Seven Steps to a Solid Business Partnership

Today, there were two big partnerships that hit the news. AT&T was teaming up with Starbucks to offer free wireless Internet. Experiencing Deja Vu? Probably because BNET1 reported on a similar revelation from AT&T a few weeks ago. The second piece that hit the news was Netflix’s choice of HD format. Not surprisingly, Netflix went with the clear champion, BluRay, which is another stab in the heart for our old friend, HD-DVD.

These are big partnerships, but what if you’re small fries compared to Netflix and AT&T? There’s still much to be gleaned from these mergers of opportunity. Here are the top seven secrets to building a successful business partnership, from Jobacle.com

1. Similar Values, Diverging Skills. Make sure your partnership allows you to draw from the strengths of each of your abilities. Above all, make sure that you and your partner are ideological equals in your values and aspirations.
2. Fluidity is Key. Be ready to take up something that isn’t part of your M.O. You might be surprised at how effective you can be at trying something new.
3. Let it All Out. Withholding secrets or grudges won’t make things any better in a successful business partnership. Make sure you can be honest — even brutally honest — at all times.
4. Write it all Down. Probably one of the biggest mistakes any business partnership can make is not clearly laying out the terms and conditions beforehand. With success, complications will increase; but if things are clear from the start, then there should be no issue as the business evolves.
5. Disagree. Take the cue of the defense attorney. Object when at all possible. Disagree when you don’t believe in how something is being done.
6. Let the World Know. The AT&T/Starbucks and Netflix/BluRay agreements are hot topics in the news. You can bet a silver dollar that they’re in the news because of good PR and effective message delivery.
7. Share Knowledge. Teach your partner what you’ve learned and demand the same from your partner. A good partnership always shares strategy and advice.

Handshake Partnership image by A. www.viajar24h.com [cc, 2.0]