You're facing transparency issues in partnerships. How can you ensure effective communication?

To address a transparency issue in between parties, the step zero should be identifying the issue and acknowledging it. This should be followed by a deeper look in to how did this issue got created in the first place. Once we have acknowledged the issue and have a grip on how it got created, initiate an open dialogue amongst the parties where the expectations are already set that there could be things said which either parties may not like to hear, however, the goal is to have a successful partnership. This helps everyone to express and hear without the fear of repercussion. Next we need to ensure that all stakeholders are committed to being more transparent since it helps individuals and organizations alike.

Years ago, I had a partner who distributed our products. My job was to work with and sell through the distributor. The person hired to become our buyer received very little training from the distributor, yet she was in charge of millions of dollars of purchasing. When I met her for the first time, she was brilliant, yet I could see the new job was a bit overwhelming. I slowed things down by asking her if it was okay to highlight the few things that deserved the most focus from her job. I did, and from there on, we had a tremendous business relationship built on a trusted friendship where we helped each other. We valued the open dialogue and the relationship's health above everything else.

Facing transparency issues in partnerships requires a commitment to set clear expectations from day 1. Explain your communication methods and how you conduct periodic follow-ups. Clearly define when to raise red flags, escalations and ensure open communication channels. This approach builds trust, crucial for resolving any issues that could impact the mutual business between parties.

You'll want to understand your roles and responsibilities and how you are to communicate. If communication protocols are ignored, business partnerships can be damaged. By setting clear goals and objectives, especially financial ones, you can agree on your partnership North Star. The North Start is how you articulate success and align resources. Regular meetings are instrumental in fostering collaborative decision-making and resolving conflicts. They provide a platform to settle on shared decision-making processes. It's not just about what you signed; it's about how you show up and work together, from formal meetings to text messages. That's how great partnerships thrive.

We need to be sensitive to how partners like to communicate and stay organized. I have worked with people who prefer text over formal project management software. We can use both and be ready to adjust. One funny thing you learn over time is that even if the partner company wants to use a tool, the person you work with may not. Sometimes, the person you work with is overwhelmed by the partner company's administrative demands. Be prepared to learn what you do for their company and how you work with their partner lead. When the tools we usually rely on are not available, it's essential to be ready to improvise with our partner. Our collaboration ensures that we can cooperate, stay focused on our North Star, and make adjustments.

As the late author and business thought leader Stephen Covey said, "Sharpen the saw." When starting a partnership, we are crawling relative what we can accomplish over 3-5 years. Initially, we are establishing the basics of what our relationship can become. Much valuable work is required to elevate our joint financial results. Our annual goal is to define the partnership's long-term and next-year possibilities. Both parties then commit to working smartly to transition from a crawling phase to a running phase, where our efforts will yield even greater results.