Operating business through partnerships can be a very profitable and strong setting. Ideally, partners will have a common vision for the company, with each contribute to complementary skills, skills and financing. Partnerships allow sharing responsibilities and workloads, while also producing dynamic synergy that is intangible. There are opportunities for teamwork – shared analysis, problem solving, and creativity. And for anyone who works alone, the partnership moves the feeling of disturbing isolation.
Just partner with someone you know and like. Your relationship, always, will be tested seriously, so it’s very important that you and your partner are very compatible.
You must have trust in your partner.
When entering into a partnership, discuss all aspects of the settings. Make sure you make deliberate and rational decisions. Develop a formal partnership agreement, which has explicitly defined release and dissolution clauses.
Verify that there is one single, general purpose and that there is an absolute agreement on business strategies and operational plans.
Find complementary skills and skills. For example, one pair may be very good at sales and marketing, while other partners are superior in finance and operations.
Right to assign roles and responsibilities for each partner. Eliminate overlap and duplication, but identification of the fields of shared responsibility. Determine how the agreement situation is resolved will be resolved.
Make sure that the company has a feasibility to fully support the two partners. Set the base for a fair remuneration that will function as a reference point on the road.
However, the partnership is very similar to marriage. After the initial honeymoon or because of business conditions evolved, many things might be acid. Things change, like someone’s feelings and views about someone’s history and contribution. To ensure that your partnership remains healthy, successful, and durable, avoiding this shared partnership trap.
Danger signs (and they multiplyably exponentially with the number of partners) are:
Partnering with someone you don’t really know or about who you start feeling eroded compatibility.
Has a sense of conflicting ego and needs.
Enter into partnerships, especially because of comfort or feelings of needs.
Feeling obscurity about strategic goals, business objectives or operational plans. Have a different view of the future growth, direction and tactics of the company.
Experience incorrect or incomplete communication.
Realizing the lack of trust or trust in your partner: consider creeping satisfaction.
Less clear roles and responsibilities. Experiencing overlapping and frustrating and inefficient duplication.
Develop a feeling of developing hatred, regarding the setting equation.
This partnership trap cannot be ignored! Continuous partnerships need to be updated. Partners need to create conditions for regular, honest and honest discussion. Concerns need to be aired at their start, it is not later when they become entrenched. Involve a business advisor or consultant to help mediate disputes. This is one small business investment that can help avoid messy divorce.