A business partnership is much like a marriage, with similar tactics for long-term success.
Use our tips to build a strong business relationship:
Choose business partners with crucial strengths, resources or knowledge that you lack.
With differing skill sets, you are valuable to one another. If you’ve done your due diligence, you can trust one another’s expertise and maintain mutual respect. You’ll avoid debating operational details—because you each have unique skill domains.
Create a shared vision.
Business partners have the greatest chance of success when working toward mutual over-arching goals. As you make daily decisions in your domains, you’re helping one another, and the business, to realize the vision and meet the goals.
Define your domains in writing.
Hash out your roles. Eliminate confusion about who is in charge of what and avoid duplication of efforts with clearly stated responsibilities for each of you in the business.
Maintain a personal touch.
Your ops agreement and mission statement should be in writing, but only after face-to-face discussions to be sure you each have your say. Don’t default to email/written communication as your sole (or most-often used) form of interaction. Without visual cues from in-person or at least tone-of-voice in phone discussion, your motives can be misunderstood.
Hold regular status meetings and check-ins.
Make sure the lines of communication stay completely open, so that you can quickly overcome any disagreements and maintain trust in one another. Over-communicate if necessary, to ensure you and your partner are always up-to-date and making key decisions together. Promptly bring up and openly deal with any issues or disagreements quickly so that they don’t snowball into resentment.
Move past errors.
Immediately disclose your mis-step and outline how you will correct it to maintain your trust relationship. If one of your business partners admits an error, accept the admission and proposed resolution without going on the attack (unless this mistake is so huge or often repeated that you’re prepared to end the partnership).
Not every disagreement is worth a war. Pick your battles and remember why you got into business together. If you are still working toward the same vision, let small day-to-day disagreements go.
Get the funding you need to support your business partnership. Contact Capital Financing Solutions today.