How to Build a Strong Partnership
Source: CPA Trendlines
The following includes excerpts, reproduced with permission, from an article by August Aquila.
Here are seven characteristics that form the foundation of a great partnership. If you are missing any of them, or if you merely need to improve in some areas, now is the time to start strengthening your firm's foundation.
- Trust. The foundation of any good relationship is trust. Without trust there can be no productive conflict, commitment or accountability.
- Common values. Some people may argue with me, but I believe that having common values is the very foundation for the successful partnership. This does not mean that partners are clones of one another, but partners need to agree upon the firm's core values.
- Chemistry. The key question is, “How do you feel about each of your fellow partners?” Would you still make them partners today? If you are not comfortable with a current partner, it's best to take heed and address the issue.
- Defined Expectations. I have found that the best partnerships set goals for each of the partners at the beginning of the year. And they don't try to make all the partners do the same things. They look to leverage each partner's strengths. Each partner knows his role on the team and its corresponding value.
- Mutual respect. When partners have defined expectations and understanding of each other's strengths, they develop a mutual respect for each other. As a partner meets or exceeds his or her goals, the feelings of respect for that partner only increase.
- Synergy. Great partnerships create more than the sum of the parts. They are able to match one partner with another whose skills and experience are different.
- Great two-way communication. The above elements of a good partnership won't make much difference if there is not good or great two-way communication in the firm.
For the complete article, read “Seven Steps to Building a Great Partnership.”
From CPA Trendlines, http://cpatrendlines.com, January 31, 2012.