How To Make A Business Partnership Work For You
Like a successful marriage, many great businesses often succeed by having a great partnership behind them. On the flip side however, a bad business partnership can also destroy a business quicker than you can say the words “quickie divorce”.
If you are considering going into business with a friend, colleague or someone else in the same line of work as you, consider the following before you forge ahead with your new venture:
- Make sure you like them - This may sound obvious, but if you are going to work long hours to make a new business succeed, it won’t work if you can’t stand the sight of your new partner.
- What do they bring to the table? - Two people doing the same job really well is a nice thing to see. But when it comes to start-ups you both need to bring difference skill sets to the table to ensure that all of your bases are covered.
- Complement each others skills, and recognise their importance - Utilise the strengths you both have to cancel out any weak spots in your overall business plan. Learn to appreciate each others strengths and listen to each others point of view. Effective decision making comes from being able to look at problems with differing perspectives.
- Have a shared goal - In order for your partnership to succeed you will need to have the same dreams, goals and visions for your business. You need to be working together to achieve these. If you both want different things from the business, it is unlikely it will ever get off the ground.
- Be able to support each other at all times - You will need to be able to have your partners back at all times. In or out of the office, both of you will need to be able to rely on the other 100%.
- Great communication is key - You must be able to communicate openly and honestly, and really feel you bounce well off of each other. Hold regular meetings to discuss your progress and agree on how you will handle any potential problems as a team.
- You need to be able to trust each other - As obvious as it sounds, you need to believe that your partner will be able to deliver and help you to improve the business.
- Define your roles from the outset - Clearly defined roles and responsibilities will help to negate any confusion further down the line. Employees and customers will also benefit from knowing which partner handles which aspect of the business.
- Ending a partnership - Not all partnerships last forever. If the time comes for the partnership to break, get together and review what has happened. If it’s been a success, then be sure to celebrate and part as friends wishing each other well in their next venture.
Partnerships are very common place in business and are something to consider, so make yours successful and reap the rewards for two!