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The Pros and Cons of Partnerships

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For anyone who experienced (and survived) team projects in high school and college, the all-too familiar sounds of begrudging moans and complaints may be all that is remembered of the unpopular exercise. Yet, the value in learning how to create partnerships does not go in vain. On the contrary, the lessons extend for decades to come. 

Robby Slaughter, principal and founder of AccelaWork, was given an opportunity to write a guest post for the Maverick Public Relations’ blog. The subject matter? The top five factors in selecting a partnership. To Slaughter, business and partnerships go hand in hand:

No matter the size of your business nor the scope of your industry, you can’t do it all by yourself. We all need help to find success. We all benefit from the advice, support and feedback of others. That’s why partnerships are essential to any business.

productivity growth worker

© Flickr user Mark Turnauckas

When it comes to working in a team environment, there are many things to consider. After all, entering into a partnership is an important commitment. Therefore, Slaughter suggests partaking in five separate actions that will assist in making a conscientious and clear-minded decision. They are below. (For full descriptions, visit the original post).

  • Play the Customer – Before you can partner with another firm, you must understand and embrace what that company offers to their own clients . . . Take a look at some of their past successes . . . If you’re going to partner, act like you’re going to buy.
  • Give and Request Homework – Anybody can talk about what a great partner they will be and how they will bring you lots of business, but the real work is in the details . . . Ask them to create something that will be representative of the work you will do together. This gives you the chance to test their commitment, accountability and competence.
  • Write a Partnership Plan – Write down expectations you have for yourself and your partners. When these details are put onto paper, they take on a new life. They begin to drive the partnership forward.
  • Run a Pilot Project – The pilot project is like a prototype; not ready for full scale production, but it proves that the concept can work.
  • Draft and Sign a Partnership Agreement – Your Partnership Plan is just prospective; but your Partnership Agreement should be binding . . . These details must be written down and confirmed.

In line for a potential partnership but unsure how to make it productive? Reach out to our business process implementation experts today to learn more about how we can help.

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