To begin , pick your partners wisely. It is impossible to develop partnerships with some people. Be it their fault, your fault, a personality clash, or whatever have you occasionally 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
A good partner is not someone who always agrees with you . A good partner is someone who
- Has a related upbringing and communication approach
- Is a good listener
- You look up to
- Contributes a different skill set than your own
- Works just as hard as you
- Has maintained successful relationships (both personal and business in the past)
- Tells the truth
There are several other traits; but any associate you select should definitely have these aforementioned characteristics .
Develop Your Relationship Before You Build Your Business
All too often I’ve witnessed new partners try to construct a successful business without building a successful relationship THIS DOES NOT WORK .
It is crucial that you and your partner become acquainted 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 sometimes longer may be required) before you start building the hint of a business e.g. a business plan.
Ask hard questions learn about them this is a relationship that will involve money and hopefully lots of it. Learn about your partner first before you take the big step of developing the business plan.
Dont Forget to Continue to Maintain Your Relationship after Your Company has been Built
Many young business owners think that once a successful business has been built, their job is done WRONG ! You must continue to sustain your professional and personal relationship with your partners.
Do not stop building a relationship, even if you consider you have a very 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 simple BE A PROACTIVE BUSINESS, NOT A REACTIVE ONE.
All too often 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 assure you that you will find success in your business relationships.
Good Luck!