Here are five ways to make sure your relationship doesn’t fizzle and your partnership fails:
Have complementary skill sets
It’s not about friendship; it’s about leveraging each other’s strengths. It is important that there is a shared vision. It isn’t beneficial or practical to form a partnership with somebody who shares the same skill sets and core competencies as you do. If both are fantastic at sales and enjoy handling the same parts of the business, then your company doesn’t need both of you. Having complimentary skills sets means having a lot less drama because you won’t step on each other’s toes.
Put It In Writing
It is important to put everything in writing in terms of a simple partnership agreement. One of the keys to all partnerships is to lay out responsibilities, ownership and metrics early and in writing, prior to the business getting off the ground. This allows everyone to work as a team, be more focused and avoid distractions or disgruntlement later on.
Establish a clear vision
Three primary factors hold a partnership together: value, vision and culture. A partnership will only succeed if these factors remain aligned. If there are discrepancies in your visions, chances are the partnership won’t work. Rewrite your vision for the company each year to confirm you are both still on the same page. If your visions are out of sync, so too will be your ability to grow to the business.
Communicate openly and timely
Regular communication between partners is important. Even the best intentions need to be vocalized when more than one person is involved in decision making. Stepping on toes is way too easy, especially in business. Communicate in real time and voice concerns right away. Put aside ego and agree to disagree but find common ground.
Work on building trust
When all is said and done, if you don’t trust the person you share a business with, you’ll have trouble down the road. Suspicions can come up. Accusations can induce infighting and even lead to hostile or volatile confrontations.
Are you a one of two or more co-owners of a small business? Take advantage of our special registration deal for business partners and co-owners attending the 2015 Black Enterprise Entrepreneurs Summit! To learn more about this special discounted offer, click here!
The Black Enterprise Entrepreneurs Summit hosted by Nationwide is set for May 13-16, 2015 at the Hyatt Regency Atlanta. Expect innovative sessions, high-powered speakers, and an early peek at the products, trends, and services you’ll need to stay ahead of the curve. To register and find out more, visit www.blackenterprise.com/es/. Join us at the Entrepreneurs Summit, Where Innovation and Capital Meet.