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Doing business with a partner is a whole lot easier than taking on the business world on your own. However, taking on a business partner means constantly dealing with another person and there is a whole lot of things to cover in this part. This guide will help you learn how to achieve strong business partnerships. Forming a business partnership is a serious commitment relating to time, money and reputation. Sounds familiar? Well, like a marriage, business partnerships needs to be carefully and diligently nurtured.
Well, even though business partnerships are much like the relationship with one’s significant other, financing plays a key role in every aspect of business. Before you get in bed with your potential business partner, pay attention how they manage their money – this can tell you a whole lot about the way they will run your own business. For example, if the professional who you’re considering for partnering up with is buried under a large mortgage or child support, perhaps question your idea to run a business with him or her. Hefty financial obligations, a low credit score or spending beyond means are valid indications of partner reconsideration.
Consider a Partner Somewhat Opposite to You
I don’t know if the saying ‘the opposites attract in relationships’, but there is truth to this in partnerships. If you are a bit more on the creative side, look for more of a detail-oriented business partner and vice-versa – this will cover your shortcomings and provide for a successful business. Although shy entrepreneurs are often extremely efficient in performing business tasks on their own, a people-savvy business partner will perfectly complement them – you need to be able to focus, as well as to deal with people in business. Keep in mind, though, that you should find a partner who is complementary to your skill set and personality – there is more to this than picking your mere opposite.
A strong, quality and caring relationship is the backbone of any business partnership. You are more than simply people doing business together – you should be friends, at least to a certain extent. Avoid being condescending towards your partner and make sure that you occasionally surprise them with a gift (don’t go romantic here, aim at business-related stuff, such as a new smartphone, tablet or laptop). If both of you are going to a meeting, for example, opt for dialing chauffeurs Sydney and give them a chance to provide you with a ride to the meeting. This will go as something they’ll greatly appreciate and help you nurture your relationship with your partner, which is extremely important for success.
Running a business with a partner is somewhat similar to living with a roommate – there is a set of chores to be done and each one of the two of you should kick in. The best way to avoid unnecessary grudges and disputes is to come up with a weekly agenda that covers all the things that need to be done within the office – from meeting coordination to taking out the trash.
The best way to cover this is by drawing up the “chores” on a whiteboard and cross the items out one by one once completed. In this way, disputes will be whiskered away and the goings on around the office will run smoothly, making for a more efficient business and a more quality partnership.
Carefully taking care of and nurturing the relationship with your business partner(s) is a key way in running a successful business. If you are at a constant state of disagreement and dispute with them, well, they won’t do you much good and you might be better off on your own. By applying the advice above, however, you will be looking at a fruitful business relationship and a successful business.