Getting started with your own business is finally a whiff of fresh air when you have quit your day job and have begun your own little or big start up to have an independent standing. When two people work on any business, the prospects of flourishing increase as there are two minds involved in the operations. If you have a partner who has fifty percent ownership then all the responsibilities, profits and losses become a part of his kitty too. However, there is always a possibility that things could go wrong between business partners which leads to conflict, ego battles and many a times, an irrevocable severity of ties. So, how to deal with your business partner effectively and work with him towards the prosperity of the business? Here are some tips to keep in mind while handling business partners:
Choose The One You Trust
Trust is an essential factor when you are starting any venture with some person. Unless you have enough faith in your business partner, you would waste your precious time in worrying endlessly about whether he is doing things correctly or making the right moves towards any deal or project or if he is transparent enough regarding the business information. Also, this kind of attitude would definitely reflect in your behavior which could lead to two outcomes. Either your business partner would lose confidence in himself that he is incapable of doing things, or he would get annoyed and might decide to part ways.
Lay Emphasis On Documentation
Never take anything on face value; this is probably one of the most important and golden rules of any business. Verbal communications, promises and dealings have no significance simply because they are not tangible in order to make a proof. Whether it is the contract regarding something or the responsibilities you both share everything has to be in written. The percentage of partnership you both share in the business and other details regarding shares, profits and losses must be clearly documented. No one remembers what you or he promised five years back, hence it is crucial to get everything in writing.
Your business partner would not like if you never come to office on time and expect him to show up as soon as the clock strikes eight in the morning! Also, do not encourage irresponsible and non committed attitude on the part of your business partner. It is just that make sure there is fairness with respect to the work and the attitudes between you both so that neither of you feel being taken for granted or not getting enough credit for the respective hard work.
Well, it is useless to have the mindset that you are a super man and do not need any help when it comes to getting the jobs done right. Always remember, that it is the trait of the smart and successful ones to delegate the work load and ask for help whenever required. Also, there is no harm in listening to the advice of your business partner when you reach an impasse at work. Do not be too proud to ask for help or get insecure about getting your credit robbed away whenever your partner gets involved in the intricacies of the business. It would hamper the relationship with him and would also affect the work quality adversely.
Transparent Financial Dealings
“Sam would pay my credit card bills this month and we could cut it off by the revenue we earn next month!” Well, a situation like this or any other situation in which either you or your business partner are not becoming serious about the transparency regarding money, could prove to be a big hazard for your business. Money spoils the sweetest of relationships and dampens trust and faith between two people. Always make sure that you have paid your dues or even a meager amount which you owe your business partner. Similarly, do not let your partner take huge loans on the name of the company for his personal expenses. The revenue which the business earns should be divided equally too.
Professionalism with a capital P
This is the secret of being an effective businessman and having cordial relationship with your business partner. Never ever get too emotional with your partner as this would lead to the development of useless expectations which if not met, could create frictions between the two of you. Also, keep your word for anything and never take things for granted just because your partner is nice, neither let him take advantage of you.