A couple of months ago, I met an old friend of mine, who had floated a new company in partnership with an interesting personality. We had an useful discussion about a possible business association - between both of us - for catering to a niche area of talent search business: Retained Executive Search.
They were doing well; so was I. However, to do something much better and also bigger, I thought, the best way would be to team up with a few more experts with diverse experience -- making up for the weaknesses, that all of us individually have.
With an intense competition making the small and medium scale service providers sweat like never before, stupendous success in service industry is extremely difficult to achieve - if not impossible - unless customers are convinced about the quality of service in totality.
We brainstormed at length regarding various aspects of this proposed venture and, for firming it up, decided to meet again in a a week or two. Well, we did meet up and formed the company called Win & Victory.
While positively looking at this proposed association, some of the check-points, that come to my mind, that I think are essential for successfully running a partnership venture, are:
1. There must be absolute clarity regarding intended role of all partners in proposed venture, including the areas of overlapping responsibilities.
2. The thought processes of all partners, in terms of what they are aiming to achieve through their association - both in short-term and long-term - must completely be in sync.
3. Instead of finding faults in each others operational approach, while in action, partner must remain open to heart-to-heart communication for sharing their take on those issues that are unable to produce results, always remembering that it's the team work that produces results.
4. There must be a consistent mutual trust and confidence among the partners, through-out, immune to the impacts of worst time that their venture might experience during its lifetime.
5. With all positivity being injected into the proposed association, intending to make it hugely successful, an exit route should also be clearly defined in the beginning -- in case, things do work out as planned in the beginning.
Now that we are already operational, let's hope for a better future for this association.
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