You're facing performance issues in your partnership. How can you prevent them from escalating?

To prevent performance issues from escalating in a partnership, open dialogue is critical. A Forbes study found that 75% of partnership issues are resolved early when there’s consistent communication. Take IBM’s long-standing partnerships—they regularly hold “health checks” with partners, addressing concerns before they become major problems. By creating an environment where partners feel comfortable discussing issues, you can resolve problems before they spiral.

Partnership performance problems might be quite difficult, but they are not unsolvable. Honest and open communication is one of the most important measures in avoiding performance problems. Frequent check-ins and conversations can be helpful in seeing possible issues early on and taking action before they worsen. It's critical to provide a safe and positive space where both partners may voice their worries and frustrations without worrying about being criticised. Another key factor in preventing performance issues is shared goals and objectives. Ensuring that both partners are aligned on the partnership's goals and expectations can help prevent misunderstandings and conflicts.

The techniques for defining precise expectations are essentially the same when talking about business relationships, but the emphasis is on results and goals related to the workplace. Here are some customised advice: Establishing Unambiguous Goals in Business Collaborations Establish Roles and Responsibilities: Clearly state the obligations, responsibilities, and power of decision-making for each partner. Set Up Measures of Performance: Establish quantifiable objectives and KPIs to monitor advancement and assess performance. Agree on Communication Channels: Determine how and when you will communicate, whether it's through regular meetings, emails, or project management tools.

A successful business collaboration depends on effective progress tracking. Here are some tactics to think about: Regular Check-ins: Schedule regular meetings or check-ins to discuss progress, address any issues, and ensure everyone is on the same page. Monitor KPIs, or key performance indicators: Monitor key performance indicators that are relevant to your partnership's goals. This could include sales figures, project milestones, or customer satisfaction metrics. Use Project Management Tools: Employ project management software to track tasks, deadlines, and progress. Conduct Regular Reviews: Periodically review your partnership's performance against your agreed-upon goals and expectations.