For starters , pick your partners wisely. It is not easy to forge partnerships with some men and women. Be it their fault, your fault, a personality clash, or whatever have you sometimes a relationship is JUST NOT POSSIBLE. Consequently, pick your partners wisely! I have a custom koozies company and let me tell you, these words of wisdom all hold true between myself and my current partner
An ideal partner does not mean that you always see eye to eye . A good partner is someone who
- Has a similar upbringing and communication approach
- Is a good listener
- You respect
- Offers a different skill set than your own
- Works equally as hard as you
- Has maintained successful relationships (both personal and business in the past)
- Tells the truth
There are a lot of other characteristics; but any associate you select should definitely possess these bare minimum characteristics .
Construct Your Relationship Before You Build Your Business
All too often I’ve seen new partners try to build a successful business without building a prosperous relationship THIS DOES NOT FUNCTION .
It is critical that you and your partner get to know each other before any work is completed! Coffee a few times a week does not count. You will need to spend at least 40 solid hours (this is only my recommendation occasionally longer may be required) before you start building the hint of a business e.g. a business plan.
Ask hard questions understand them this is a relationship that will include money and hopefully lots of it. Learn about your partner first before you take the big step of working on the business plan.
Dont Forget to Continue to Maintain Your Relationship after Your Company has been Built
A lot of young business owners believe that once a successful business has been built, their job is done WRONG ! It is necessary to continue to keep your professional and personal relationship with your partners.
Continue to build a relationship, even if you believe you have a good one improve it ; e.g. share a drink every now and then , talk about things other than work , complement one another, take a company retreat, build a team trust me it will pay off in the long run!
Think Ahead Stop Problems Before They Start
This is basic BE A PROACTIVE BUSINESS, NOT A REACTIVE ONE.
Many times partners wait until they hate each other before calling attention to an issue. SPEAK UP! Make yourself heard all relationship failures can be traced to one thing LACK OF COMMUNICATION
If you apply these points, I guarantee you that you will find success in your business relationships.
Good Luck!