Get to know each other well. Share how you each have handled business situations in the past, what family obligations you have, howyou each handle personal finances, including level of debt owed, and much more. This is not the time to hold back or be shy.
Trust, respect and likeability are vitally important. These traits will evolve as you get to know each other. Do not commit to the partnership until you have reached a level of mutual respect, trust and friendship.
Commit to open and honest communication. This is the only way to maintain and grow the relationship once you’ve made the commitment to partner.
Clarify each partner’s role and job description and record the results. More relationships get into trouble when partners blame each other for doing less than they said they would initially. Others may do the opposite by overstepping into each other’s territory. Your written job descriptions will act as reference and a checkpoint to prevent these from happening.
Plan in advance how disagreements will be resolved. There are many options. The person stronger in one area than the other might be deemed the decision maker in that arena. A third party might be engaged in a standoff. Any other solution, including a coin toss, is ok as long as it is agreed to by both partners.
Meet regularly on a scheduled basis to discuss ongoing and new issues. Even though you are busy, it is vital that communication occur on a daily or bi-weekly basis, even if only for 5 or 10 minutes. Once a week is the bare minimum.
Enjoy the fun of being in a partnership. Remember that you and your partner are on the same side of the table with the same goal and vision. Develop your friendship and be sure to include laughter and good humor.
Because I cannot coach everyone personally, I have created a number of tools to help partnerships succeed. Take advantage of them. Whatever investment you make up front will be miniscule compared to the cost of a broken partnership later.
Here are some tools I suggest for you:
FREE partnership assessment with 3 FREE bonus mp3 downloads of interviews of successful partnerships. One of them is with a married couple who are business partners. Learn their secrets and adopt the ones that will work for you. Get this FREE package at www.businesspartnershipsuccess.com. If you are considering a partnership or would like to go back and do some of the thoughtful work you skipped before becoming partners get the 15 very important questions to ask yourself and your partner for only $14.95. www.coachingforyournextlevel.com .... click on business partners in the left menu.
Invest in yourselves by purchasing the Blueprint package including the “What If” Scenarios, the 7C's Danger Signs to Avoid and other bonuses. See the description at www.businesspartnershipsolutions.com. At an introductory price of $497 you will get a very worthwhile return on this small investment.
As a coach to entrepreneurs who may be in a partnership or considering one, you can use these tools in your process of coaching them to avoid the pitfalls.
More tools to come.... You have made a serious investment, both financially and emotionally to create this business. Do everything you can to make it a joyful success. Feel free to email your comments and questions. info@businesspartnershipsolutions.com
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