The Essentials Of Finding The Right Business Partner
Two heads are better than one. Who you partner with in business is a crucial decision. Having the wrong partner will not only severely damage your business, but is a mistake that can be costly to remedy.
To help you avoid an unfortunate situation down the line, take note of these essential criteria when making your decision.
Common goal
Having a partner is like sharing a journey with someone. By that logic, you won’t get anywhere if you don’t have the same destination in mind. It’s important that all parties be clear on what the end-game is.
The most common goal will be profit. Chances are you’re both in the game to make money. However, don’t make the mistake of thinking it’s as simple as that. For instance, one of you might be more interested in long-term growth and gaining market share than making as much money as quickly as you can.
By sitting down and clearly defining a common goal, you can avoid disagreements and competing interests in the future.
Shared values
A thing about conflict that many people fail to grasp is that it’s usually not a case of one person being wrong and the other right. It’s often a matter of different values. If you don’t share the core values with your partner, you’re going to experience trouble down the road.
Obviously, succeeding at business is going to be a value you share. But what that entails and how you get there is going to be determined by what your values are.
Agreed level of commitment
If you’re willing to work overtime to get the job done right, but your partner shuts off at 5pm on the dot, this could be a problem for both of you. Similarly, it could also be an issue if you’re ready to make this venture your primary commitment but your partner has other things going on as well.
Note here that you don’t actually have to have the same level of commitment, although that would be ideal. What’s important is that you are upfront about where you stand. You might be in a position where you can work night and day, but your partner may have a family that makes working weekends difficult. So long as you both know what your level of commitment will be, allow each other some flexibility, and are willing to compromise now and then, you will be fine.
Defined relationship
There are many different kinds of business partnerships, and to facilitate your working together it’s imperative that you understand what your partnership entails.
Sometimes a business partner is someone you know from your personal life, like a brother-in-law or a childhood friend. In which case, you should both be aware of how going into business together can alter your relationship. Perhaps you met via a networking event to find someone with the right connections or industry knowledge, like those who attend oil conferences to find oil partnerships. You’ll need to then be clear on who will be contributing what.
While there are reasons to enjoy the independence of going it alone, having a partner in business has many advantages. However, like in a bad marriage, there’s little worse than being saddled with the wrong partner. But if you make sure the essentials are in place, you can look forward to a happy and prosperous future together.
