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Get the Partnership Right
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Doing business in Africa means getting your business partnerships right. Partnerships make-up a disproportionate level of business success within this region, so at each stage of the business cycle a large amount of time must be spent in this regard. In our recent experience, over 50% of our professional time was spent finding, vetting and communicating with our local partners. To be successful in any African market, partnerships must be much more than a business development tool. Try to find partners who can participate in the delivery side of the business or project. It can take 6 month to a year to find the right partner, but the time is well worth it.
Here are some basic tips:
- Take a long term view of the partnership;
- Share the spoils and control;
- Communicate robustly;
- Outsource the local dynamics and coordinate to the local partner;
- Be sure to include your partner in the operational or delivery side of the business/project;
- Be sure all compensation are linked to some task; and
- Do not focus just on profit share but revenue share as well.
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