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The 4 Key Tenets of Every Successful Partnership

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The saying “your network is everything” has never rang truer than over the past year and a half. Building relationships and partnerships has been the key to many businesses’ survival during the pandemic, and even outside of the everyday challenges faced in this current economic climate, partnerships are hard work.

Healthy business partnerships are a lot like marriages. From my more than two decades at the intersection of fintech and software industries, leading global business development and strategic partnerships, I’ve learned that there are four essential ingredients to creating the perfect union.

Radical candor seems to be the new language companies are speaking these days. Although you may be comfortable being direct with your colleagues or teammates, should you be with partners? Absolutely.

It pays to speak the truth, honestly and without varnish. An example of this in action was when my team at Bill.com negotiated a brand new deal with a major Fortune 100 financial partner. Our original agreement was to build a solution that they would put on their platform — giving us access to a large market and providing them with a tool to better serve their clients. The plan was put into action, but a few weeks into the initial design phase, we realized that what we were building was not the right fit for the partner’s customers. So, we went back and proposed building something even bigger and better — and yes, a bit costlier.

I had the tough task of talking to our client, and I said, “I know what you bought. I know what you want to implement. But I don't........

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