fbpx
Connect with us

Entrepreneurship

Simple Tricks for Building a Strong Business Partnership

One of the most challenging tasks in business is to create a strong partnership. Not only does it take a lot of effort and sincere desire to actually make it work, but also you need the circumstances to be right to forge a great partnership. What makes the whole thing even trickier is the fact that taking on the right business partner can often mean the difference between success and failure. That is true for all countries in the world, from the US to Australia. So, how can you make it work? To help you find the answer to this question, we’ve prepared the following list of tips to get you started.

Shared vision

This is probably the most important thing future partners need to agree on. Only if you agree on the vision can you also agree on decisions and prevent many unnecessary problems from arising. This doesn’t mean that your motives should also be the same. On the contrary, they can be different, but the overall objectives need to be the same. When you get to choose your business partner, make sure you spend a lot of time talking about what energizes each of you and where you see yourself in a couple of years. Also, don’t forget to put the joint vision in writing, so that there are no complications in the future and that you can remind yourselves from time to time what you’ve agreed on.

Use your strengths

No matter how you structure your partnership, you should definitely divide responsibility. Each side must know what their tasks are so that they can complete them in the best possible way. When allocating responsibilities, you should play to each partner’s strengths, thus allowing everyone to utilize their skills the best way possible. For example, if you have no experience in running a company, but are creative and energetic, you should probably focus more on marketing and handle promoting your business, while your partner deals with the administrative side running your business. Still, that doesn’t mean you shouldn’t be familiar with what the other side is doing.

Regular meetings

It might be the case that your partner does not operate from the same place as you, but that doesn’t necessarily mean your relationship is doomed. Even if your partner is located in Alaska and you’re down under, you can meet on a regular basis through various online platforms and all important matters can be discussed. Also, if you have a chance to welcome your partner, make sure they feel at home from the moment they arrive in your country. For example, choose a reputable company that offers dependable car hire in Melbourne and have a car waiting for your partner as soon as they land. The gesture will surely be appreciated.

Money talk

They say that most partnerships are strong when enough money is being made, but that they fall apart when financial troubles arise. In order to avoid this trap, your partner and you need to talk regularly about the finances. Also, keeping a record of how much money each of you put into the business will reduce the chances of arguments over money happening. Finally, it’s important for both parties to understand how business partnerships are taxed and how that affects their personal finances. So, talk about the money regularly and don’t wait for potential problems.

Provide support

What you need to understand about your business partner is the fact that they are probably the only ones who know exactly what you’re going through at the moment. This is perfectly logical and normal since their fate is tied to your enterprise in a similar way and the fact that any success or failure might rub off on them in a similar way that it does to you. So, support on your part could mean a world to them, even if you don’t have a well-developed professional relationship.

Frank conversations

You’ll certainly disagree with your business partner on some matters and if you don’t have an open and honest discussion, the problem will quickly escalate. That’s why it’s important to understand that such disagreements don’t have to mean the end of your partnership. However, you need to talk about any outstanding issues as early as possible, instead of delaying such a conversation. Ignoring such conversations puts your business at risk. When discussing such issues, try to be an active listener and focus on similarities, rather than on differences.

Conclusion

Basically, a business partnership is a work in progress that never ends. It only develops and evolves and once you and your business partner get your company off the ground, you need to nurture your partnership in order to ensure that nothing gets in the way of your company’s success. Actually, a lot of these tips are applicable to any kind of relationship in your life. When choosing someone who is going to have this kind of impact on your life, you need to be extremely careful and give them the respect, support, and attention you hope to receive in return.

Advertisement Become A Crypto Expert

Join Disrupt Magazine

Become A Crypto Expert
Become A Disrupt Contributor

Most Disruptive

Entrepreneurship4 months ago

Navy Veteran Davis Chris Takes the Music Industry by storm

In life, you need to break down anything that might be holding you back and change course if need be...

Entrepreneurship4 months ago

5 Disruptive Leaders Paving the Way in 2021

Where there is uncertainty, lies a whirlwind of opportunity. 2020 was the year that had entrepreneurs learn a great deal...

Politics11 months ago

Brock Pierce Wants To Disrupt The Two Party System And Be Your Next President

We don’t usually cover politics much here at Disrupt, but when Crypto billionaire and friend of the show, Brock Pierce...

Business1 year ago

John Mcafee – Predictions For The Future

John McAfee is a world-famous tech CEO, computer scientist, civil disobedience activist, privacy advocate, and pioneer of the commercial anti-virus...

Finance1 year ago

Gaby Wall Street – Teaching Latinas to Thrive During The Crisis

It’s no secret we are facing one of the most challenging financial times of the last few decades as we...

Entrepreneurship1 year ago

Tony Delgado – The #1 Entrepreneurship Movement In Puerto Rico

Puerto Rican online market is in constant progress. With many entrepreneurs who are coming here to start a business, it...

Entrepreneurship1 year ago

Elena Cardone – The 10X Ladies Conference Is Declaring 2020 The Decade For Women

The next ten years are meant for women to continue growing their potential and succeeding in multiple areas, including business....

Marketing2 years ago

How Josh Elizetxe Built Snow Into a $40 Million Dollar Business

There is nothing quite like an entrepreneur’s determination when starting a business. That’s my original quote by the way (pun...

Entrepreneurship2 years ago

How Jason Capital Became A Self Made Millionaire By 24

Have you ever wanted to earn the respect of everyone who ever looked down on you at some point in...

Entrepreneurship2 years ago

Sam Bakhtiar On His Way To A Quarter Billion

Dr. Saman Bakhtiar, who prefers being referred as Sam, lives in an 8200 square foot $5.2 million house, Sam is...

Trending

Copyright © 2020 Disrupt ™ Magazine - Disrupt is a Minority Owned Privately Held Company

Disrupt ™ is the voice of Latino entrepreneurs around the world. We are part of a global movement to increase diversity in the technology industry and we are focused on using entrepreneurship to grow new economies in underserved communities around the world. We enable millennials to become what they want to become in life by learning new skills and leveraging the power of the digital economy. We are living proof that all you need to succeed in this new economy is a landing page and a dream. Disrupt tells the stories of the world top entrepreneurs, developers, creators, and digital marketers and help empower them to teach others the skills they used to grow their careers, chase their passions and create financial freedom for themselves, their families, and their lives, all while living out their true purpose. We recognize the fact that most young people are opting to skip college in exchange for entrepreneurship and real-life experience. This Podcast was designed to give them a taste of that.