Are you really taking the time to get to know your business partners? I’m not just talking about equity partners, I’m talking about hiring other people and companies to do things that represent your business. Sometimes business owners hitch themselves to sketchy partnerships faster than a late night wedding in the Las Vegas Elvis’s Chapel of Burning Love. The odds of that working out are pretty darn low.
Here’s a short video about the one thing that MUST be vetted when it comes to potential business partnerships. Whether it’s outsourcing an accounting firm or going 50-50 with a big-shot developer, having meaningful conversations with these “suitors” might be the only thing standing between a “loving relationship” and an unmitigated disaster.
When considering a potential business partner, do you interview them for their values?
No, I am not talking just about a fifty-fifty type partnership. I’m also referring to any kind of partner where you’ve outsourced things to someone else. For instance, I know a car dealership that outsourced cleaning their cars to a partner that didn’t share their values. So how do we figure out whether or not we’ve got a good fit?
First of all, know your own values. You want to have a document that outlines the things that your business believes in. If you need help with that, you may want to check out my Small Business Secrets course on the LinkedIn learning library.
Second, you want to ask them situational questions that revolve around the values. For instance, tell me of a time when you had to have integrity.
And then third, compare multiple partners. Often business owners jump into the first opportunity that they have. But you want to talk to two or three potential partners to figure out what is the best fit for you.
So my question for you is—what’s one value that’s critical for your partners to share with you?
Also, if you have any questions you’d like me to answer in a future video, ask that below as well.
Thanks for watching and may you find the perfect fit.
Join the conversation: What’s one value that’s critical for your partners to share with you?
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