"As you probably already know, the wrong partnership whether it is professional or personal can be far worse than no partnership at all."
There are a few important points to consider when starting a partnership. Firstly, you must decide if it is right for you, your business or project.
If the members of a partnership essentially do the same thing, it's almost inevitable that one will be hard-working and have more commitment than the other. Often, that party becomes resentful for the additional time they put in. I know this because I have experienced it for over two decades. It becomes a push/pull relationship and unfortunately this results in tension.
The key is that the partnership must be something that you both need and couldn't be done by you.
As we operate in the Brave New World paradigm, partnerships will need to be built on solid foundations to withstand the changing values in our workforce and global economics,
Our projects, our business and production will be outsourced to more competitive players eager to take on the big companies. Remember all big companies start out small. The smaller ones have fewer overheads, less risk, have lower to fall and are more flexible in structure.
Consider your real partnerships in your business.
Consider the stakeholder partnerships, customer partnerships, supplier partnerships, training and industry partnerships. Are these partnerships operating based on common values, principles, vision and goals?
Are they developed on the mutually beneficial relationships, is your success their success?
Healthy partnerships work hard to help the other party succeed. They give without hidden agendas.
In the project management space it’s challenging. New start up teams, tight scope, schedule, high risk, low cost and performance driven leaders expect on time, faster, better, cheaper.
Be warned this may work, but the wisdom to lead a project to build partnerships will increase your future sustainability and ability to sustain outcomes. There is a big difference between output and outcome.
It’s simple, think of compounding interest, that’s what your projects should be like. Build them into projects where the outcomes of the partnership are long term, not short term.
Alliancing is another matter especially on large scale multibillion dollar projects. Whilst facilitating an alliance between a number of multinational construction companies it was clear that the fundamentals were not addressed at start up. However, the Program Manager did have the foresight to hire me to address some of the issues. The reality is, when the tender is won, the work gets started. Then I'm hired because the fundamentals were not addressed correctly.
If however you do decide to form a partnership or alliance, give me a call and we can meet to discuss what might best work for your project or business.
One of the keys is to have a neutral party facilitate the partnership. Let's face it..... It is more risky when you don’t have someone helping you to get it right.
A major risk if you don’t partner, you will lose your staff quickly to your competitor, (your customers…your profit).
People jump ship due to pleasure or pain, I know which one I prefer in a partnership….
Give away time of the week!!! Generosity is one of our business virtues so here I go…
Free consultation questions we are sharing with you. If you like the questions refer people back to our Blog. Or just call us……learn what your competitors are finding out.
- What is it that motivates our business to partner?
- Whose benefit is it really for?
- What is the problem that needs to be addressed?
- What is the opportunity that can be harnessed?
- What can we offer them?
- What can they offer us?
- What are the foundations or cornerstone of a mutually beneficial partnership?
- What are the shared values, principles, goals and responsibilities?
- How will we define, monitor and measure our partnership success?
- What do we stand to lose if a partnership is not developed?
So if you need help thinking through a partnership, an alliance, a collaborative or a network, please contact us.
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