Some business alliances just don’t work for one reason for another. Some problems can be avoided by handling the first stages of your alliance with transparency, understanding and respect, which builds trust.
The Sappy Stuff
Though two people aren’t getting married here, two companies are — in many ways. Most couples often decide to avoid many topics in the beginning of relationships because they’re in “love.” These topics include goals, objectives and tasks that would usually keep the relationship together. These must be addressed, if you care about your financial and business interests.
- Understand that compromise might be part of the deal. If you’re a woman’s fashion magazine in a strategic alliance with a trendy makeup company for a year, you might have to go a little lighter on the natural beauty and organic product articles for a while.
- Force yourself to have open communication, to avoid either partner ever feels controlled or one pulling all the weight. Have regular communication to discuss the good and the bad. Assign tasks and hold each other accountable.
- Understand that white lying and holding things back will likely bite you back hard later on a business deal, (just like it does in a marriage). Many people say it takes a year before a person shows their true personality. People put their best face forward in the beginning. Though you honestly can’t afford to do that in your personal life, people do. However, you literally can’t afford to do this in your professional life. Unfulfilled expectations only lead to resentment. There’s no positive outcome.
- Establish common objectives. What are your milestones in the relationship? How do you measure success? Where do you want to the relationship in 5 years? Partnerships aren’t for just a couple of months, but a relationship that should last for years or decades built upon trust.
Who is going to marry you and your alliance partners?
Contact us today. We can walk you through your alliances, so you can have a satisfying business experience.