Successful Partnerships between Companies Requires Upfront Planning

Much of what I blog about stems from experiences of a positive nature, but I also believe in passing along my less than positive interactions so that, hopefully, someone else can avoid the same problems.  Frontline is involved in a situation currently which stems from a collaboration formed with another business.  That company is about the same size in revenue as Frontline, but they have less experience in the federal marketplace.  That in itself is not a problem and I say, “Hat’s off to someone working hard and trying to build their business.”

However, establishing the type of partnership that will result in a win/win for both companies should have some specific agreements laid out right at the beginning.  First and foremost, make sure the company you’re reaching out to partner with possesses similar synergies and operating ethics as your company.  If you are not on level ground from the beginning, it won’t get easier down the road and you are setting up a collaboration that is most likely doomed to failure.  The end goal definitely involves creating revenue for both companies, but to reach that end you must start with a clear and concise plan for execution.  That plan should encompass both companies stating their expectations of the partnership and how they intend to reach the end goal.

 Make Sure your Company Fulfills the Agreement

The current situation involving Frontline has been in the works for nearly four months now, starting around Christmas, and unfortunately, sometimes the best laid plans don’t reach culmination.  If the other party doesn’t grasp the full extent of the agreement or they feel their personal “win” isn’t what they were expecting, neither company is going to recognize a win.  That being said, it’s still well worthwhile to try and iron out all details and expectations in the beginning and then make sure your company follows through with what it promises.  This is the best guarantee you have for success of that partnership and if things do go wrong, at least give yourself the satisfaction of knowing that your company upheld its end of the agreement.

If you want to discuss strategies on setting up a partnership, I can be reached below in the comments or by contacting me directly.