7 Secrets to a Great Business Partnership

Many businesses are co-owned. Two friends, family members or acquaintances come together and decide that they can go into a particular business as partners. You can be more than two people. It does not matter if you come from the same neighborhood or even country. What carries much weight here is the fact that you all have the same interest, and that is to start a business and see it thrive.

Whether you are two or more in a business, it would be wise to treat that partnership the same way you would a marriage. Respect each other, do not sell or expose your business secrets, be ready to share the good and bad times, be committed to your business and above all be ready to stand for and support your partners in the face of trials. These and the following secrets can help in having a good working relationship with your business partners.

Know your partner.

Before you commit to any kind of a partnership, get to know what kind of a person they are. Make time to learn if they are what you are looking for. Be sure you have a list of the characteristics and qualities you wish to see in them.

Make it official and formal- on paper and witnessed.

After you get the right partner or partners, it is time to bring in the lawyers and witnesses. Make your partnership official on paper, such that whatever happens there will always be evidence of the kind of partnership you are in.

Keep the finances tight

From your business start up finances weather it be crowdfunded or a best rate bridging loan till the first big sales come through the door. Then on going as your company profits and dividends are paid make sure that you are both happy and getting your equal shares.  Money is a big part of the business and growing wealth and is nothing worse than partners and friends falling out of cash! So grow big and make sure you both know exactly what your business funds are and how they are to be used and distributed.

Make sure you get great Liability Insurance.

Liability Insurance for Partnership. If you are a partnership then it is recommended you have a public liability insurance policy in place to provide protection for your business against liability claims against you or your business.

It’s vital that you get covered for Liability insurance to cover your and your business for injury to third parties or items and the financial responsibility that comes with that. We will guide you and help you make the right choice whether covered by other policies such as office or retail insurance or if you need a seperate policy.

Your differences are an advantage.

Diversity makes people interesting. Do not go about looking for a partner who is exactly like you and has the same opinions as you do. You need to get somebody who is different so that they can be challenging your views. You will keep each other on your toes because none of you knows it all.

Deal with conflict amicably and professionally.

Like in a marriage, a day will come when you will have a disagreement or argument on how things should be done. Remember what brought you together in the first place and deal with the issue in a polite manner. No need to call each other unholy names. If you were the one on the wrong, be humble enough to apologise. It does not hurt anyone to do so.

Be prepared in case of a break up.

Be ready for that day when your partner comes to tell you that they wish to do away with the partnership. Before you begin your business be sure to have a contingency plan in the event that this happens. Do not be taken unawares as this can not only destroy your friendship but the business too.

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