When you work solo in business, you aren’t required to run things by anyone. However, if you have a business partner, that all changes. Therefore, it is critical for the health of your business that you and your business partner are working in lock-step. Here are four keys to working in harmony with a business partner.
1. Make a mutual decision regarding responsibilities. For example, you may be better suited to handle sales and marketing, while your business partner prefers an operations role. Clearly-defined responsibilities help to avoid conflicts and make the business run more efficiently.
2. Hold an off-site “check-in” meeting at least every two weeks. This meeting could simply consist of having lunch or dinner together to discuss current events in the business. The reason to hold the meeting “off-site” is that an outside venue can provide a more relaxed environment for discussion.
3. Don’t fear the tough conversations. The best business partnerships are based on open and honest communication. There will be tough conversations in business. Some of these conversations will be about performance; others will be about money. If you don’t tell your business partner what’s on your mind, it will lead to animosity down the road.
4. Collaborate with your business partner. Don’t just come in the office and go your separate ways. Instead, find a project you can work on together. Solving challenges together provides a feeling of satisfaction and strengthens your bond. Collaboration fosters trust and makes stronger business partners.
Remember, running a business successfully does not need to be complicated. Keep it simple!
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Manny Skevofilax is a consultant and speaker that helps his clients successfully navigate the challenges of growing their businesses profitably. Since 2003, Manny helps businesses enhance their results by using his experience in strategic planning, financial statement analysis, operations, organizational development, and team-building. His consulting firm, PORTAL CFO Consulting, Inc., has attracted clients from diverse industries in the United States and abroad.
Manny can be reached at 410-808-3441 or via email at manny@portalcfo.com.