Last time I talked about the importance of strategic partnerships and how they can benefit your business.
When someone wants to make a business connection with you, it can be a very exciting time. I have had moments when Iâ€™ve been over the top excited that some business or person wanted to partner with me or my business. There have been a couple of times that Iâ€™ve let my excitement and passion overtake my good sense and I have ended up burned by a bad partnership decision. The warning signs were all there in front of me with flashing yellow and red lights, but I blew past them and drove myself right off the cliff.Â And trust me, once you go over that cliff, itâ€™s really hard to climb out of the hole!
So since I mentioned them, what are the warning signs that you should notice?
Other connections: When someone gets in touch with you and wants to partner with your business, itâ€™s not dissimilar to hiring someone to work for your company. Putting your business with theirs in the public eye means that what they do will be connected to what you do. Check their business ethics, what theyâ€™re about and very importantly, see what other partners they have worked with. If you can, reach out to those other partners and see what they have to say. Feel free to ask questions.
One Sided: Sometimes when people reach out and connect you can see what sort of networkers/partners they are by watching their interaction with others.Â For example, are they really connecting with someone or are they just making a shout out? Does the other person respond? Is there a good back and forth of comments between each other or is it one sided? If thereâ€™s a mention on one website of a partnership, is it also on the other site?
Recommendations: Do you know and value the opinions of the people who have recommended this contact? Donâ€™t be afraid to find out the answers to your questions. Is this person trustworthy? Will they follow up and deliver on promises?
Strategic partnerships can make or break your business. At the beginning, you want to connect and work with everyone thatâ€™s out there and itâ€™s hard to turn down any offer of â€˜connectingâ€™ but be sure that before you do, itâ€™s really going to benefit your business. Safeguard the business God has blessed you with the same way youâ€™d safeguard your family or your home.
This article was featured on www.CWAHM.com