Business Partnerships or personal partnerships are often difficult to hold on. The two leaders are brought together and combined, who have to agree on all terms and decisions daily for their mutual interest.
A successful business partnership brings together two talented minds that are stronger together than they are individual. The best ways to grow a business and grab attention for the business brand is to team up with another company who has more potential and goodwill than the previous one. The partnership gives each person or company access to the skill sets and resources which can greatly expand their capabilities.
Any partnership to succeed, each of the partner involved must be fully committed, be aware of other partner's plan and also respect their decision. They should also understand their respective responsibilities. There are several must-have and successful business partnership characteristics in this world who have worked tremendously together and have grown more than anyone else.
What makes the Partnership Successful?
Several partnerships in the business industry efficiently developed their companies with mutual understanding and sticking by each other in every step. Here are some tips to make the partnership work and flourish.
Mutual Understandability and Accountability
Both parties or teams are excited about the growth and upsides of dealing business together that they don't consider the step of determining accountability, which they would take in their organizations. It should be decided at the beginning and there should be a discussion upfront about where the accountability for results falls and what the consequences will be if the goals aren’t met.
Business Partnerships mostly fail because one person isn't prepared to fully commit to the partnership. From the very start of the relationship, both sides should be willful to put their 100% into the game both financially and resourcefully.
The success of one party is tightly intertwined with the success of the other in the business. Therefore, goals always stay aligned because both parties are equally committed.
At the time of building a business partnership, partners must always aim to work with the companies who offer the same level of service and do not compromise on the quality reputation. The partnership between two compatible companies is a must and check on every aspect decides whether to start the partnership or not.
Focus on the Common Goal
When companies come together and partner to create new solutions, the only way things will stay on track with the business is if both parties have a common goal.
If anyone party or person is interested in serving only personal interest rather than business interest, then the joint effort will be to no avail. There must be a sincere mutual interest and then comes to the rest like communication, focus, and so on which will fall into place naturally.
Setting up expectations and stating them from the beginning is the key. Being straightforward and explaining what the expected outcomes from the partnership for both parties will look like at the beginning will help determine if the partnership will be successful. Here, the key is describing what success looks like in the beginning and then working the way from there.
Equal and Balanced Rewards
Partnerships dissolve sometime since one party benefits more from the partnership than the other. If the party isn't benefiting much, the effort they put toward the partnership could crumble and eventually dissolve. Hence, to make partnerships work the partners have to agree upon the inputs and outputs.
Use the strengths collectively
It doesn't matter how big or small the business endeavour is, the ultimate goal should be to grow it. Business Partners join forces for multiple reasons, and it is important to focus on the strengths of each individual/team.
The business partners must be aware of each other's strengths, identify the underlying strengths and put them to use to make a better difference in the business. It adds to energy and motivation to long-term success.
Notable Successful Business Partnerships
Some of the amazing real-life examples of perfect and successful Business Partnerships are
Evan Williams and Biz Stone- Twitter
The Twitter partnership began when Evan hired Stone for Google. Over a while, the two developed a strong connection and when Williams left Google, Stone followed him.
Later, the pair was approached by Jack Dorsey pitching them an idea, hence, Twitter was born. Williams believed Twitter's potential and trusted Stone with the blogging site as a side project. Their partnership is an epitome of ambition, camaraderie and mutual respect.
Bill Gates and Paul Allen- Microsoft
The co-founders and partners of the biggest tech company in the world of all time were childhood buds while growing up. The shared obsession with computers and a mutual goal of entrepreneurship inspired them to create Microsoft.
Allen was involved quintessentially in the early days of the company but left Microsoft after 7 years of the dedicated partnership due to serious illness. Even though their friendship turned foul after Allen alleged that Bill cheated him out of shares in the company, and Paul didn't get enough credit for Microsoft's success. However, it all seemed fine in his later life.
Steve Jobs and Steve Wozniak- Apple
The partnership was successful despite being complementary, rarely intertwined, the two Steves met at a summer job in 1970.
Wozniak was a geek at building computers and Jobs knew how to sell them, Wozniak even admitted that he never anticipated selling his creations and it was all Jobs. Wozniak's technical skills and Job's business predictions were the ingredients that made the iconic tech company a great success. Hence, Apple is now a top company
Finding and knowing a business partner completely can be tricky. The foundation of a successful business is laid down by like-minded people and constant support of the co-founders. If you find an understandable person, start a business with him/her and see how it flourishes.