Avoiding Partnership Pitfalls

Everyone wants to be your partner, ostensibly to help you increase revenue with the latest and greatest gizmos or “secret weapons.”

But too many times we find ourselves in the “partner conversation” with what appears to be a great sales channel, only to find out quickly that it's a one-way street--you're finding sales leads and opportunities while your partner makes the money.

Partnerships, alliances, strategic networks...whatever you call them--they're nothing more than two companies coming together to find ways to leverage each other's products and/or services.

The goal typically centers on finding additional revenue streams and new market entry points. Very rarely is the word “partner” taken for what it really means, which is someone who shares your business values, ethics, visions, and objectives.

And a “partnership” is something that benefits both entities looking to find new revenue sources and business opportunities. Often, companies forget that once you find a partner, you need to nurture the relationship and cultivate opportunities so that you both can reap the rewards.

Before you decide to go headfirst into finding the next great partnership opportunity, think about a few things:

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Karin K. Schaff is President/Marketing and Communications Strategist at 3rd Floor Up, Inc. (kschaff@3rdfloorup.com).