Partnerships can be hugely successful for business owners and professionals in the mortgage broking space, presenting an opportunity for two businesses to work together for mutually beneficial outcomes. But when joining forces with another person or business, it’s essential to choose wisely. These people or businesses will be representing your brand and values, so you want to get it right.
It’s similar to hiring an employee. You’re entering into an agreement, and it’s vital that you’re working with the right people to ensure it’s a beneficial relationship for both parties.
Here are our top tips for building long-term professional partnerships.
Don’t ignore your gut feel
The gut feel test is a legitimate tool that you should utilise when meeting people and deciding whether to partner with them or not. From the very first interaction, you’ll start to get vibes from someone. Don’t ignore this. If you get the feeling that they may not be trustworthy, that they won’t hold up their end of the bargain, or that they’re going to be flaky and hard to get a hold of, you’re probably right.
An initial phone call and a meeting or two before entering into any kind of partnership is essential. Be sure to meet them in person, and if you’re concerned about their character, come armed with questions to test it. For example, ask them to send you something to see how fast they respond and how helpful they are.
Ensure mutual benefit
Professional partnerships should be founded on the idea that both parties will get something out of it. The benefits should be equal, not one party benefiting a lot and the other not getting much out of it. Ensure that your values and ideas are aligned so you’ll both get what you want out of the arrangement.
Flesh out the terms
Take the time to properly flesh out the terms of your partnership. Make note of what your ideal outcomes are and how any revenue generated will be shared. You should also decide on key timeframes and milestones for the both of you. Who’s going to be in charge of what? What happens if an issue arises? How will you know when it’s time to bring the partnership to a close?
Document the terms
An agreement in writing is clear, but a verbal agreement is unclear. Once you’ve fleshed out your terms in person, put them in writing and consider having them reviewed by a legal professional. Ensure you each have a copy to refer to.
Consider your time
Partnerships require nurturing. Ensure you’re willing to put time into this partnership, in setting it up, getting it running and then maintaining it. Think about how much of your time this will take up and if it’s going to take you away from more important things.
Consider your process and resources
Think also about what resources you can spare to invest into the partnership. You’ll need to spend time outlining processes around what you need to be doing to contribute to the partnership. Will you have the time and the right people on hand to sustainably make this work?
Long-term partnerships can often result in financial and professional benefits for both parties. But before you go establishing business partnerships left, right and centre, make sure you’re doing your due diligence and properly analysing each opportunity effectively before diving in.
If you’re looking to partner with a trustworthy and reliable recruitment agency to drive your business’ growth, we’d love to chat with you. Get in touch.