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Best practices to aid in forming effective business partnerships

For many business owners in California, the search to find innovative ways of showcasing their product or service, acquiring more capital and making a meaningful impression in their industry is driven by a passion to make a difference. Oftentimes, organizational leaders recognize the need to utilize the talents, experiences and educational strengths of others to fill in the blanks in areas where their expertise may be lacking. One way to do this is through the formation of partnerships. 

When two companies make the decision to partner and to feed off of each other's strengths and competencies, it is not a decision that should be taken lightly. According to Forbes Magazine, when a business is investigating the possibility of forming a partnership with another company, they should always remember that they have the option of denying an offer if it does not feel right or will not provide meaningful benefits. When discussing partnership agreements, organizations should strive to recognize similarities and should always consider how their decision will influence or affect their consumers. 

Entrepreneur suggests some helpful tips for leaders looking to form partnership agreements with other companies. These are some of the things they should be doing:

  • They should set goals.
  • They should document all agreements in writing.
  • They should have clear expectations of each other's responsibilities and roles.
  • They should be supportive and celebratory of each other. 
  • They should communicate on a regular basis. 

They should also identify each other's strengths and weaknesses from the start so they can identify where each partner would be able to contribute the most.  

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