It takes two to tango; but are you dancing with the right partner?

“We’ve had those vendors that have been great in many areas, but then force us to compromise in other areas and us questioning if the partnership is really worth the compromise. The XYZ partnership, on the other hand, is a whole different story!!! They excel where they say they will, then help out in so many other unexpected ways! After a recent engagement with them I reflected on how powerful a business partner with shared goals, vision and purpose can be at propelling and protecting your customer’s experience. Cannot imagine being in business without them.”

Do you know the feeling? Misaligned business partnerships can be extremely frustrating and huge sucks on time and money. Conversely, a great partnership can be one of the most liberating feelings in all the stresses of running your business.  

Here are a few ideas to keep in mind as you’re thinking about starting a new or continuing an existing partnership:

1. Take a very long, deep look in the mirror: A partnership is made up of at least two different parties and the one you first have to be 100% comfortable with is YOU!  If you’re a high maintenance partner, know it and own it. You have shortcomings, we all do, don’t go into a new partnership trying to hide them or ignoring them in your existing partnerships, own them and work through them with the partner. And hopefully, some of your shortcomings are their strengths and vice versa.
2. Eyes wide opened: Don’t fall in love with one part of the partnership and gloss over other parts. For me it is always the price, for others, it can be design or location.  Whatever it is, don’t let it blind you to other important things to consider. I’ve often joked that with software most people fall in love with one part, see if they can afford the initial price, and then convince themselves that they can take 80% of the product off the shelf and only need to customize 20% to get to full business need. Fast forward and 80% customization later with all the cost and frustration of that and you now hate your once in love with business partner. Much of this because enough time has passed for you to forgot that “beer-goggles” type of fall in love with one thing early on and the consequences of that myopic choice.
3. Slow down just a bit: Most really important strategic investments don’t need to be quite as rushed as we or the CEO or the board or the bloggers think they do.  Clearly, you don’t want to miss the market with something, but slow down and ask a few more questions. Try a proof of concept with the potential partner for 3, 6 or 9 months to test things out, including the relationship and issue resolution. When you “need” to rush something through, adjust the SLA’s as a backstop for stuff you felt rushed on; just make sure you do it in a way that you have joint accountability with the partner.
4. You got in the mess together, you might only be able to get out of it together: Don’t throw your hands up too soon in the rough times, they are often the best teachers and when the partnership needs to come together the most.  Don’t let the mess cloud the fact that you and your partner are the only ones that know the mess in deep detail and your commitment to the relations might be the first positive step to find full resolution, together.
5. Know when it’s over and rip the bandage off, FAST.  I’m a strong believer that there are very few partnerships that cannot be resolved. BUT, I’m just as strong a believer that in the few instances that truly will not work, you need to get out and get out fast. “I’ve spent so much time and money getting to this point, it would be a waste to stop now”, “Maybe just one more run at it from a different angle with them” [after you’ve tried 50 different angles already], or “I’m not a quitter and I can make this work”, are all very nice thoughts and hopes we have that don’t amount to a bit of help in moving forward when the relationship is so far gone.