Each party involved will need to determine who gets rewarded and how they get compensated. Although it does take time, a truly great partnership is worth the effort.
The business plan should clearly state missions, objectives and revenue goals.
Senior executives are the main influencers, and it is imperative they are on board with the partnership vision.
Related: The Two Biggest Money Problems That Can Ruin a Business Partnership Here are 10 guidelines that all successful alliances that drive meaningful revenue must meet over the course of the collaboration.
Define a strategic mutual vision of success for the parties involved.
Once the partners agree on what success looks like for both sides and how each can leverage the strengths of the other then the foundation is established.
It is important to document, often contractually, many of the details, such as the type of relationship, responsibilities, mutual risks, rewards, payments, service level agreements, branding guidelines, rules of engagement,and more.
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From small-company owners to enterprise executives, partnerships are a delicate yet necessary part of any successful business strategy.
Next, the engagement must be repeatable and able to be rolled out across sales forces.
Finally, an opportunity to increase revenue must be present. If the above requirements are met, then the partnership can begin to develop.