3 Ways to Work Better With Your Business Partner
Working with a business partner is a great way to share the load of running a business. However, business partners do not always agree on everything and maintaining a good working relationship could be vital to the survival of the business. Whether you’re a business owner considering a partner or run a business with a long-time colleague, here are three tips you need to know for creating a good working relationship.
1. Know Who’s In Charge of What
Business partners are useful for covering each other’s weaknesses, but not everyone is willing to admit where they need help. It is important to lay out the duties and responsibilities of each partner in writing so stepping on someone’s toes is easily rectified. Another reason identifying each partner’s tasks is useful is it keeps you from duplicating each other’s work. This practice wastes time and can be confusing for any employees you have. Clear communication between business partners helps employees know who to go to for what information and fosters a feeling of security in the workplace.
2. Understand Each Other’s Outside Commitments
It is important to acknowledge that you and your business partners have lives outside of the business. Sometimes, life takes a backseat to business opportunities, but there are also incidents that take precedence over company concerns. One example could be if you or your partner has a child in college who is close to graduating. Business concerns might need to be rescheduled around attending that graduation and everyone involved needs to understand how important that is.
3. Keep Lines of Communication Open
It is hard to work with someone when you do not talk to each other. This is especially true during your business’s busy season or during a complex expansion. Even if you do not think you need to discuss anything, keep to a schedule of meetings where you can touch base and make sure you are both on track and do not have any questions. This is also a good way to prevent the previous two tips from getting out of hand. Good communication between business partners can prevent issues from escalating.
Working well with your business partner does not mean you have to be on the same wavelength about everything. However, it does mean knowing who is in charge of what, knowing when life takes precedence over business and consistent communication. These three tips keep business partners from having a falling out over small, fixable matters.