In business, partnerships can bring benefit and value to the companies or people involved. Some associations between businesses have been the core of their growth and success. Strong alliances take trust, respect, and support, among other vital factors.
Margaret Chamblee, an experienced executive and business owner, reviews several tips and solutions to apply as you network with other professionals searching for the ultimate business partnership.
Prove your end of the partnership
A quality partnership in the business world takes dedication and time. Company partnerships that last for years take the time to build on the foundation of mutual value and trust. When networking, prove your value by developing a few quick wins under your belt. These are programs that show success quickly and prove that your business can market later.
Another tactic to prove your worth as a partner is to show your merit as a resource. Seek out potential partners by determining and demonstrating how you will bring excellence to their organization. This action not only exemplifies you as a selfless teammate but also builds trust.
Set your business expectations upfront
Though you might state how you can best serve as a partner, it is crucial to carry the image of balance and state your expectations from your side of the table, too. Share your vision and values openly and show you practice honest communication. Acknowledge that your goal is to prioritize transparency on all levels and follow through on promises. Such a statement will help develop trust from the beginning. Many business leaders tend to hold back information and not be as transparent during negotiation conversations with partners, but practicing full transparency, even during deals, has been proven more proactive for partnerships’ lifelines.
New partnerships that set themselves up for good fortune should immediately discuss and come to an agreed understanding of each company’s role and responsibilities within the partnership. Many business partnerships fail due to the lack of clarity on what they need to give and receive.
As a business leader, after gaining a partnership, the characteristics of the alliance should be evaluated for value and mutual benefit at least annually to keep your business at the top of the competitive market. A great way to assess the relationship established between your business and another’s is to see if the relationship has upheld the five healthy business partner principles:
- Balance- Is each company taking a productive interest in the other partner towards a mutual goal of success?
- Long-Term- Is my business partner going to benefit my company proactively next year?
- Positive Impact- Is this partnership driving both involved businesses forward?
- Innovative- Does this partnership spark creative, fresh, and stimulating ideas for both companies?
- Trust and transparency- Is my business partner able to measure our relationship’s success with me to better both futures?
About Margaret Chamblee
In 2000, Margaret Chamblee and her husband founded GeriMedical Inc. in Houston, Texas, followed by MedStorz and Bright Billing Solutions. Her clinical proficiency, expertise in orthopedic products, and patient-focused collaboration with other healthcare professionals significantly contribute to the success of these companies. In addition to her engaging disposition, Margaret is exceptionally focused on ensuring optimal patient care, and over the last 20 years has touched tens of thousands of lives.