What Makes A Good Partnership In Business? Find Out!
You and your business partner are all set to conquer the world. You have your financial backing in place, you know where you’re heading and how you plan on getting there.
But how will your partnership work day-to-day? Will you tread on each other’s toes or argue you about every business decision that needs to be made?
Having someone on your side, through the bad times and the good is invaluable. A business partner can help share the load, share your disappointment and celebrate your successes.
But how easy is it to build a successful partnership and how can you avoid the pitfalls that trap so many would-be partners?
Here, I will share some tips on making business partnership the stuff of dreams and not nightmares.
1. Both Partners Divide and Conquer
You have your side of the business, they have theirs. You might be in charge of creating your product or service and delivering it, while they are in charge of the marketing side of things. This approach has saved many a business relationship but it does involve total trust.
The best way to establish that trust is to stick to a plan that you both agree on. This plan will set out in detail the goals and objectives you have and how you will reach them.
While you both know what each other are working towards. The day-to-day running of that side of things is down to you both individually.
2. Both Partners Communicate Effectively
That doesn’t mean you’re operating in the dark.
Get together weekly to talk about what’s going on. Be upfront with any problems that might be causing obstructions and celebrate your successes together.
Trust your partner to have your best interests at heart, after all, you share a common goal.
3. Good Partnership Outsource if Necessary
It might be that you decide to outsource some of your workloads, either because you don’t have the resources to do it properly or because you don’t have enough know-how between you.
While it’s a good idea to interview the potential outside help together, so they have a fuller picture of your business, it’s important to then step back.
When it comes to managing your consultant or an experienced ad agency, split that up between you. Don’t make the relationship confusing by issuing separate instructions to the consultant.
Make sure there is one point of communication and respect your partner’s distance.
4. Both Partners Don’t Bottle Things Up
If you are worried about the business partnership or your partner has done something you don’t quite agree with, it’s important not to bottle your feelings up.
When you bottle things up, it gets worse in the end when you finally let it out. So, thrash it out as it comes.
It’s also important to approach the matter professionally. Take the emotion and your feelings out of the conversation and instead talk it through from a business perspective.
Save your feelings for when you get home and can talk to experienced friends or family about it.
When the matter is resolved, move on. Put it behind you and don’t hold a grudge. The future of your business relies on getting this partnership right so put the work in and make it happen.
I hope this helps your partnership to work.