Going into a business relationship with your partner is a lot like going into a romantic relationship with your significant other – you have to spend a lot of time together, make tons of compromises, challenge each other, ask unpleasant questions and hear unpleasant answers and, ultimately, know there’s a strong chance that things will just not work out and you will have to start fresh with different people. However, if you change your attitude towards this relationship and treat your business partners the way you would want to be treated, things do not have to be hard and the chances of a failure could be much smaller. That’s why you need to learn the basics of business partnership and approach it differently than most people. Here are a few tips that might help you achieve that.
Know What to Expect
Are you a wizard? Can you read minds? No, of course you cannot – so do not expect your business associates to do that either. Only with clear messages will you be able to build a trusting and lasting relationship. Also, be sure to tell your partners what you expect from them and what they can expect from you. Learn how to express your expectations clearly – and this goes for your employees as well.
You Complete Me
One of the most important qualities to look for in a business partner is the ability to complement you and be the perfect yin to your yang. Ideally, they should excel in the matters you do not handle well and be prepared to have your back all the time.
However, you need to be prepared to do the same for them, too – learn what they do not know and master a skill they are bad at. Duos require two players, so you and your business partner should divide the roles and take turns being the alpha dog. Remember, every Michael Jordan needs his Scottie Pippen, and so do you!
All people like receiving compliments and acknowledgments for their good work, and the same goes for your business partners. Just because they are highly successful, make lots of money and own a company or two does not mean that they do not like being pampered. Of course, you should not overdo it and be too flattering for no apparent reason, but a certain level of kindness is always good.
Moreover, every partner will appreciate the little things you do – from handling their affairs instead of them and taking the lead when they are not feeling well, to sending a car to pick them up for an important business meeting. Everyone enjoys being taken care of from time to time, claim experts in this field, a private hire car company from Sydney.
Avoid Money Issues
Once you establish a stable connection with your partners, you can stop worrying about finances that much – because you will all have the same money issues and share the responsibilities. That means that there will be no irrational spending, no unannounced costs and no unexpected losses.
Try discussing financial matters with your partners on a weekly basis and keep track of gains and losses together in order to avoid surprises. Nonetheless, if this does not seem to work, there are always peaceful, reasonable and professional ways to end a partnership without harsh words and future problems.
If you want your business partnership to be rock solid, you should also be prepared to give and receive constructive criticism, reach for long-term success and, finally, be completely transparent. These lessons can make both your personal and business relationships blossom.