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Partnering? Be Strategic
2:26
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Jan 11, 2010
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VIDEO - Are you partnering with another business? If so, Anita Campbell, CEO of smallbiztrends.com, recommends setting up an invoice process to ensure that everybody knows their invoicing and collection responsibilities.
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Video Comments (1)
Indie Business Media, LLC
CEO
(8 days ago)I have learned to make sure an agreement has a "test" period in it. During this period, everyone involved can terminate the agreement within the first 30 days (or whatever) without any explanation. Of course, this period must expire before third party interests are affected, and it won't work in each case, but it does help. I also include paragraphs specifying what happens if the deal doesn't work so customers and other stakeholders (including me!) are not left hanging.
But I think the best thing I do before partnering formally is partnering informally. In this way, I can see a track record of performance and dedication before committing myself to anything. I have halted many a possible deal by starting with a small arrangement where adverse consequences if things didn't work out were minimal to none. This has allowed me to keep relationships in tact and move on to people who demonstrate commitment in the small things first.
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