Why bother to invest time in building relationships with our business partners?
01 Apr 2007
70% of partnerships and mergers fail because of poor culture fit between the parties or inattention to working well together.
Over 65% of performance problems in these mergers or partnership arrangements result from strained relationships.
42% of a manager's time is spent reaching agreements with others when conflicts occur.
So if only to avoid the wastage in management time and effort involved in resolving these issues but also to avoid the whole project crashing or the merger dissolving then it is well woth investing the time in management training, relationship building and careful planning and preparation before embarking on such complex and costly ventures.
If we look at some high profile public projects requiring good partnership working over recent times we can graphically see the cost and scale of things when they go awry.
The Sydney Opera House cost 15 times its original estimate.
The Scottish Parliament was 900% over it's original estimate.
Wembley Stadium will be at least one year late and £200m over budget
The successful London Olympic bid looks likely to exceed the original cost estimate by £1b - and it not feasible that the Stadia will not be delivered on time!
Now I am not saying that the only factors that have thrown these projects grossly off plan and over budget was the relationships between partners - but I am saying that the impacts of these conflicts, adjustments and difficulties can be avoided in some cases and reduced in most cases if the partnership relationships are strong.
So please choose your partners with care, understand who you are relying on to achieve your project objectives and invest time in building and keeping those relationships on track.
\doing so will keep you in a job and pay dividends in the end.
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