Maintaining a Strong Business Partnership

Wednesday, April 5, 2017, 6:00 AM | Leave Comment

The world of business is full of opportunities, but it is also huge and scary, which makes it hard to take on especially as a young entrepreneur.

Finding a business partner is a great way to make things easier for yourself, but if the parties involved turn out to be incompatible, the issues may cause you to regret not going into business headfirst, on your own.

This guide will help you learn how to make business partnerships that are strong and therefore more prone to success.

Maintaining a Strong Business Partnership 1

  • Money

    Even though business partnerships and relationships with one’s significant other are often more than comparable, it is the financing that sets the two apart.

    No matter how compatible a person might seem for a business partner, paying attention to their financial management before getting in “bed” with them is crucial.

    The way they run their own business will likely be a reflection of how they would run your joint business.

    As an example, professionals that have a large mortgage and/or child support aren’t ideal fits for a business relationship.

    This goes for other heftier financial obligations, low credit scores and not knowing how to save money.

  • Opposites Attract

    This may seem contradictory, but opposites do attract in business; at least they’re supposed to.

    As an entrepreneur who is more on the creative side, you should be looking at a partner who is more detail-oriented, to compensate for your potential short-comings and vice-versa.

    Compensating for your shortcomings is a key factor in coming up with a thriving partnership.

    For example, shy entrepreneurs are perfectly complemented by people-savvy business partners, whether or not they are able to perform business tasks on their own – the former need to focus, and they won’t be able to do so, unless they have someone else to rely on to perform people-oriented tasks.

  • Compliments

    Business partnerships should transcend business; in order to perform true magic, the flame needs to keep burning.

    Even though this is similar to actual relationships, there is nothing romantic here, but there is a huge need for good chemistry.

    Being condescending towards your partner is completely out of the question – this brings nothing but bad blood to the table.

    It is the simple acts of kindness that keep any relationship going and business partnerships are no exception.

    For example, knowing how your partner likes their coffee will go a long way in keeping the good chemistry that you already have.

    Furthermore, insisting that you pay for catering services will both work wonders for your relationship and show your partner(s) that you value your business greatly.

    Finally, complimenting your partner for a job well done goes without saying – this will boost their morale and breathe motivation.

  • Chores

    Living with a roommate is similar to having a roommate – although you may not need to assign your dishwashing chores on a daily basis, there are a lot of tasks to be equally distributed.

    Thread carefully here – if you choose to take on too much, you may end up developing a grudge of your own, which is always bad for any type of a relationship.

    Coming up with a weekly chore agenda will help here. Draw the chores up on a whiteboard and cross the items out upon task completion. By doing this, you’re making sure that the potential disputes are kept and bay and that everything runs smoothly within the office.

The key to a successful business partnership is treasuring the relationship, which means diligently taking care of it and nurturing it.

An occasional disagreement is completely acceptable and normal, but living in a constant state of grudge and envy is a clear sign that all the parties are probably better on their own.

A fruitful partnership is the first step towards a successful business.

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