A partnership is an agreement where different parties agree to cooperate to advance their mutual interests. The partners in HarbourFront may be individuals, businesses, governments, and so on. It is a specific kind of legal relationship formed by agreement between two or more parties to carry on business.
A partnership in business is similar to personal partnerships. A successful business partnership requires not just short-term mutual interest but long-term compatibility.
Entering into a business partnership in HarbourFront can be very exciting. You’ve found someone who shares your vision, works well with you, and has lots of great ideas. To create a partnership business, understand the why of your partner, seek commonality and shared vision, don’t rush the process, write things down.
Be clear on the value you bring to the table. Be honest about why you’re interested in creating a partnership. Understand why your partner is seeking to connect. Best partnerships work because the vision and values are shared as well as passion and enthusiasm. Seal all agreements in writing to avoid messy breakups in future. Contracts preserve relationship, not destroy them.
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Solopreneurs who possess agile professional skills bring to the organizations with whom they work urgently needed expertise, often limited to a specific assignment and for a predetermined length of time. Agile Solopreneurs provide great insight, heightened productivity and relevant experience to countless mission-critical projects.
Agile innovation first swept through the Information Technology sector and greatly increased success rates in software development, improving product quality and speed to market. Agile management techniques are spreading to other industries and Solopreneur consultants ought to be aware of what is involved, both as regards the ways your clients and prospects may buy into agile practices and how you might incorporate certain agile methods into your consultancy.
More so than in the past, business ventures now exist in highly dynamic conditions. Customer priorities and technological advancements are known to change rapidly. Keeping a finger on the pulse of new developments and innovating or adapting as necessary the company's products and services in response are essential. Marketing strategies, advertising buzz words and sales strategies operate on short-term cycles that fit the parameters of social media platforms. This fast-moving environment demands the stewardship of leaders who command agile skills. But what does agile mean in practice?
Agile does not mean doing the usual thing, only faster. Darrell Rigby, a partner at Bain & Company consulting and Hirotaka Takeuchi, professor of strategy at the Harvard Business School and CEO of Scrum, Inc., a consulting and training firm, describe agile business practices as containing the following elements:
- Scrum: Creative and adaptive teamwork that solves complex problems.
- Lean development: That focuses on the continual elimination of waste.
- Kanban: That focuses on reducing lead times and the amount of time needed to complete a process.
- When the solutions to an obstacle or challenge are unknown
- When the specifications of a product in development may be subject to change
- When the scope of work to be done on a project is not precisely known
- When cross-functional collaboration is presumed to be vital and time to market is sensitive
External Solopreneur consultants must always present ourselves as being dependable, trustworthy, capable and able to meet or exceed the clients' expectations by way of the cutting-edge skills that we possess. In this way, we make hiring managers and project sponsors feel that they'll appear trustworthy and capable to their peers and superiors when they bring us on board. In this way we can build and sustain a viable consultancy.
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With the support of our professional business network, you get the opportunity to exchange experience and knowledge at a top professional level, and to strengthen and develop your own skills within your management and specialist areas.
Legal structure of partnership will dictate many decisions as to how the business is run.
Main partnership types are:
- General Partnership: formed when all partners participate in business operations and take mutual responsibility for business’s debt. These offer very little protection for partners from liability.
- Limited Partnership: most often chosen when business partners in HarbourFront are taking an uneven level of involvement in business.
- Limited Liability Partnership: is a structure that limits each individual’s personal financial responsibility.
What’s left unsaid or unplanned often leads to unmet expectations. Partners can clash over countless things.
First, ask yourself do you really need a business partner to build a successful business in HarbourFront? Test the partnership out by tackling a small project together. Business partnership can end bitterly. Be especially careful when partnering with close friends or family members. Thoughtfully plan and prepare for every aspect of partnership in advance so there’s no question about how difficult situations will be handled. Create a partnership agreement with help from a lawyer and an accountant. Agreement should address compensation, roles and responsibilities, exit clauses. Outline your expectations for how you’ll operate your business.
Networking has always been considered a powerful tool for improving business prospects, advancing a career, and developing ideas. Other than some brief, structured events, networking has been mostly informal and inexpensive in comparison to cost they otherwise spend on different channels. But membership is growing in many formal, long-term networking groups, and so is the price tag.
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Developing brand strategy is extremely critical. The most important asset your company has is its brand. Quite simply, for better or worse, it drives the direction of your business. You should definitely have a well thought out brand strategy in place. Unfortunately, too many companies don't have a brand strategy, or have an inconsistent brand strategy. A brand strategy company should realize there's probably a good reason you may not be paying attention to your brand strategy--you're busy running your business.
What you don't realize is that a proper brand strategy can make running your business easier and more profitable. A brand strategy is truly powerful, and a brand strategy company should be ready to help you find and develop the right brand strategy for your company.
Just how important is it that you hire someone who understands what makes a solid brand strategy? Consider this. Say you want to remodel your kitchen. If you were to do it yourself with no prior experience, it would take a lot of time and a lot of trial and error to get it right. That's why it's a better idea to hire a good contractor to get the job done right the first time and on budget. The same is true for brand strategy.
Creating the right brand strategy for your business requires research and a great deal of thought on how to creatively execute a brand strategy that captivates your audience. Then, it takes a talented group of creative branding strategy gurus to execute it. A branding company should be ready to be your "contractor" and develop a brand strategy that works for your business.
Addressing the issues upfront will help you better focus on your business later. Set expectations for a successful business partnership. Know your relationship with your business partner. Know your financial roles and viewpoints. Know your exit strategy. Agree on structuring your partnership.