Is It Time to Bring in a Partner? Evaluating Strategic Partnerships in Small Business

In business, there often comes a moment when you realize you need more hands on deck—or a new set of skills that you don’t possess. Enter the idea of a partnership. Whether it’s a friend, a colleague, or someone you’ve worked with professionally, the concept of a business partner can sound appealing. But before diving in, it’s essential to evaluate the opportunity thoughtfully. Here’s how you can approach building a successful business partnership.

Step 1: Assess What’s Missing in Your Business

Before reaching out to potential partners, get clear on what you need. Is it a specific skill set? A new perspective? More hands-on help with daily operations? By identifying the gap, you can determine whether a partnership is the right solution—or if you might be better off hiring an employee or subcontractor.

A partnership should fill a need that genuinely helps you grow your business. For example, if you’re fantastic at client acquisition but struggle with the execution side of things, finding a partner with strong operational skills could be a game-changer.

Step 2: Define Clear Roles and Responsibilities

One of the most common pitfalls in partnerships is the lack of clear roles. It’s essential to define who will be responsible for what from the start. This not only sets expectations but also prevents overlap, confusion, and potential conflicts down the road.

When I guide clients through building partnerships, I emphasize the importance of clarity. Think of it like building a house—you wouldn’t start without blueprints. Create a structure where each person knows their area of expertise and can excel without stepping on each other’s toes.

Step 3: Use Strength Assessments to Maximize Efficiency

Using tools like the Kolbe A Index or the Clifton StrengthsFinder 2.0 can provide valuable insights into each person’s strengths and natural tendencies. By understanding these strengths, you can build a partnership that plays to each person’s strengths and minimizes weaknesses. It’s about aligning roles so that everyone is set up for success.

A well-matched partnership isn’t just about having complementary skills; it’s about understanding how each person naturally operates and ensuring that fits within the vision of the business. This alignment is what makes partnerships thrive.

Step 4: Consider the Structure That Works Best for You

Not every partnership needs to be 50-50. Sometimes, it makes more sense to have a subcontracting arrangement or a structure where each person has autonomy in their area. Think creatively about what makes the most sense for your business model and long-term vision.

Is it a partnership where you share profits and decision-making equally, or does one of you take on a leadership role while the other supports specific functions? Explore different structures and choose the one that sets you both up for success.

Building a Partnership for Growth

A strategic partnership can be a powerful way to grow your business, but it needs to be approached thoughtfully. By assessing your needs, defining roles clearly, leveraging strengths assessments, and choosing the right structure, you can create a partnership that enhances your business and leads to long-term success. Remember, the goal is not just to add another person to the team but to bring in someone who complements your strengths and helps you achieve your business vision.