DELUX Business 101: How to Form the Best Business Collaboration

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Entrepreneurs are by far one of the most highly respected group of individuals because of their passion for what they do, hunger for success and “grind to shine” attitudes.

All entrepreneurs can attest that growing your business is a lengthy process; there are hardly ever any Cinderella stories in this industry.

Greatness comes from your hustle, grind and those “oh, so lovely” sleepless nights, but once you’ve accomplished the task of establishing your business, it’s time to make the next major move- collaborating.

Entrepreneurs know that every move made is strategic and collaborations are no different.

These 5 factors will ensure a dynamic collaboration:

1)   Be a force without a force.

Are you a somebody or a nobody? Collaborative projects work best when all parties are well established individually. Ensure your partner of a strong presence within your own business community; therefore, your partner will not feel like he or she is entering a parasitic partnership. Reciprocal relationships last the longest.

2)   Network. Constantly.

Ever wondered if your contacts had a limit to how many numbers you can save? Well, you should add so many contacts until your carrier tells you your phone can’t handle it! That’s how much networking you should engage in on a daily basis. But let’s make one thing clear- a number is not just a number. You want your contacts to be of value; it should consist of people that will add worth to your business. So, when you get home, review and evaluate the contacts you received that day.

3)   Evaluation before participation.

What’s their web presence? Their reviews? Who’s talking about them? What do you know about the owner? These are a few of the many questions you should consider when researching other businesses. Make sure you take note of their marketing strategy, past financial history (i.e. any debt, bankruptcy, etc.) and any other accessible information. If it’s not accessible, make it accessible. Exclaim to your future business partner that the information you request is vital to the future of the partnership.

4)   Don’t take it personal.

Business is business. Business partnerships operate on a larger scale than individual partnerships. Basically, it’s not about you-it’s about your business. Know that some feelings will be hurt, and you may not reap all the benefits you hoped for initially, but in the end, you should be able to genuinely say, “It was a pleasure doing business with you.”

5)   Make your intentions clear. Crystal clear.

Communication is key. This goes for any budding relationship. Partnerships tend to fail due to a lack of coherent communication. Let your future partner know what you want out of the partnership in the very beginning. Make clear guidelines of what you are and are not willing to compromise/substitute. Most importantly, put it in writing and then have both parties sign.

 

These tips will help optimize your collaborative efforts and place you in a better boat for business-no matter what business that may be.

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