Partnerships – Yes or No?
MAKING PARTNERSHIPS WORK…as your Sales Business grows, as you become more successful and more productive, it is a natural tendency to consider expansion. There are three options… 1. Expand your team by adding employees; 2. Form a Partnership with a like-minded, equally successful Sales Professional like yourself; 3. Do both. Today's Daily Sales Tip focuses on Partnerships…
History has proven that 80% of all Partnerships fail in the first 12 months of their existence! This high failure rate typically is as a result of a perceived inequity in performance. One of the Partners arrives at the following conclusion… "This isn't working because I am contributing a lot more than you are". The relationship goes downhill from there.
Here is your ACTION STEP… there are ways to ensure a successful Partnership. Have a look at the following:
BK's Guidelines for a Successful Partnership:
1. Have a clear Business Plan outlining expected production on an individual basis (ie: how much should each partner sell each year?).
2. Critical Point: Create a very clear "Who Does What" List. Make sure everyone's job description is well-defined.
3. Share your Daily Schedules. The coming and going of the Partners should be very predictable. Who's working when?
4. Share your Personal Goals. What are your aspirations? What's important to you? Know each other's Hot Buttons.
5. Have a Personal Development plan…get educated together. The team that "grows together stays together" is very true.
6. Use a "No Surprises" mentality. Conduct a minimum of one Partnership Review Meeting every week. Hold nothing back.
7. Track the overall results and post them in the office.
The best way to make a Partnership work is for everyone to have a clear understanding of what the expectations are in advance. Expectations should be based on individual contribution and overall results. The Partnerships that do survive provide two very distinct advantages… 1. The ability for the Partners to plan time off without a loss in team production… planned freedom is critical; & 2. The Power of Synergy: where 1 + 1 = 3…the combined efforts of the Partners result in overall increased production. If you are creating a Partnership (or if you already have one) make sure the above guidelines are in place. Beat the 80% odds and take advantage of the benefits of a strong Partnership. Done properly, it is worth the extra effort. NO Excuses.