As a part of a startup, you know how important it is to establish partnerships to scale your business. Just as growth is an essential aspect of a company’s success, the founding CEOs need to be open to seeking support. Because it is often difficult for one person to properly manage the entire business and make it is profitable in the long term. Choosing the right partner will help you ensure the company's growth and stimulate its development.

In this article, we provide six fundamental building blocks of high-performing partnerships.

Building a Partnership That Forces Business Growth

Think of your business partners as growth accelerants: they deliver brand awareness, resources, scale, innovation, and a tailwind that's difficult to deal with alone.

Adhere to these six principles while building a relationship with your business companion.

Align Key Values

In any close relationship, that may be the single most essential factor – finding a partner who believes in your core values, your convictions. Contracting with a partner who adheres to the same standards will be crucial at every stage of your business endeavor.

Be Cohesive in Your Vision

Where do you think your company is going? What does the future look like? Partners need to be aligned with each other in terms of the future of the business, and the impact they are making on the company.

Fill in Your Gaps

It's safer and wiser to seek out partnerships with leading and supporting individuals and teams with differing skill sets than to attempt to replicate yourself. When it comes to matching up certain expertise in a partnership, the person in charge of strategy and business development is generally paired with someone in operations and development.

Communicate Dynamically and Deliberately

Partners must be willing to discuss anything related to their business with you and must be able to have difficult talks. If possible, they should have weekly calls/meetings, as well as communications that normally happen throughout the working day.

Schedule Strategic Planning

Partners will benefit from setting aside expert advisory meetings every six to eight weeks to analyze the growth and progress of the business’s direction and development. This is a block of time for companies and other organizations to decompress and reflect, discuss their accomplishments, potential change, and other vital issues.

Take Care of Legal Part

When you're going to enter into a partnership, you should set a partnership contract to protect the business and both of you in the event of a dispute. We are not saying this will happen, but there are instances on the market from time to time. Unless one partner is investing heavily in the partnership, consider splitting 50/50.

milestoneBased Helps Building Solid Partnerships With Investors

milestoneBased is thrilled to be making a massive contribution to Investor and Founder partnerships. We know from our own experience that the right partners can push the company forward. So we will not only provide startups an advanced and secure platform for project management and execution. milestoneBased will also partner with complementary solutions/companies to add to the platform offering and partners that add value to sales and marketing opportunities. Partnerships with complementary organizations/solutions will be crucial to growth. 

In fact, milestoneBased is on the mission to solve multiple issues: unsystematic investor-founder relationships, inefficient deployed funds management, and inexperienced founders that too often have execution issues. Using the power of blockchain DAOs and smart contracts, we will eliminate those problems for good.  With our tool, you get greater confidence from automated startup cooperation, more transparency, security, data-driven insights, and a faster path to monetization of deployed funds.

Final Word

The strategies described above can help build solid partnerships and stay the course as the business grows. A business's best building blocks are values, shared purpose, strong communication, and strategic planning. Standing shoulder-to-shoulder, you and your business partner will undoubtedly bring the company to a bright and prosperous future.