Work’, Harvard Business Review (2007). Available at. https://hbr.org/2007/11/simple-rules-for-making-alliances-work (accessed 21 November 2014).

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