NEW YORK ( TheStreet) -- Small-business owners and entrepreneurs are passionate about expanding their companies. That passion often leads them to search for partners that can increase the value of the business or accelerate its growth.
Set specific returns for both parties: Identifying specific rewards for each partner will help measure the effectiveness of the partnership, and reduce the chance of surprise or disappointment after the partnership is created. Identify the effort's benefits and requirements: I can't stress enough the need for the entrepreneur to ask: "Am I prepared to work hard to make this partnership work?" Being a good partner is hard work. While tending to your firm's daily operations, you must recognize opportunities you could share and try to exceed the parties' expectations. The partner can seem like another top-line customer, with often indirect revenue or value streams. Partnerships can be very valuable to a young business. But the wrong partner or situation can impede growth. Following these steps can save time and help ensure success.