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The Importance Of Partnership Planning

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Understanding The Importance Of Partnership Planning
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Share With Your FriendsIf you're in business you may be wondering about partnerships. In some forums this is a “bad word” because people aren’t knowledgeable on what it really means. By definition it is just an active affiliation you have with another party, or parties, that pools efforts without eliminating individuality. Meaning that as you partner, you still keep your most important and unique qualities, but collect them into a bigger pool of resources. So how do you effectively partner up with another person or entity? 


First of all, you have to know who you are and what you bring to the table. Knowing yourself is key because that’s where you true value lies. If you believe you're an excellent negotiator but have nothing to prove that, then it isn’t really an asset when you partner up with someone. Whether you are partnering up individually or within a company, you need to know what you specifically bring to the bargaining table. 


Second, you need to know what you're not. This takes more soul-searching but it is well worth it. If you're in business, what are your deficiencies? If you're an individual, what aspects of your personality are most underdeveloped? You’ll find that the questions needed can be applied on a broad scale or to a singular person. Once you know what that deficiency is, you can couple up with someone else, or another company, that offers that service. Not only is this a means of taking on more as a partnership, but it also means that you can develop your own skill set into understanding the inner workings of what you aren’t an expert at…yet. 

Thirdly, be honest and clear about what your individual responsibilities will be and how you 
are going to tackle projects in the future. Remember that although you each have plusses and minuses, that doesn’t mean they will just “sort themselves out” in the future. Lay out the groundwork of how you are going to handle future projects in a clear-cut and easy to understand manner. Even if you have to write it down as a formal agreement, it is better to have everything sorted out than to leave things up to interpretation in the future.

Finally, when partnering up with another person or entity, be sure that you respect and trust the other party. If you have feelings of doubt you owe it to your partner to discuss them. Even if you're in a formal business setting—especially if you're in a formal business setting—be sure to bring up any doubts you may have in your mind. Do you worry about the ability to handle future jobs? Disasters? Impactful changes? Discuss these in depth until you feel comfortable that together your partnership has a basic battle plan.  


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