“Ten Strategies To Building a Solid Business Partnership or Alliance”
Small business entrepreneur self help books & success articles

There can be disastrous results when care is not taken to build a solid foundation under which a new Business Partnership or Alliance can safely develop strength and stability.

This Top Ten list offers some basic stepsto consider when moving forward into a Business Partnership and Alliance,that can decrease the chances for negative results, and can increase thechance for a Successful Partnership to be established.

Look for enough compatibility to challenge and stimulate one another overtime, as well as the presence of mutual trust.

Choose a partner whose strengths complement the limits of the other partner, and vise versa.

Establish the project or core focus of the partnership that is being created.

Determine the kind of Partnership that will be created.

Will it be Equal, or possibly an Associate relationship, or any otherpossible combinations in between?

Factors such as determining level offinancial risk, availability of time and energy for the project, andprior existence of any intellectual property tied to the project aresome key items to consider.

Hiring a Coach that has expertise in thisarea is recommended during the formative stages of the partnership, andat any time such support is needed in the future, in order to protectthe best interests for each partner involved.

Develop a sound financial compensation plan for profits received that both partners agree to in a signed document or contract.

Legal representation for the partnership may be appropriate at this juncture.

Determine what roles each partner will play during the course of the project, defined and clearly documented for future reference.

Be accountable to your role, until both partners change the structure ofroles established.

Create and support the intent to continually place a working plan into action,review the results of the action taken, and making expedientand necessary shifts that will support the health of the partnership overthe lifespan of the alliance.

If possible get the support of your immediate support system established before entering into partnership.

You will need to educate them about expenditures of time, money, energy andother resources that will be needed to successfully launch the project(s) yourpartnership represents.

Have planned, regularly schedule meetings on a weekly basis.

These meetings will be set up for the purpose of discussing the wins andchallenges, what's working and what's not, areas of discord and mutualplanning for future growth and expansion.

Set a minimum time period that both partners will agree to a "no exit" clause.New ventures take time to be planted, watered and nourished, weeded andultimately harvested.

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Articles by Meir Liraz, president of BizMove.com (http://www.bizmove.com), a free informational web site for entrepreneurs and small business owners that provides free guides and tips for starting, growing and managing a small business

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