Three Steps to Profitability
Profitability Step 1:
Be honest. Honesty is truly the best policy in building solid and lasting relationships. Just like in most personal relationships, its important that each side of the partnership feels safe and trusted. No one wants to be taken advantage of or feel threatened. This is an essential component to the vitality of the partnership and does take time to establish.
Initially, I felt awkward sharing some of my own business details until I realized my partners were doing the same thing. A business partnership built on trust will expand the potential to grow your business skills and as well as your revenue.
Profitability Step 2:
Get it in writing. Yes, its better to be safe than broke and sorry later. Take the time to communicate all the details of every aspect of the partnership. Most importantly, determine and discuss the expectations from each other. Always formulate a legal contract to ensure that both sides are clear and agreeable to the terms of contract to avoid problems in the future.
I would recommend reviewing the terms of your contracts on a quarterly bases. This will help keep each side of the partnership free from feeling trapped and will also allow for flexibility and growth for both businesses.
Profitability Step 3:
Do your research. Before you decide to engage in partnerships with other business professionals make sure to research the individuals and businesses youre considering. Check with the Better Business Bureau, social-media outlets and website reviews for information on your prospects. Remember, your brand and reputation can be quickly compromised through problematic business partnerships.
I made it a priority to only reach out to my strongest competitors. It made more sense to me to solely connect myself with well-established successful entrepreneurs in health coaching. This was my golden opportunity to learn from those who gone before me. As a result, Ive saved time, headaches and money by simply aligning myself with other successful entrepreneurs in my field.
Striving and Growing
Developing partnerships in business is not for everyone. Just as with entrepreneurship, theres always risk. While you may strive to establish strong ethical business relationships, the other side may have different intentions. Proceed with caution and always keep the big picture in mind.
I had the opportunity to take away clients from my competitors but respectfully declined their offers. A compromised reputation isnt worth a few clients and dollars in the long run. My entrepreneurial competition is on going. I believe I will always strive to grow and improve for by my clients, my business and myself. Id like to think Ms. Thomas would award me the first-place ribbon for learning to work well with others.
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