Thriving in a healthy business partnership is like tightrope-walking across a precipice. Without balance and trust, you tend to slip. Here’s how to build a solid business partnership.
By Craig Falck for Africa Report.
Photograph: © Dennis Owusu-ansah | Dreamstime.com
1. Planning: Implement a plan but be flexible enough to adapt to changes that take place. You never know what future awaits when the economy is in a slump. You may need to increase your partnership equity or even take on another partner – as long as you’re all in agreement and know what needs to be done.
2. Communication: Humans are creatures of communication, so apply a bit of punctuation policing to your SMSes, emails, BBMs, Tweets and Facebook posts. This will reduce the chance of miscommunication. Clear communication builds trust, a cornerstone of partnerships.
3. Reliability: Being reliable is more than just lending a helping hand. If your partner is stuck in an airport and can’t attend a meeting in time, it’s up to you to tow the line and take their place. This will show how you work together as a team. It also shows that your partnership can adapt to changes and still pull through. Don’t get taken for a ride by your partner, though; a missed meeting is one thing, but you’ve got a problem when it becomes a regular occurrence.
4. Handling Conflict: Be willing to argue but never let it get out of hand. There’s a difference between conflict and aggression. Sit and discuss the problem, find a solution, and move onto the next task.
5. Transparency: Having an equal say in matters is vital in a partnership. This gives each partner the safety of knowing that they’re not being conned by the other. Set rules and regulations (such as both partners needing to sign documents for them to be valid) in place to make sure that the partnership agreement is carried out.
Partnerships are great business models as they’re fairly flexible and allow for change. Partners need to always build their relationships, making their union stronger to improve the business. These simple steps can eradicate the elementary errors that see so many partnerships fail.
Sources: http://socialmediaweek.org/newyork/tag/partnership/; http://betterbusinesspro.com/5-tips-to-creating-a-profitable-business-partnership/
