Are you getting the most out of your partnerships? Collaboration can be a useful tool for reaching company objectives but if the rules are not set out properly it can be a drain on your time, energy and emotions.

Follow these 5 quick tips to maximize your partnerships.

Is your partner ruining your business?

There idea of collaboration is becoming increasingly popular as businesses recognize the value of partnering with organisations who share the same visions or goals.

Britt Michaelian provides five quick tips to maximize your current and future business partnerships and reach company objectives.

Tip #1 write down the ultimate vision for venture
Look at the purpose of the project and identify what it is you are hoping to achieve through the collaboration,’ and work backwards from there’ says Michaelian.

Tip#2 Break down vision into clearly defined duties by partner strengths
‘Write down and document who will be doing which task’. This will avoid confusion and repetition providing a platform of transparency and accountability for both parties.

Tip#3 Respect each person’s work as it relates to their field
Once the tasks and responsibilities have been assigned according to the strengths of the respective groups both parties should acknowledge that their partner’s expertise will enable them to perform the task best. ‘You can get together and look at each other’s work and make sure that you agree on it’ says Michaelian but respect for the idea, and work of others is a necessary ingredient to the overall success of the project.

Tip #4 schedule regular check in meetings to stay on track
Consistent communication is essential. During these meetings it is a good idea to talk about your goals for the next week or month and then provide progress reports on those timelines, advises Michaelian. ‘This is to make sure that you are moving forward’.

Tip #5 Signed agreement that outlines, goals, duties & what to do if disagree
Establish the process for addressing disagreements early on in your partnership. Michaelian suggests using a third party or advisory board to resolve any conflicts that may arise.

For more guidelines on how to successfully enter and conduct collaborative projects watch radio author and entrepreneur Britt Michaelian in, Partnership Success Quick Tip.

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