Partnerships are extremely common- and they are extremely hard to sustain too. Here are a few tips on how to set up a partnership that is equitable, efficient and mutually rewarding.
Why work with one brain when your business can benefit by two? This idea is the reason why many entrepreneurs and small business owners create partnerships. However, it just not the brains that you put in your business, it’s a lot more than that and for everything to fall in place, the partners should get along well too. Business partnerships can take a variety of forms- they may be long term or short term. Partnerships are no less than a marriage- it takes commitment, patience and efforts to make it work out. There is no easy answer to the question on how to get the best partners but you can do your part and try your best to make the partnership work out. The idea is to create a strong union that blends complementary skills, financial resources, customers and connections to help the business succeed. Such relationships often go sour and it results in the partners going separate ways. This question lingers in almost every entrepreneur’s mind- How can you build a healthy relationship with your partners? Use the following strategies for a partnership that starts strong and stays strong too.
Make a good start- Define goals and vision
In any business, the first step is to define the vision and the mission of the venture. This way you will be able to clearly understand the perspective of each partner. Try to align your goals with each other and that of the company too so that you all are headed in the same direction.
Address the needs and requirements of each partner
Everybody has different reasons to partner up, make sure that the needs and the requirements of each partner are addressed and known. It is important to discuss this beforehand to avoid any clashes later due to the expectations of the partners.
Be honest and transparent
The most critical part of being in a partnership is to stay transparent and be honest no matter what. Admit your mistakes and don’t play the blame game with your partners. You are all in the same boat and if you attack each other, your business might end up drowning.
Don’t hold grudges
Let the bygones be bygones- don’t bring up your partners past mistakes in the present. This will create a rift between you both and the relationship will ultimately turn sour. Disagreements are inevitable but it is best to handle them early to avoid frustration. Don’t let bad feelings build and fester over time.
Define job roles for each partner beforehand
You can avoid disputes altogether by defining the job role of each individual and stick to it. In this way, every partner will know his/her responsibility and will work on it individually. Define jobs according to the strengths and abilities of a partner to benefit the company and put the skills of every partner to use.