What does Tinder and your Business have in common? Is your business ready for a Business Partner?
Small Business can be tough at times. Especially when you are a sole operator. Often business owners look to expand their business by adding a business partner. Another person in a business might add ideas, resources, or skills. However, what makes a successful partnership?
Firstly, its strongly recommended to put in place a partnership agreement. In the agreement it should be clear and cover a range of topics including; goals, expectations, business strategies, structure, conflict management, and exit strategies. Getting legal advice here may be needed, but there is lots of examples online of partnership agreements.
Business partners should agree to focus on what is best for the business, and put emotions aside. This may be difficult if your business partner is a spouse, family member, or friend. That’s why communication is the key. Strong communication with honesty will see more successful partnerships.
Some advantages of business partnerships include:
Someone to bounce ideas off,
Someone to share the rewards and successes,
Less disruption to the business if one partner is away or sick,
Reduce the burden of running a business.
Another common trait of successful business partnerships is complimenting each other. Each partner brings something unique to the relationship, whether that is skills, personality, or qualifications. What’s the old expression? “Opposites attract”. That is very true in business.
Although, it is essential to have values and standards lined up in partnerships. You will not be able to work with someone successfully if they hold values opposite to you. Lining up your values will be crucial to working together.
Do your research. Consider it carefully. Discuss it with your Accountant. Need someone with fresh eyes? Book a consult online today.