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Business partnerships can be some of the most successful types of businesses because they have the talents and passion of more than one person behind the business. However, business partnerships are also like marriages and some of them don’t work out. That’s why finding the perfect partner to go into business with is a task that should not be taken lightly.
Here are some tips on how to make sure that you have a long successful partnership:
Be Honest and Communicate
Being up front with your partner can help with future communication issues. Tell your partner about any weaknesses, strengths and pet peeves that you have. Open communication with your partner will also be essential for a successful partnership. Whether the discussion is positive or negative, it’s important to build a relationship that encourages open communication. Problems arise when partners are not honest with each other or they stop communicating important information to one another.
Develop Goals
It is essential that all partnerships develop and write down the goals for the business. Draft a full company mission, vision, values and motto, so that all partners are working toward the same goals, ensuring a clear direction. It’s important to share the same end goal, even when you have different ways of achieving it. Partners should start with setting goals for the company, then each create goals for themselves. By having these goals in writing, partners can use it as a tool to overcome future challenges.
Trust
If you do not trust your partner, then don’t go into business with them. Trust is the foundation for a successful partnership and without it, a partnership could easily fail. Trust is one of the main building blocks of a partnership. Trust implies that both parties equally participate in the relationship. Giving a full commitment to the partnership typically results in getting the same commitment in return. Talk to your partner and make sure that you are both on the same page when it comes to trusting each other.
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Define Expectations
Lack of clarity around job roles is a major source of frustration and disappointment in many partnerships. Clearly define the tasks you will perform and the tasks that your partner will perform. This let’s each of the partners stay accountable to each other and the business on what tasks they are expected to complete.
Along with expectations for tasks, partners should also define monetary obligations that are expected form each partner. Having an operating agreement in place can help define in writing all the expectations of the partnership.
Develop a Business Continuation Plan
Partnerships should make it priority to develop a business continuation plan. A business continuation plan is a document that contains the critical information a business needs to stay running in spite of adverse events. These plans are designed to protect the partners and the business if one partner decides to leave the business dies, becomes disabled, bankrupts or divorces. By having a business continuation plan in place, partners can have an exit strategy in place that protects all partners and the business.
Want to learn more about business partnerships? Contact NCH at 1-800-508-1729