How to build your power team with
Strategic Partnerships

Women entrepreneurs like to be in charge, but you should think again if you are thinking to do it all by yourself. Strategic Partnerships are proven to be a key element of success, when talking about entrepreneurship. There are many advantages to having a power team, you just have to be careful on who you choose; but don’t worry, this page is dedicated to help you accomplish that.

Your goal is to put together a multi-functional team with a diverse set of strengths and skills; ideally you’ll form a strategic partnership with individuals that have skills in: finance, marketing, sales and operations; but remember to choose wisely when forming your power team, because a strategic partnership is like a marriage, so you better like, respect and trust them.

Consider the following points, before enter into a partnership:

1. Draw up a legal partnership agreement: If you are sharing ownership, be clear about it; who owns what percentage of the company, how decision will be made, how disputes will be settled, etc.


2. Write up a buy/sell agreement: Hire an attorney, to write down how ownership will be transferred if one of you wants to leave or buy the other out; or if something happens to one of you. Also, in case of friends or family, decide how you will handle things if your personal relationship falls apart.
   If you are one of many women entrepreneurs, and your husband is one of your partners, make sure you don’t bring business into the bedroom. Solve your differences at the office. Your home should be heaven for you, not another battleground.


3. Determine your company and personal goals: I’ve said it many times before, you can’t reach a goal that you haven’t set. If you don’t know how to go through an effective and motivating goal setting exercise, contact me and I’ll be happy to help you with that.


4. Develop a Business Plan : Write up a business plan for your company, projecting out at least 3-5 years. This will help you get funding, and mapping the way to your success.


5. Assign responsibilities: Clarify from the beginning who has responsibility and authority over which aspects of the company. The sooner, the better.

If you have or you are planning to have a strategic partnership with a friend, you may want to consider the following:

1. Establish a client / consultant relationship from the beginning: Try not to mix social time with work time in the same phone call or meeting.


2. Establish clear fees, timetables and expectations: Do not leave any room for interpretations if you cherish your friendship. The more direct you are, the less room for misunderstandings than can seriously damage your relationship. Sign a contractor agreement or letter.


3. Don’t let a friend help you for free, if you have time constraints: If you are going to put demands on their time, make sure they charge you, even a small amount, but preferable their regular rates and promptly.


4. Communication is key: Make sure you set time aside to talk about progress, problems, new ideas, etc. The fact that you are friends, doesn’t mean that you are mind readers. This is frequently a problem with women entrepreneurs working with friends; so don't assume anything... better safe than sorry!

What strategic partnerships should your power team have? Compare your strategic partnerships with the list below:

• Someone in your power team has expertise in Finance, Marketing, Sales and Operations. (You could be one or many of these areas, if you have the knowledge and expertise, and this statement applies for all of the following points).


• Someone in your power team has experience in your industry.


• Someone in your strategic partnership has good credit score.


• Someone in your team is already a successful entrepreneur. You should have a mentor, or a coach in your power team, as long as they are familiar with entrepreneurship.


• Someone in your team has network connections with venture capitals, bankers or other potential funding sources.


• Put together a Board of Advisors as members of your power team. They counsel the founders, but have no voting power when it comes to major company decisions. Your board of Advisors should include:
  
  • Attorney
  
  
  • CPA
  
  
  • Insurance Broker
  
  
  • Entrepreneur Coach

One type of board that many entrepreneurs, women entrepreneurs included, neglect to establish is a personal board. As important as any other board, this is a handpicked group of people advising and coaching you you on your career and personal growth.

These are people you trust, and people who will help you achieve your goals. Your mentor will let you know when you are out of balance, micromanaging your business instead of delegating, and stuck in the mud instead of moving forward. They provide a safe place for talking things through.

Don’t lose the opportunity to have an experience woman entrepreneur in your personal board and power team. Contact me today to inquire about the FREE Discovery Coaching Session, the most insightful 30 minutes that you will have; but don’t waste more time, because these sessions are limited.

Carmen Shearer
Founder and CEO
Entrepreneur Women Coaching and Training, LLC
(800) 980-3928