Whether you represent your own business, or you hold a corporate responsibility, your company thrives on good business partnerships.
When these are healthy, they can be powerful in helping you leverage your business growth.
But if you have a business partnership that isn’t smart, it can actually damage your business and professional reputation.
How can you tell whether yours are hurting you?
Here are Five ways to assess your business partnerships.
1. Is the business partnership purpose-driven?
Does the partnership move you closer to your vision and goals? Many partnerships are founded on fleeting fancy.
“It seemed like a good idea at the time,” bemoaned one executive. “But the energy it requires has really steered us off into left field.”
If a partnership isn’t supporting your ultimate purpose, you are choosing to compromise your endeavors for the sake of shiny objects. Time to get tough.
2. Is the business partnership a positive experience?
Is it enjoyable and easy to work in this partnership? Or does it feel like a struggle each time you interface with one another?
If you dread that next meeting or interaction, ask yourself what lies underneath. Is it simply a matter of learning to communicate differently, or are you just not a fit for one another?
3. Is the business partnership productive?
Are you seeing results from your partnering? Or is the relationship one long conversation leading to another without any real action or outcomes? If you are holding space for a business partnership that does not yield results, ask yourself why. There may be a conversation that needs to take place to see how to produce.
4. Is the business partnership mutually beneficial ?
Can the partnership equitably benefit both of you? Are you and the other party well-positioned to be able to contribute to one another?
Many a partnership has been formed out of mutual appreciation – and not because they can truly benefit one another in some kind of equitable manner. If this is your case with a particular relationship, you may want to adjust how much time and effort you devote to it.
5. Is the business partnership an edifying one?
Does this partnership reflect highest integrity? How can you trust this? If you haven’t done your research, do so before committing to the association.
Does the partnership add value to both parties? If you and the other party are “better together,” or the better for having associated, then the answer is a resounding “Yes!”
Make sure your business partnerships are smart, productive, and trustworthy – and that those who partner with you can say the same of you.
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Patti Cotton helps executives optimize their effectiveness in leading self, others, and the enterprise. Her areas of focus include confidence, leadership style, executive presence, effective communication, succession planning, and masterful execution. With over 25 years of leadership experience, both stateside and abroad, Patti works with individuals, teams, and organizations across industries, providing executive consulting, leadership development, succession planning, change management, and conflict resolution. She is also an experienced Fortune 500 speaker. For more information on how Patti Cotton can help you and your organization, click here.