by Barbara A. Blocker

There can be disastrous results when care is not taken to build a solid foundation under which a new Business Partnership or Alliance can safely develop strength and stability. This Top Ten list offers some basic steps to consider when moving forward into a Business Partnership and Alliance, that can decrease the chances for negative results, and can increase the chance for a Successful Partnership to be established.

1. After choosing one another as potential partners, establish mutual ideas, goals, and philosophies for operating in the team you are developing.

Look for enough compatibility to challenge and stimulate one another over time, as well as the presence of mutual trust.

2. Choose a partner whose strengths complement the limits of the other partner, and vise versa.

3. Establish the project or core focus of the partnership that is being created.

4. Determine the kind of Partnership that will be created.

Will it be Equal, or possibly an Associate relationship, or any other possible combinations in between? Factors such as determining level of financial risk, availability of time and energy for the project, and prior existence of any intellectual property tied to the project are some key items to consider. Hiring a Coach that has expertise in this area is recommended during the formative stages of the partnership, and at any time such support is needed in the future, in order to protect the best interests for each partner involved.

5. Develop a sound financial compensation plan for profits received that both partners agree to in a signed document or contract.

Legal representation for the partnership may be appropriate at this juncture.

6. Determine what roles each partner will play during the course of the project, defined and clearly documented for future reference.

Be accountable to your role until both partners change the structure of roles established.

7. Create and suppport the intent to continually place a working plan into action, review the results of the action taken,and make expedient and necessary shifts that will support the health of the partnership over the lifespan of the alliance.

8. If possible get the support of your immediate support system established before entering into partnership.

You will need to educate them about expenditures of time, money, energy and other resources that will be needed to successfully launch the project(s) your partnership represents.

9. Have planned, regularly scheduled meetings on a weekly basis.

These meetings will be set up for the purpose of discussing the wins and challenges, what's working and what's not, areas of discord and mutual planning for future growth and expansion.

10. Set a minimum time period that both partners will agree to a "no exit" clause.

New ventures take time to be planted, watered and nourished, weeded and ultimately harvested.

© Copyright 2000-2004 CoachVille, LLC.

Barbara A. Blocker, RN, LMSW-ACP, CEDS, Success and Partnership Coach, can be reached at CoachBarb@SSU.net.

If you are working on a business partnership or alliance, heed Barbara's words. You need to be communicating with each other all the time during the initial phases. Even if you think the question is odd, trust yourself and ask it. Listen to your intuition and your gut about what you need to address to make this work.

Warm welcome to our new Coaching Tip of the Week Subscribers who I met at the Marriott Hotels of Boston & Cambridges's Summer Speaker Series yesterday during my program "Being Resourceful". Thank you for attending, participating and sharing your ideas about resources.

Coach Andrea's Coaching Tip of the Week is brought to you by Andrea Novakowski, Master Certified Coach who provides Business and Personal Coaching to Corporations, Businesses, and Individuals. Andrea is a professional coach who partners with people to set goals and create momentum to produce effective results in their business and/or personal lives.

Andrea is available for individual coaching. If you are serious about reaching your goals and living with greater fulfillment and satisfaction, consider using a coach. To schedule a COMPLIMENTARY initial consultation, send an e-mail to Andrea at
andrea@coachandrea.com.

Please feel free to pass on Coach Andrea's Coaching Tip of the Week to your friends and colleagues. To subscribe, click the "Subscribe" button below. You may also subscribe at http://coachandrea.com.

We never send unsolicited e-mail. If you have received this message and you did not subscribe yourself or you wish to unsubscribe your e-mail address from the list, please click the link below. You may also unsubscribe at http://coachandrea.com.

If you need to get in contact with us directly (if you have trouble ubscribing/unsubscribing, or have questions about the list itself), send an e-mail to andrea@coachandrea.com.

Copyright 2005. When you forward Coach Andrea's Coaching Tip of the Week to your friends and colleagues, please keep the copyright and contact information intact.

Coach Andrea
Focusing your vision, achieving results

email: andrea@coachandrea.com

web: http://coachandrea.com