Five Factors to Consider in Forming a Business Partnership

Business Partnership Implementation

When you choose a life partner, you go for someone you can see yourself with for the long term. The person needs to share the same values, the same work ethic, and if you’re interested in having a family, the same parenting ideals.

It’s similar when you’re selecting a work partner. So many factors make a huge difference.

Let’s look at five aspects to consider for a business partnership:

Teamwork

You need to decide details; consider the things that make up a personal relationship—like who’s in charge of what bills, who’s helping with the social calendar, and where your priorities lie. (Vacation? New kitchen? Motorcycles for everyone?) Similarly in a business relationship, everyone has a role, and whether they change or whether they stay the same, it’s great to have a plan at the start.

To begin with a business partner, you need the right people lined up from the start. Sales, Marketing, Legal, Finance, Data Resources, Call Center, and Implementation Management, to name several critical factions—all of whom have to come together to make the intended goal a realization. You need experts in their fields to make sure details aren’t being overlooked, and you also need people you can trust to do what they say they’re going to do.

In a study by ClearCompany, 86% of employees and executives cited a lack of collaboration or ineffective communication for workplace failures. Communicating the roles, knowing what’s happening up front, and executing on your responsibilities sets the stage for a successful business partnership.

Trust

In a relationship, you’re not going to be next to your partner at every second, watching their every move. Even though phone tracking apps can tell you where people are, they can’t tell you about their behavior. (Maybe that’s coming later. We’re looking to you, app developers!)

Your success depends on your business partner’s performance. Honest expectations, reasonable timelines, and agreed-upon terms are all must-haves. If your partner isn’t willing to live up to your standards, there’s no need for you to lower them.

Here’s where research comes in handy. How developed are your tracking skills? Have you checked out your potential partners? How are their ratings? What kind of reviews do they get? Do you know anyone personally that has worked with them? Here at ConnectYourCare, we are proud of our consistently high satisfaction marks. There’s no harm in extensively researching a company to determine if it’s worth your time.

Timing

Sometimes you meet someone and you’re on the same timeline. You want marriage, kids, a dog, and a picket fence before age 30. Or, you want your van, a different brewery every night, and gigs along the way forever. There’s someone for everyone—as long as you know what you want, when you want it.

Most business people have been a part of some sort of company-wide implementation effort, whether it’s software or COVID-19 planning and response procedures. Companies with experience should be able to give you a time estimate, resource guide, and all the details it will take to make it happen—when they say it will. What kind of implementation timeline is your partner offering? Can they stick to it? Have they been successful in the past?

Picket fence or van? It’s up to you to decide.

Complementary Skill Set

If you look deep into your romantic partner’s eyes and whisper, “I love your complementary skill set,” you aren’t going to be setting anyone’s world on fire. However, when people use the phrase “You complete me,” it’s the same concept.

Everyone has their most- and least-favorite tasks, and when people are brought together, you increase the chances of everything getting done.

This is never more apparent than when you’re working with a new business partner. There’s a reason you’re choosing someone to work with in the first place—you need more resources, and they’re able to provide them. Happily, the more a company has been successful with this, the more they can replicate it in the future.

A 2020 study by GoRemotely reported that collaboration is the in top four important skills for employees’ future success, and 75% of employees regard collaboration and teamwork as important. Collaborative workplaces are only increasing, and it’s better to be onboard with someone who brings the much-needed skills to the table.

Satisfaction

Once you’ve entered a partnership, it’s important to check in every once in a while to make sure there aren’t underlying problems. Circumstances you couldn’t have guessed would happen before (I’m talking to you, 2020) could adversely affect your work and personal life.

While in a relationship, this happens with conversations; in the workplace it is much more formal. Consistently, the timeline and responsibilities need to be addressed. Plus, after an implementation is completed, it’s valuable for everyone to complete a satisfaction survey and team debrief. This is a great way to ensure that any small problems are addressed before they become huge problems.

Considering a partnership or working with ConnectYourCare as your benefits administrator?

Check out our Implementation Timeline Overview, based on best practices and proven processes.

(At the least, see how our guide matches up to your business goals. Or maybe it can resonate with personal relationships? … It can’t hurt to try!)

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About the Author:
Carla Wardin lives in St Johns, Michigan, where she focuses her writing on the health and technology industries.

By |2020-08-28T15:57:21-04:00August 28th, 2020|Brokers, Employer Posts, Partnerships|
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