Lessons for Strong Business Partnerships

It can be incredibly hard to find the right person to run a business with. Not only do you have to find someone who shares the same interests but they also have to be the person who shares the same vision. In other words, the end goal is just one of the things you have to agree upon.

Still, even if you do find the right person, there are so many obstacles that can prevent you from making this relationship work. A rampant power struggle, lack of respect and, of course, lack of trust are just some of the things you should look out for. With this in mind, here are four tips for nurturing your business partnership in the best way possible.

Transparency

The first thing you need to do in order to establish a trust-based relationship with your partner is be transparent in all your business-related dealings. On the one hand, you might have divided your responsibilities so that everyone does their thing, which can sometimes lead you to think that some issues are simply irrelevant to your partner.

This, however, can be a crucial mistake when it comes to some more important issues. Staying silent on a certain topic may lead your partner to doubt your honesty and even start suspecting that you have some ulterior motives that don’t include them. Needless to say, one secret can sometimes be enough to sow the seed of discord between you.

Initial compromise

Another issue that might cause a problem in your relationship with your partner is feeling that the initial compromise is not fully honored. Because of this, it might be a good idea to simply put everything on paper. Keep in mind that a true compromise can only be achieved when both parties are equally content with the agreement.

Financial dissatisfaction

Most commonly, the problem in a business partnership is caused by one side’s dissatisfaction with their overall share of the profits. However, distributing profit fairly is not an easy thing to do. Sure, your share of money in the company is easy to quantify but what if one party is doing all the work or brings more valuable business contacts?

How do you quantify something like that? Furthermore, everyone’s ambition is unique and so is their perception of reality. This means that although you may feel that you are being more than generous to the partner, they might still be dissatisfied. The only way to handle this is through an honest and open dialogue.

Show some support

Finally, the fact that your company is experiencing a financial difficulty doesn’t mean that austerity is the right way to go. For instance, if your partner is going to an important business meeting in NSW, you should insist on contacting a chauffeur service from Sydney and having them picked up by a luxury executive car. First of all, this will resound positively with the other party that is attending the meeting and second, it will show your partner that you support and respect them. After all, in this meeting, they speak in your stead as well, so this only goes to show the full extent of your trust.

Of course, this list wasn’t long enough to include every way in which you can nurture your business partnership. In any case, you need to understand one thing – the survival of your business depends on the survival of this relationship. This is why you have to make it work. It goes without saying that this is much easier if you find the right partner in the first place but this is a topic for another time.

Subscribe to our Weekly Newsletter!
Awesome content delivered direct to your inbox
Follow:

Leave a Reply

Your email address will not be published. Required fields are marked *