8: How to Fix Your High Maintenance Business Partnerships

Two heads are better than one but it takes intention and patience to work in partnership successfully.

Whether your business partnership means co-owning your brand, working with multiple vendors, or both, all of these require regular maintenance to keep them high functioning, valuable, and gratifying.

But what about when you’re in a partnership that’s headed in the wrong direction? What do you do about it then?

I frequently coach retailers and makers through the vendor partnership aspect of business. What most merchants don’t realize is that the true value of these relationships does not center around physical inventory.

In fact, there are many components that contribute to awarding the metaphoric Partnership Gold Star — like being reliable, consistent, and a clear communicator.
​
Though many partners have the best intentions, you may find yourself in a business relationship that needs repair. Perhaps someone is falling short of your expectations or you’re falling short of theirs.

What should your next move be? Reflect on these questions to find out before you take your next step:

• How did this business partnership become high maintenance?
  
• Is this a different partnership than you expected or is your current situation unsurprising?
  
• What is this partnership worth to you in your business?
  
• How have you or are you contributing to the problem?
  
• If this partnership were to be fixed, improved, salvaged, or grow, what must be true?
  

As you sketch out where to go from here, incorporate your Retail Success Style into your action plan. You can discover your style in 60-second by that the free Retail Success Style quiz at MerchantMethod.com/Quiz.

If you like this episode, here’s how to dive in even deeper.

➙ Learn alongside other retailers and makers inside my free podcast community at MerchantMethod.com/RetailShift. This is where you can get support on podcast topics, exclusive hot tips, and more.

Bonus Video Training for Action-Takers

​With passion and purpose,

How to Subscribe & Leave a Review

Are you subscribed to my podcast? If not, you should do that because I don’t want you to miss an episode. I’m adding new episodes into the mix and, if you’re not subscribed, you might miss out on those. A quick click here will get you subscribed in iTunes!

Now if you really liked — or even loved — something I shared, can you help me out with a review on iTunes? This simple action will help other merchants find you and I, and this podcast. Click here to review: select “Ratings and Review” and “Write a Review.”