Scaling a business is no small feat.
The demands on your time and resources can become overwhelming, hampering your ability to drive the business forward.
The temptation is there – you spot a chance to expand into new markets, develop additional product lines, or acquire another business. But you’re already spinning too many plates.
It’s a frustrating place to be, but you don’t need to face the scaling challenge alone. The right strategic partner can inject capacity, capital, and capability into your business.
But not all partnerships deliver on their promises – from either side. Many fall victim to poor alignment, poor communication, undefined parameters, or conflicting priorities.
So where do you start?
☑️ DO take the time to properly vet potential partners. Have transparent conversations about their capabilities, ethics and vision to make sure there is alignment. A shared mindset and complementary abilities are paramount.
☑️ DO define roles, responsibilities and decision-making authority from the outset. Ambiguity invites future conflict. Address the tough questions upfront to avoid assumptions.
🛑 DON’T neglect communication, even when things are going smoothly.
🛑 DON’T underestimate the importance of changing direction or going your seperate ways if things don’t work out. Have that eventuality articulated at the beginning – just in case.
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