Searching (WED), Shortlisting (ICE) and Signing-up (GET) the Right Business Partner?

Searching (WED), Shortlisting (ICE) and Signing-up (GET) the Right Business Partner?
(CopyRight 2009; Benjamin Goh, www.bensglobal.com)

In looking for a business partner, its like looking for the right spouse to "WED". As such, "WED" before you wed:-
- W for Word of Mouth. In your network circle, ask those in your network to recommend potential business partners that they have had good experiences with or not so good experiences. This allows you to gauge their recommendations and decide on who is good for your projects.
- E for Exhibitions. Visit trade shows where potential business partners may be exhibiting. Check them up and understand what your options are.
- D for Directories. Look up industry directories or trade show directories where you can find some suitable business partners. Likewise, check them up and understand what your options are.

Once you shortlist several suitable business partners, you should perform the "ICE" to ascertain who is the most suitable:
- I for Interview their key personnel. Ask them about the approach to doing business with you, how many projects they are in to ascertain if they shorthanded, etc. Escertain that you share common values, common goal, similar level of commitment, an adequate financial position and
possesses complementary strengths.
- C for Check them up on the internet (technology blogs, etc) and other possible sources.
- E for Examine their customer references. Understand from others how they are.

After you have selected the Right Business Partner(s), then you have to make sure that you will "GET" in order to guarantee a successful marriage.
- G for Goals. Have realistic budgets and schedules. Have some buffers just in case!
- E for Expense and Expectations. Plan for cost overruns and set the right expectations up front before the project(s) commence. Evaluate the partnership upon an agreed time and plan for an exit strategy just in case the partnership fails.
- T for Time. Plan for delays. Make sure that this is taken into account in the time schedule planned for the project.