Bill Gates and Paul Allen, Steve Jobs and Steve Wozniak, Larry Page, and Sergey Brin are famous business partnerships in recent memory that have paid incredible dividends. The most significant thing about these partnerships is that everyone brought something to the table that the other needed for the success of their business.
However, we also have examples of famous partnerships that have fallen apart because they could not solve their disputes and maintain a solid and trustworthy corporate relationship. A good example is Mark Zuckerberg and Eduardo Saverin, once partners on Facebook. Here is what goes into building a stable and reliable corporate partnership.
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Communication is one of the significant elements that can lead to the success or failure of a business relationship. Make sure you are on the same page with your partner at all times.
According to expert advice, even if you are both showing up for the same weekly meetings, working towards the same goals, or digesting the same numbers, you have to make time to sit over a table and discuss the state of your business or company. Keeping your lines of communication open in the partnership is the most significant thing.
Set clear expectations
Take the time to define your business partnership or corporation and what encompasses each partner’s domain. That eliminates any confusion for both partners, whether individuals, leaders, or companies.
Setting clear expectations helps you avoid some common misunderstandings like who should handle what and to what extent should they engage the other partner. That also means defining your responsibilities and taking roles for the success of the business.
If you and your corporate partner are not pulling the same weight towards the business’s success, it indicates partnership imbalance. For example, one of the things that contributed to the fallout of Facebook’s partnership between Zuckerberg and Saverin is that Zuckerberg felt that Saverin was not pulling his share of the weight to contribute to the good of the product. Have a discussion with your partner regularly on your vision for the business and stay charged for the challenges ahead.
Trust is key
Trust between corporate partners is vital. Are you on the same line as your partner? Do you trust them to do the right thing in your absence? If the answer to these questions is not satisfactory, then you need to do more. You can do many things to build your partnership trust, including a simple thing like buying a gift for a corporate partner.
Personalized gifts like branded corporate items are the avenue to building a solid relationship between you two. Remember that any shared venture requires absolute faith in each other and a strong partnership for success.
A clear vision
One of the reasons why Steve Wozniak, one of the founders of Apple Computer, left Apple is because he decided to go back to what he wants. His concern was technology education and products other than the other aspects of the business that Steve Jobs handled. That means every partnership needs a clear vision from the start. If the two of you have conflicting goals, then the partnership will not work.
The bottom line
No matter what kind of a partnership it is, building a solid corporate relationship is vital for its success.