▪️Clarity and collective ownership of vision:
Nothing derails a company like having business partners working at cross-purposes. So, it’s crucial that co-founders agree on the company’s value proposition including short-term and long-term understanding of how the venture will grow and fit in the marketplace.
When partners create new solutions, the only way things will stay on track is if both parties fully buy into the goal(s). If one party is only interested in serving a personal interest, then the joint effort will be one-sided and most likely have a short life-span. There must be a genuine mutual interest in seeing the venture thrive. With clear communication and focus success is assured.
When we have clarity and ownership, the Vision belongs to two – no longer one. It is important when going into partnerships to carefully select people who have shared interests and similar views on what success is.
▪️Commitment and accountability: Accountability entails having an agreement and committing to a clear plan of action. When you cant hold others accountable what you are clearly indicating is that mediocrity and poor performance is acceptable.
Once the partnership reaches an agreement, each must show/hold up their end thus commit to the plan. You should be able to set clear standards, objectively analyze all efforts and progress i.e. accountability.
Commitment is about compromises the group can start with disagreements but ones an agreement is reached all parties must sign up and show up with the mindset of I AM OK and YOU ARE OK.
▪️ Shared value system:
The shared value system has to be grounded on honesty, transparency and trust. It’s important to only enter into partnership with people that have shared values and work ethics.
An example is a brand Influencer that doesn’t drink alcohol signing a deal with an alcoholic brand. This clearly is not in alignment with their values and can only, in time, lead to lose of trust and brand credibility.
▪️Clear articulation of strengths and weaknesses of both parties:
Partners join forces for a variety of reasons and expectations, all parties should always look for ways to blend their strengths and fill each others gaps in areas of weakness thus positively complimenting each other. Partnership, should always be a game of collective win and, is as good as its weakest link.
Even if youre a dog person, every successful partnership needs cats. It is pointless having the same skills and capabilities as your partner. While you might have lovely intellectual conversations about your strengths, someone still has to do the other stuff. Complementary skills add up to a complete business skill set.