To have a strong relationship with your business partner or partners requires time, communication skills and extensive effort when it comes to managing every important component that keeps your business operational. Business partners build trust the longer they work with each other and this has a significant impact on the success of their business because with good partners you have an environment where you can exchange any ideas with each other thereby preventing any miscommunication issues from blocking each other from getting your points across. Strong business partners depend on one another so trust and competency is something that matters a lot in a business because a a company cannot operate if one person is doing all the work and their partner barely pulls their weight in the relationship. These of course are a few things that should be kept in mind when you’re working with a partner but there are things you can do to make that relationship stronger but we have to start with the basics.

Building One    

    For any type of relationship to start you must create the foundation for one to begin with and that is when you and your partner first meet. Some people become partners after they’ve already worked together for sometime in a different job before deciding to go into business for themselves. In this format you’ve already become acquainted with the person you intend to form a business relationship with and that puts you in a good position when you decide to become business partners because you know the person and their work ethic so getting to work with someone who knows you and you’re comfortable around can have a huge impact on how well you both work together. The next most important thing you should have is a shared vision since that is what’s going to determine what you want to do and where you want to be. Business partners must impart what are their goals are to each other and see if they’re aligned because without a shared vision you and your partners could have conflict of interests on where you want their business to go. Fully explain each others plans, values and objectives for the business and other important details that encompasses how you’re going to start it, what projects or activities everyone involved want to undertake and the steps you intend on making in order to see it through the end. It’s important that you and your partner(s) are in agreement over what direction you want your business to go. This includes having an understanding of each other’s organizational culture because that is what’s going to guide the social environment of the business when you have employees working under you. The best way to go about this is to understand the different cultures that exist and how they can be used to benefit the organization as a whole. A good manager and partner respect each other’s preferences and try to work their way around it in order to reach a compromise that satisfies everyone which can be done through agreements.

Respect

    It should go without saying that partners must have a certain level of respect for one another and if anything happens to change that it could have detrimental effects on their relationship. Every now and then people come to disagreements and that is no different for business partners. What’s important though if you come to that point is to negotiate with each other and try to see any issues from the point of view of your partner(s) so that again a compromise can be reached and a strong relationship can be maintained. However sometimes tensions can come from the actions of one partner and their fellow partners may not approve of it one example being how greed can destroy relationships. If you’re working with someone the decisions are all made between the two or more of you so everyone feels as though they have equal say in anything but when money is involved it can test the limits of your relationship because if you backdoor your partners out of greed and they find out you can lose the respect of that partner and depending on the severity your business as well if they walk out on you. Try to be on the same page before making decisions and remember that you’re both in this together and the aim should not only be about making your business successful but creating a strong relationship too so be honest and fair with each other too.

Creating Your Vision

    Now comes to the part where you take action and that is getting your business off the ground and making things happen. As stated earlier your partners and yourself must have a shared vision so that when your business plans come together you’re not busy bumping heads over trivial matters. This is where you decide how you want your organizational culture to be structured as your company grows and to assess each of your own strengths and weaknesses since finding out what all of you can bring to the business can create balance like for example if you intend on starting a computer repair/ tech store but you don’t know anything about cash flow and business finance your partner can come from a strong financial background so that you each can do what you’re best at which is why specialization can benefit your business. Coming to finance your partners and yourself must decide on how you want your business’s cash flow to be managed since that has a big impact on business success. There could be formal agreements as to how money can be managed but you should always be open to discussion about it with your partners because your business’s financial success can change so if there is an issue in regards to how you’re going to for example fund your business you can discuss lending or other alternative financing options. Once you’ve got that in order you can decide other important decisions such as where you want  your business to be located to what type of people you want to work for you and much more. All these continuous decision-making  activities brings all of you on board for every thing that revolves around your business and over the years that experience builds and tightens relations although things can change in the future, partners may come and go but in the end your business may still be there and new relationships can form making the end result, a successful business worth the trouble.

 

 

 

 

 

Source:

http://www.forbes.com/sites/chrismyers/2016/10/28/the-secret-to-a-successful-partnership-leave-money-on-the-table/#35b595541cda

https://www.doi.gov/partnerships/keys-to-successful-partnerships

http://www.inc.com/entrepreneurs-organization/5-ways-to-find-the-right-business-partner.html