26 October 2017 0 Comments

Partnership management: what are the success factors?

Author: yinkaolaito

Yinka Olaito is happy,excited and passionate Communications & Media specialist, Trainer and speaker. Yinka Olaito helps Profits and Non-profits with effective communication and positioning for premium service delivery and returns. Yinka Olaito also has special interest in Development Communication and has consulted for noted UN Agencies. Yinka Olaito is the CCO of Michael Sage Consulting(Communication/digital media), African Child Education Right Initiatives(NGO) and Content Director, Africa Development Talk( online Platform for discussion on Policy, Governance, development across Africa) and Africa Foundation for Young Media Professionals

Pzrnership managment, factors that make partnership, How to avert partnership stress,Partnership, wherever it operates, is supposed to add a big value ?to parties involved. ?Unfortunately many have had cause to regret the day such agreement was made. While we must understand whenever humans are found, a ‘complete failure-proof’ mechanism ?is not guaranteed but the fact remain many enter into partnership agreement with their eyes closed.

Looking at successful partnerships across the world, there are common factors one can notice. In this piece, we will ?take a look at certain factors that can guarantee its success.

1.What is the major goal? without a formidable goal which drives the partnership it is certain ?this will be a disaster going to happen. Where there is an ultimate and clear goal in view, people are always willing to work it out. For many, there are goals, but some of them are not strong enough to propel a strong vision and commitment.

2.What are the parties bringing to the table: no partnership should be one directional. No matter what we say, each party must bring something to the table. While money is important ?there are other resources aside from finance which are ?equally essential to make the partnership work. Even if it is corporate social responsibility initiative to a community, ?the community must be available and willing to receive such benefits. ?Remember, in partnership, you will go higher if there is a complementary strength alignment. Coming together of people with the same weakness and not complimentary strength will lead to a disaster.

3.What is in it for me? ?sequel to what each party must bring to the table, partnership ?agreement must also spelt out what is in this for them. ?This must not be overlooked. In many cases at the initial stage, a partner may take greater percentage ?but as situations change a consideration should ?be made for re evaluation over time. We have seen cases where partnership agreements were made when ?one of the parties ? had nothing except human resource. Over time things change but others with higher percentage ?may not want to change position in ?profit sharing. This may lead to ?cracks in the relationship. Every agreement must make provision for review after an agreed number of years.

4.Decision making process: Decision making is vital in any partnership. In many cases, many partnership agreements are not very clear on how decision will be made on certain issues.

5.Value alignment: This is supposed to top the list. Values are so essential in life. As individuals, our values are different. Many prioritise money over all things. To them, the end justifies the means. They want monetary rewards in everything they do while some are satisfied with the level of Impacts they ?make in the lives of others. This position will reflect in ?how finance is allocated. Values will clash if partners with different values ?decide to move together. Partnership in this situation can only go on if one of ? the parties is ready to sacrifice. Strong Partnerships are built on principles not wishes.

6.Pzrnership managment, factors that make partnership, How to avert partnership stress,Trust: whatever you do, if partners do not trust one another, things will always ?go awry. Everything and every ?step taken by partners will become suspicious. Never enter into any serious partnership without trust. Trust is a function of information and knowledge of all the things you need to know about the other parties and the market you are entering into.

Partnership success and a sustainable one for that matter will only be guaranteed if we are committed to the goal and everyone is ready pay the price.

Leave a Reply