A decade of digital marketing experience has taught me the advantages and pitfalls of collaborating with other businesses.
While partnerships and collaborations are an essential part of success, it is essential to tread carefully and recognise early warning signs that might save you time, effort, and heartbreak.
Here are three red flags I’ve encountered in potential collaborations:
1. The Contra/Service Swap Mirage
“Let’s do a contra/service swap.” This proposition might sound innocent enough, but more often than not, it sets the stage for an unequal partnership.
When all tasks, services, and contributions are quoted, invoiced, and transparently valued, it creates a sense of fairness and equity.
Resentments tend to brew when one party feels undervalued; these informal “swap” agreements are notorious for that. An equitable exchange of services ensures that all parties feel respected and that their work and time are properly acknowledged.
2. The Deferred Promise of Prosperity
“When we make money, you’ll make money.” Is something we hear alot when talking to startups and ventures running on shoestring budgets.
While buying into the dream and the promise of sharing future prosperity is tempting, it’s crucial to tread with caution.
I’ve been down this road more times than I’d like to admit.
I’ve invested time, effort, and expertise to help fledgling businesses flourish, only to be left behind when they scaled up and no longer needed my services.
Your time and skills are valuable now, not just in some hypothetical future where you will be rewarded.
3. The £3.60 Strategy Session
“Can we have a coffee to share ideas?” This happy-sounding invitation can be a huge time vampire for business owners and marketers.
While it sounds like a casual get-together, it often translates to, “Can I pick your brain for the cost of a latte?”
Now, don’t get me wrong. If you genuinely want to help out a friend or have some free time, go for it! Coffee chats can be wonderful. But suppose you’re looking to grow your business and forge meaningful professional relationships.
In that case, it’s important to remember that your expertise is worth more than a cup of coffee and an overpriced flapjack.
In Conclusion
Partnerships and collaborations can be incredibly enriching and productive, but it’s essential to recognise potential pitfalls from the outset.
By being aware of these red flags, you can make more informed decisions and ensure that your collaborations are mutually beneficial.
Remember, the right partnership respects and values all contributions – be it time, expertise, or resources. Always strive for collaborations where all parties feel recognised, valued, and fairly compensated.