Cooperate with another Company – The Soft Stuff!
There are quite a few things to keep in mind when managing a business cooperation. You have to decide on Business relationship, Roles and Responsibilities, Risks and mitigation. All of these matters are though quite straight forward once you have decided. But it doesn’t end there! You should not forget that a Business Cooperation is a relationship and as such come with a lot of soft stuff. Soft stuff you need to focus and spend time on. At the end of the day, this is what will decide if your Business Cooperation will support your Objectives or it will be a failure and a waste of time.
Let us look at some of the soft stuff that really matters in a Business Cooperation.
The Soft Stuff in a Business Cooperation
Agree and work for a common Objective
- You can help both your Partner and the teams on both sides if you agree upon a Common Objective. The teams on both sides will then have an easier task to do their duties.
Agree upon a way of working
- In addition you and your Partner can define and agree upon the preferred way of working in the interaction between the two teams.
Set Point of Contacts
- It is a good practice if you and your Partner appoint Point of Contacts in various interfaces, such as Sales, Supply and Support etc.
Set Escalation Procedures
- Importantly You and your Partner should define and agree upon Escalations Procedures should there be any urgent issues that must be resolved quickly. This is especially important for Sales, Supply and Support.
Share Relevant Information
- Do not forget that the team on both sides need information in order to perform their tasks well. The information needs to be relevant, not too much but not too little.
Build trust in all your communications and actions
- It is important to remember that as in any relationship, you and your Partners communication and actions should build trust, now and tomorrow.
Managing the Relationship in a Business Cooperation will help you to manage the activities to support your Business Objectives. You should take special considerations on the soft stuff in the relationship. It will be the difference of a good cooperation versus a bad one. Thus it will decide the return of your investment.
Some more advice (Links)
- Building a Business Partnership That Lasts
- Credit: Entrepreneur
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