5 KEY ELEMENTS TO A SUCCESSFUL BUSINESS PARTNERSHIP

partnershipYour business partner or partners are as important as you in your business. That’s regardless of what their stakes are in your company. And you don’t have to look far to see why. Apple, Google, Yahoo, and Microsoft – you name it – there are key people behind its success. So what elements do  you need so that you can build a successful business partnership and business?

1. Respect and Trust

If you and your business partner doubt each other’s decisions, then that indicates lack of trust. And without trust, there can be no respect. A workable business relationship is characterized by mutual agreement and decision-making. Of course, there’s also respect for each other as human beings.

 

2. Honest and Consistent Communication

Your keyword is solidarity through communication. You and your business partner have to communicate openly, honestly, and consistently. Without communication, there can be misinformation. With misinformation, there will be misunderstanding. The right arm has to know what the left arm is doing and vice versa.

 

3. Give and Take Relationship

You can’t have one of you that takes on a dominant decision-making function. In business, two heads are better than one – always. Conflict is inevitable but if you redirect your attention to the vision of your business, it will guide in making decisions. You give some sometimes and you take some on other times.

 

4. Reconcile After Each Disagreement – Quickly

There will be times when you and your partner will misunderstand each other. But you’re not kids fighting over a spilled milk. You’re partners. So act like adults and behave like professionals. Arguments can be healthy but if you nurture old wounds, you’re better off finding a different partner.

 

5. Complement Each Other

You can’t be good at everything. You have your own weakness and so does your partner. Recognise that weakness and seek help when it manifests. In the same way, lend some support when your partner needs it. You’ll encounter challenges along the way because no business is created to succeed in an hour. Be supportive of each other and support one another.

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