IBA SUCCESS MAGAZINE Issue 2 Volume 5 - Page 39

LET'S CLIMB Power in Partnerships By Jennifer Yon H ow do you know if a partnership is beneficial or not? When should you consider partnering with someone? What are some tips in securing a good partnership? If you have asked yourself any of these questions, keep reading… A successful partnership is one that all par- ties involved are benefiting in some way. Some partnerships provide revenue while others provide exposure, knowledge or investment capital. SIGNS OF A GOOD PARTNERSHIP 1. 2. 3. 4. 5. 6. 7. 8. They do what they say they will do. They make themselves available to discuss or work on the project. They bring ideas to the table that will bring growth. The goals are like yours. You see and feel the growth. Being an expert in their field. Strong mental ability. Ability to work well with others. SIGNS OF A BAD PARTNERSHIP 1. 2. 3. 4. 5. 6. 7. You feel tense each time that person contacts you. You have anxieties about working on the project. You don’t feel good or speak from the heart when you share infor- mation about the project. You can’t communicate well with the partner. Imbalance in task and duties. They offer problems but no solutions. Conflicts are left unresolved. Have you ever tried to bake a cake to no- tice you are missing a key ingredient that you don’t have access to—what do you do? WHAT ARE SOME SIGNS YOU MAY NEED A PARTNER? 1. You are feeling lost and not sure which direction to move forward in. l-r: Linda Higgins, Anjali Sivakumaran, Lauren Murphy and Jennifer Yon 2. 3. 4. You feel overwhelmed with your day-to-day duties and not accom- plishing your set goals. You need more… more products, more space to run your business or more money to invest. You have been in the same spot with little or no advancement. SIGNS YOUR PARTNERSHIP IS DOOMED 1. They are hiding the truth. 2. Expertise is not balanced. 3. They have ulterior motives. 4. The lack motivation. 5. They are not a team player. 6. They are stuck in their ways. 7. They don’t know their place. 8. They treat others bad. 9. They talk negatively about people. 10. You don’t like them as a friend. SIGNS OF A GREAT BUSINESS PARTNER 1. 2. 3. 4. 5. 6. 7. 8. They can do what you can’t. They are easy to talk to. They offer suggestions and ideas for growth. They make your project a priority. They believe in the overall mission. The basic logistics aligns. They agree with the business structure. They are skeptical and ask lots of questions. Once you have identified you need to partner with someone ask yourself these questions: What do I bring to the table; what do I have that can add to someone else? What area could benefit from more knowledge, investment or labor assis- tance in my business? TIPS IN CREATING A GREAT PARTNERSHIP 1. 2. 3. 4. 5. 6. 7. 8. 9. Be honest of your capabilities and what you have to offer. Put everything in writing. Assign roles, titles and duties. Have a clear understanding, verbal and in writing, who will do what and the importance of those functions. Do your part;do what you say you are going to do. Openly discuss your challenges and ideas; communicate effectively. Seek solutions and never point the finger. Self-reflect on a regular basis by asking yourself, "What can I do better today, then I did yesterday?" All partners are willing and submit background checks. On your journey for growth never forget you can grow faster when you lend a hand to others—but you can’t help others until you’ve help yourself. Let’s Climb Together! n