Creating the Perfect Partnership
Creating the Perfect Partnership

Business partner relationships are rarely perfect. Whether or not to embark on a business partnership is a tough decision to make.

Here are a few key points to keep in mind when evaluating a potential partnership:

In order to achieve business success you and your partner need to be on the same level in terms of your understanding of what success really means. Be clear about goals relating to size, growth, risk taking etc, because it is difficult to agree on strategies and tactics if you don’t agree on the meaning of success.

Choose a partner who can contribute a different kind of skill to the company. But remember that regardless of their skill he or she has to devote the same kind of commitment as you do. It is useful to have a partner that can cater to different clients. This will create a productive partnership.

You and your partners must have compatible ideas. Business owners make hundreds of decisions about how to run their business so an argument is inevitable unless you and your partner’s tastes and ideas are compatible. 

Trust and transparency are equally as important. You only go into business with someone who is honest and trustworthy so do the same in return. The most effective way to prevent conflict is to ensure that all decisions are as transparent as possible.

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