12 March 2018

7 Tips for Making A Business Partnership Work

Deciding to partner with anyone in a business venture can be tough but can equally be the best thing that could happen to your business. It takes a lot to run a business so having the right partner by your side can make the worst times fun and bearable.

Your relationship with your business partner can determine the success or failure of your business. Below is a list of important qualities you and your business partners must have to have a successful partnership.


Trust

Trust is the most important factor in any partnership, if you don't have that everything else breaks down. Resentments fester, jealousies come into play, secrets are kept etc.  How you go about building your partnership is key. The word partnership means working together to achieve same aims and outcomes.
In business, you have to trust that your co-founder has your back, trust the decisions them make and trust that they are capable of carrying out certain tasks.  Trust can only be earned once broken it is more or less impossible to mend. Having this in mind, make sure you are transparent with business dealings and both parties are aware of every action being taken in the business. It is not good enough to assume your partner will be fine with your decisions just because it is in favor of the business.

Communication

Communication in any partnership, relationship, or friendship is as important as love, trust and respect. The ability to communicate your intentions in a clear and direct way will cause you to stand out in the minds of your business partner.  Without communication, relationships suffer and eventually break down.  It’s important you not only communicate things going on within the business but also voice feelings and remember you are working with a human and not a robot so empathy is needed.
Communicate the issue the moment it arises. Let the other person know how you felt and how they can improve. This is an opportunity for you both to learn how to deal with one another and to build mutual respect.

Perseverance & Commitment

Successful relationships are built with time and through the fire. With time they become stronger, as they go through several tough situations and successfully come out with a stronger foundation. A business partnership requires long-term commitment and perseverance. Running off and leaving the business should never be your first option when problems arise