Retail Shift

Two heads are better than one but it takes intention and patience to work in partnership successfully. Whether your business partnership means co-owning your brand, working with multiple vendors, or both, all of these require regular maintenance to keep them high functioning, valuable, and gratifying. But what about when you’re in a partnership that’s headed in the wrong direction? What do you do about it then? I frequently coach retailers and makers through the vendor partnership aspect of business. What most merchants don’t realize is that the true value of these relationships does not center around physical inventory. In fact, there are many components that contribute to awarding the metaphoric Partnership Gold Star — like being reliable, consistent, and a clear communicator. Though many partners have the best intentions, you may find yourself in a business relationship that needs repair. Perhaps someone is falling short of your expectations or you’re falling short of theirs. What should your next move be?