Advice & Guides

How to Be a Good Business Partner

Greetings. My name is Jeremy Powers, and while I’m not qualified to give marriage advice, I can certainly tell you how you can be a better business partner.

Trust is the Key

First of all, before you enter into any partnerships, you need to be absolutely sure that you trust that person. Today’s economy is quite difficult to understand at times and no player in any industry can say that they’re 100% certain of their future. For that reason, you need to make sure that the person you’re partnering with won’t jump the ship if times get too tough. There are a number of legal measures you can take to protect yourself and your company in the event of your partner leaving and claiming half the assets, but I suggest that you don’t enter a partnership if you feel that you would need to take extensive measures of the sort. Your legal counsel would advise you to take them just in case, and you should, but I guarantee that you won’t enjoy working with someone you don’t trust.

Be Considerate

Secondly, you need to understand that your business partner is a human being like you with a life outside the business, and sometimes you would need to be flexible in order to accommodate their personal needs. Giving each other some breathing space to live your lives and appreciating that sometimes your partner’s life might throw an obstacle their way that might have an effect on the partnership is the key to being flexible. Being supportive of each other’s professional and personal goals would allow for a healthy partnership to flourish.

Various Skill Sets

Thirdly, make sure that the person you’re partnering with can pull his or her own weight in the team. You probably have chosen the partner because of their skills, knowledge and experience that you’ve seen firsthand, and I think that that’s the best approach you can take. However, there’s little you can get out of a person who operates almost exactly the same way you do – each of you needs to bring something different to the table, handle different aspects of the business in the best possible way that’s entirely your own.

I can, however, understand the temptation to choose someone who thinks exactly like you do, in order to avoid lengthy debates and disputes. Disagreements would be inevitable in the kind of set-up that I’m recommending, but if you foster honest open communication and respect each other’s judgment and opinions, it should work really well.

Similar Partnership Goals

Fourthly, make sure that both you and your partner want the same things from the partnership, whether it’s solely solid and stable income, or income coupled with a desire to change your community for the better, or for any other reasons. Having a shared vision is very important in any partnership, including business partnership.

All the things I mentioned above are incredibly important things to consider when you’re deciding to involve someone else in your existing business or planning to launch a company together with a partner. This post makes it clear that both professional and personal qualities of your potential partner must be taken into account. Loyalty, communication, and respect matter just as much as skills and experience. Remember that a partnership is a two-way street – both of you should respect and trust each other and make equal (unless decided otherwise) contributions to your shared vision.

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