Keep your eyes open for these red flags; they could make a partnership go off the rails.
For a business to succeed, you may need to look to partnerships in order to grow. You may want to offer another service to your customers, or another business might want to offer your services to their customers because it’s not a core competency of theirs. Either way, stars need to align, customers need to be happy and both parties need to take it seriously if any partnership is going to succeed.
But what happens when a partnership fails? You never enter into a partnership with this in mind, but it could happen and there are myriad reasons why things don’t work out. So keep your eyes wide open for a few red flags that might make a partnership go off the rails.
1. Mismanagement of Expectations. When you go into a partnership with another party, set your expectations for what success will look like upfront. This way, if you or your partner starts to see that the number of sales isn’t up to snuff, or the number of new customers you thought you’d drive is looking low, you can reassess and make necessary changes.
…to read this article in full, visit leading US small business resource, Inc.
