Have you developed some great business Partnerships over the years? Are there clients and customers who have become a part of your “inner circle” whose opinions you value and counsel you seek?
Few things can match the energy generated by Powerful Partnerships! There was an article in the July 2007 issue of BusinessWeek SmallBiz. It stated that "a partnership is usually hatched in a state of inspired optimism when two or more seemingly like-minded individuals come together with an idea to create a product or service and develop it into a business".
Consider Bill Gates & Paul Allen. Their partnership created one of the most recognized businesses on the planet; Microsoft. They combined their passion and worked together to amass a fortune and change the lives of everyone around them.
A lot comes into play when creating, building, and nurturing strong business partnerships. Here are four that sit at the top of the list:
Shared Values: In order for a partnership to even get off the ground, there have to be shared values. Without them, the partnership has little chance of surviving. When you hear of a broken partnership or any troubles within a business partnership, you will often find that the foundation was doomed to collapse from the beginning. When partnerships are first formed, shared values must be a main point of conversation and commitment.
Clearly Defined Roles: Partnerships are successful because each player brings certain strengths to the table. If each partner understands and focuses on their area of expertise, and each can communicate clearly with each other, things go well. When partners begin to question each other's personal expertise in a negative way, conflict generally follows. If each person is aware of their strengths and their weaknesses, their partnership will flourish due to a general respect formed at the beginning of the partnership.
Healthy Communication: In the beginning, partnerships are almost always filled with passion and a common zest for the project. Then reality sets in, business challenges arise and the way you handle those inevitable conflicts will determine the success of your partnership. If you overreact or worse, ignore challenges or conflicts in your business, they will soon become insurmountable and your business will fail. Be the kind of partner who can receive feedback of all kinds in a healthy (not defensive) manner. When you communicate in a respectful and healthy manner; partnerships and businesses grow!
MasterMind: No one succeeds alone! In Napolean Hill's book, Think & Grow Rich, he devotes an entire chapter to the MasterMind concept. When you associate with other business owners or people with specialties in areas where you are not as strong, you strengthen your business and your partnership. Take the time to develop those relationships so your partnership can benefit from the added experience of a MasterMind.
Just like any strong marriage or successful friendship, business partnerships require an investment of time and energy. You will give yourself an excellent head start by making sure you share Common Values, Clearly Define Your Roles, keep up the Healthy Communication and surround yourself with a MasterMind to add value & longevity to your partnership. Who knows, your strong partnership may be the next Microsoft!
When you know the basics of the credit card processing industry and align yourself with a strong partner, you bypass all of the pitfalls and negative issues associated with credit card processing and you are free to focus on the things that will truly make your business grow. Let us know if we can help, give our team a call!
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