Feeling Overworked? Four Ways to Tell it’s Time to Bring in a Business Partner

The difficult aspects of running a business can catch up to even the most skilled professionals. Perhaps you’re being held back by pride or maybe the false idea it’ll cost you more to take on an additional team member, but seeking out a business partnership can do wonders for your company. Some of the most successful business owners to exist had a side kick. Where would Walt Disney be if he didn’t have the support of his brother? Would we have amazing products Microsoft if Bill Gates didn’t team up with Paul Allen? If you’re feeling overworked, here are four key signs to telling you it’s time to bring in a business partner.

1.) You’re drawing a blank on new ideas.

Growing your business involves producing idea after idea, but your perspective on things seems clouded by all the other responsibilities piling up around you. With a business partner, you’ll be working alongside someone who is a true visionary as they will introduce ideas and view points you might have overlooked before. They’ll know the ins and outs to your field and their professional stature will provide them with the understanding of your business goals, so you’ll both be able to brainstorm together, share the same vision, and take action.

2.) You have too much on your plate, yet nothing is getting done.

Fulfilling orders, handling finances, and perfecting your marketing technique are just a few of the time-consuming tasks you have to get through every day. Juggling so much at once on your own might seem convenient, but at the end of the day, you’re only one person. Taking on a business partner means sharing the workload, so you limit the risk of putting things off and with someone else to look over important aspects, you’ll eliminate any mistakes or setbacks.

3.) You’re craving vacation time and can’t fit it into the schedule.  

Along with splitting the workload, you’ll be able to split your time in half. You’ll start to see more free time in your once overflowing schedule, leaving room for you to take some time off of work or even to pursue other projects you’ve been waiting to begin with the comfort of knowing the person running things acknowledges all areas of your business and will keep the company targeting the same goals.

4.) You fantasize about dollar signs.

One misconception that leads business owners to steer clear of taking on a business partner is that it’ll cost you more, but the reality is quite the opposite. Your company will have more financial advantages due to increased borrowing opportunities with loans and other funding. Beyond that, using simple business math will tell you adding more people equals more production and more production equals more money! You’ll basically be duplicating yourself which means you’ll be doubling your profits. If that isn’t enough, there’s always the fact you’ll decrease the burden of expenses as you’ll have someone to share costs with.

Remember, running a business successfully does not need to be complicated.  Keep it simple!

For more information on business analysis, business planning, and ways to grow your small business profitably, please check out our website www.portalcfo.com.

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