Engage in Respectful Challenges:
That said, just because you have an
agreement doesn’t mean the partner
is going to be squeaky clean, and it
certainly doesn’t exonerate you from
liability. Don’t be afraid to ask for justification when the bills come in and do
your intermittent checks and balances.
This means requiring routine financial
reporting as well as making allowances
for – or even demanding – audits when
situations call for a closer look.
Establish Open Lines of
Communication: Ensure that communications are ongoing and that
both parties are comfortable with
raising issues and challenges as they
arise. Acknowledging and continually
reassessing what each partner brings
to the table during a changing business climate will ensure that the right
decisions are made and that methods
to achieve them are appropriate and
Strong partnerships are prerequisite
for many companies doing business
overseas and, with a wave of global
trade agreements under discussion, the
opportunities will only increase. The
global economy brings many business
benefits on all sides of such arrangements. But acknowledging where
expertise is needed and the legal,
regulatory, and contractual requirements to establishing such relationships
is just the start. The values and cultural
beliefs of a partner are just as important. Writing the rules of engagement
early – and holding your partners to
them – will facilitate a lasting and more
Carolyn Goga, a Director at strategy
consulting firm ARRYVE, builds quality
and performance in finance, risk and
procurement environments, ensuring
that increasingly costly requirements
of corporate compliance are balanced
against business demands for speed
and agility. With experience working
in international accounting and complex multinational corporations, she
blends process improvement and design, risk management and international regulatory compliance to create a potent mix of strategy-driven, action-oriented, and globally-savvy performance.
Carolyn can be reached at email@example.com.
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