One key aspect of entrepreneurship involves creating and maintaining business partnerships and relationships. Every individual has their own strengths and skills that they can uniquely bring to the table of a business. This is why having a good and secure relationship with your business partners is crucial to having a successful business. Just like any other relationship in your life, a business relationship requires communication and respect, and an overall willingness to grow and learn together. Here are some other tips on how to maintain a great relationship with your business partner:
Have clear partnership agreements: With assistance from your business attorney, you should draft clear partnership agreements with your partner(s). Your lawyer has the proper knowledge of contract law, and they are aware of the best way to organize your finances and how to please your clients. Make sure everyone on your team is on the same page and is clear on these arrangements.
Transparent expectations: Other people, including your business partners, can’t read your mind. To avoid confusion and miscommunication, consistently set your expectations with your partners and team members. If everyone understands their role in the business, there will be less questions and more productivity.
Make sure things are mutually beneficial: Partnerships should always be mutually beneficial. This means that both or all people in the partnership need to be gaining or growing from the relationship in order for it be worth the stress and hard work. If you feel this isn’t happening, communicate and express what you truly need from your partner.
Don’t hesitate to walk away: Don’t force yourself to stay in a business partnership if it’s not working out for you. This might be hard to do if you’ve spent months or years working towards a business goal, but realize that it will only hurt your business more if you force a partnership that is no longer viable.