Three critical success factors that can make or break a business partnership are trust, goal alignment and continuous self-evaluation. Other factors include drive and complementary skill sets.
Trust is the most important factor in a sustainable business partnership. Partners should have mutual respect for each other’s working style and values, communicate openly, and give their opinions assertively.
In a viable business partnership, partners share similar goals and visions for the company. Goals are realigned as the company evolves and enters new markets.
Partners should engage in self-evaluation and understand their strengths and weaknesses. They should be honest with their partners about their strengths and weaknesses.
A strong business partnership offers additional perspective and skills to an organization. A good partner stands with the company when things get tough and keeps the organization’s best interests in mind.