For decades, businesses have used partnerships as a catalyst for progression and expansion. Big and small companies alike practice the art of business partnership to scale their business, reach new audiences, or create alliances that become pillars in diverse industries.
We believe that business partnerships are a way to work smarter, and we’ve seen that proven over our years of working with others to create amazing products and services.A Healthy Partnership = A Growing Business; a business partnership that is balanced, trustworthy, and has effective communication between partners will in turn, elevate the business. In this blog, we’re sharing a thing or two on how we’ve found success in business partnerships and how you can do the same.
It Should Be A Win/Win
A partnership is a union. A union always has a common purpose. It’s important to define what that purpose is (within the business) and to determine where it aligns for each partner. What is the common objective? Once you determine that, you can set forth short term and long term goals; that way the purpose can be referred to for guidance and grounding. Within this purpose, you should always make sure the common goal is a win/win for both parties. If one party is benefiting more from the business relationship than the other, you may need to reevaluate the terms or even determine whether or not the business partnership is a good fit at all.
Focus On Your Strengths
Are you skilled in marketing whereas your partner is skilled in bookkeeping? Acknowledge your strengths and areas of improvement. Defining a partner’s role and creating a fair share of duty is imperative in maintaining balance, especially if you’re splitting profits 50/50. In the case that you aren’t sharing profits but rather sharing clientele or services, it’s wise to determine the specialty of each party. Focus on what you both do best and stick to that thing. Of course, as time goes, things may shift and you can find yourself switching gears or tacking on new services and offerings as you both grow. Either way, do what you do best and leave the rest to the other person.
Keep It Cordial
A partnership can also be seen as a fellowship. By definition, “a fellowship is a friendly association between people who share the same interests.” Creating a friendly bond with your partner may be something that is overlooked or underrated. However, it creates great synergy when you can work with someone you actually like and respect. You don’t always have to go out and have drinks or socialize outside of your work environment, but it may help to lower your guard sometimes and have conversations about life and life happenings. You never know the kind of camaraderie it can create when you learn more about your business partner and nine times out of ten, it will actually help you do business together.
Checking in with your partner builds strong and healthy communication. Have conversations about progress and improvements within the business. Also, communicate with your partner about any relative changes happening in your life. In a partnership business, checking in with yourself is just as important as checking in with your partner. Set healthy boundaries when it comes to business and work so that you can keep the primary focus the goal. If or when things get rocky, make sure you talk to your partner. Don’t assume the worst and instead, be open about how you feel or what you need in your relationship.