A partnership agreement is a pooling of resources, defined by the parties, to achieve a common goal or undertake a business where risks, tasks, skills and benefits are shared.
The 4 points of a Successful Partnership
The purpose of the partnership should be based on a shared vision and a clearly defined mission where each party has its role and motivation. Partnership must result in a shared and mutual benefit that would not have been achieved without the parties' synergy.
In a partnership, the roles and responsibilities of each party must be well defined. A partnership is based on trust between the partners through a good perception of the company's culture, capacities, strengths, constraints and resource needs.
The management of the partnership should be based on the results of the business. The partnership agreement should incorporate processes for consulting shareholders, managing expectations and even managing disagreements. Take into account cultural and linguistic differences that may lead to different interpretations of a text. Describing the communication processes, their frequency, recurring themes and the transparency required are essential points to be included in the partnership management processes for joint problem-solving, decision making and conflict resolution.
Regular reporting on the situation in the company is mandatory in a partnership. Everyone has their role, and everyone has their responsibilities. You need to measure the synergy created by the partnership. This information must be published within the company.