Top 10 Considerations When Choosing Partners
Before allying with another, it’s important to understand what you want and need from a partner, and what you have to offer. Consider reputation, scope of services, compatibility of style and culture, commitment, financial capacity, skills and resources.
- How might my company’s mission, ethics and values attract and be compatible with this business; in what areas might they conflict with those of the business?
- How might an alliance with this business/department serve my primary clients and the community?
- What benefits might this alliance provide to help my business further its mission?
- Would this alliance help generate business? Enhance my company’s image? Reach new markets? Strengthen company culture? Improve business and social conditions in the community?
- What assets and capabilities might be exchanged in this alliance? What might my company provide and expect to receive? What might this business provide and expect to receive?
- How will this alliance be incorporated into my company’s operating plan? What costs might this alliance involve?
- How much leadership and management time would this alliance project require from each partner? What other investments of resources might be required?
- What risks might this alliance involve? What risks to each other’s reputation? What financial risks? What is the benefit/risk ratio?
- What differences need to be addressed in any of the above?
- What resistance to change might create barriers, either in me, my company or in the other business?