In business, partnerships can make or break our entrepreneurial dreams – that’s why it is important to choose the right partnerships when looking to start, grow, or scale your business. A great partnership can propel you. A poor choice can lead to setbacks and challenges that are difficult to overcome.
The right partner brings complementary skills, a shared vision, and the mutual trust necessary to navigate the inevitable ups and downs of entrepreneurship. It’s not just about finding someone who shares your goals, but also someone who compliments your work ethic, fills in the gaps in your expertise, and stands by you through thick and thin.
This critical decision can influence every aspect of your business journey, from daily operations to long-term strategy, making it essential to approach partnership selection with careful consideration and clear criteria. And if you both take your coffee the same way, it makes for the perfect mid-day work sessions when you just can’t sit in the office one more day without going crazy! Here are several factors to consider when choosing the right business partner:
The Importance of Shared Vision and Goals
Business partners should share the same vision and goals when entering into a partnership or collaboration. It’s crucial to align on long-term commitments, investments, and the overall direction of the venture.
Having open and ongoing conversations about aspirations, expectations, and timelines ensures that both partners are on the same page. There is nothing worse than feeling closed in and silenced in your own business and the only way to assure that you never feel hindered like that is to get clear on what you want individually so that you can combine your super powers and figure out what you want together.
Imagine one of you wanting to spend a large amount on an educational program or a new software and the other partner NOT feeling in alignment with that purchase. How do you decide?
Flipping a coin or rock, paper, scissors are not effective strategies when it comes to settling business partnership conflicts, especially when it comes to your finances. That’s where the shared vision and goals for where you are going, how you will get there, and ultimately what your day to day will look like are imperative.
Aligning your individual visions and considering our shared aspirations and timelines are foundational for a successful business venture. If being misaligned can ruin a company…imagine how much more impactful and accelerating true alignment with a partner can be.
Trust as the Backbone
Trust is everything in partnerships. It is a necessity to trust your business partner(s) to have your best interest in mind. Mutual trust extends beyond the business realm and encompasses conflicts, decision-making, and overall support for one another.
The importance of conducting due diligence and research to ensure the credibility and reliability of potential partners. Trust forms the foundation of successful business unions, just as it does in a marriage, and is non-negotiable in fostering strong and enduring partnerships.
Work Ethic and Compatible Skill Sets
Sharing a work ethic and compatible skill sets within partnerships and collaborations are so important for a successful partnership. Understanding each other’s strengths and preferred work hours will positively impact your partnership. Recognizing and respecting differing work schedules and skill sets can optimize productivity and prevent undue pressure on either partner.
Compatible skills come into play when you both can bring separate skill sets to the table, but they can all be used for the good of the business or project. Don’t try to fit in a box that you know isn’t in your wheelhouse and don’t expect that from your business partner either.
Be open and honest about what you are good at and what you aren’t good at and find ways to segment out the day to day tasks that you as the CEO’s are responsible for and then what gets delegated to your team. This is where you will see your skills and strengths shine in big ways.
Approaching Conflict Resolution
Conflict resolution within partnerships and collaborations is crucial. The need for mutual respect and a joint effort in resolving conflicts to maintain the cohesiveness of the partnership is paramount. Mutual respect is vital.
Embracing differences of opinion can strengthen our business relationship and actually end up highlighting the best parts of our team work. Hiding from conflict and feeling unable to express your opinions in a partnership is more defeating than you ever (hopefully!) will know and the only prevention that will truly work to help you stay on the same page as you grow your business is to be honest and transparent with one another, even if you disagree.
For collaborations, the value of clear communication and transparent discussions when navigating conflicts within a team is equally important. Bottom line is this: say what you mean, listen before you speak, and value the person you are working with over the business itself.
Financial Commitments and Income
The necessity of being in alignment on financial commitments and income within business partnerships is something that cannot be overstated, as clear financial agreements help prevent misunderstandings, ensure mutual trust, and contribute to the long-term stability and success of the partnership.
It’s important to set clear expectations and agreements regarding payouts, investments, and profit-sharing arrangements. Open and honest conversations about financial aspects can prevent misunderstandings and ensure financial stability within the partnership. Be weary of joining into a partnership with anyone who doesn’t see eye to eye with you about money and the allotment of resources.
The right partner will make sure you get taken care of. The wrong one will leave you feeling stolen from.
Conclusion
If you’re looking to start a business partnership or improve the one you’re in, remember that aligning visions and goals, building trust, embracing diverse skill sets, handling conflicts, and ensuring financial clarity are all essential for a successful and lasting partnership.
By carefully choosing the right business partners, you’re setting the stage for sustainable growth. Picking the right partners from the start, along with keeping the lines of communication open and sharing a commitment to the business’s success, is the foundation for thriving partnerships and collaborations.
Getting it wrong will cost you so much more than time and money so give yourself grace and a sufficient amount of time to select the right partner. When it’s right…it will be good. When it’s good it has potential to be incredible. And when it’s incredible, the ceiling limit for where your business can take you is limitless!
Corry Frazier began her entrepreneurial path with a photography business in Oahu, Hawaii, which she’s run successfully for 15 years while mentoring and coaching entrepreneurs to grow and pivot their businesses. She has built, moved, and rebuilt her businesses repeatedly as a military spouse of over 30 years, and she’s grown her business through every season of motherhood. Melissa Pepin spent 17 years investing in couples, families, and businesses as the owner of a successful photography company, running and speaking at conferences and retreats for female entrepreneurs, and coaching female founders through mindset support to help them lead with confidence and joy in their businesses. She has a degree in communications from The University of Georgia and always knew her ability to talk a lot would pay off!
The Business Reboot provides small businesses guidance and a framework to help diversify offers, generate more revenue, and increase meaningful impact. Co-owners Corry and Melissa are business coaches with over 20 years of combined experience on a mission to help business owners run successful businesses without compromising the integrity of their lives. From starting and growing thriving businesses to raising babies, moving a bazillion times, and enduring dramatic shifts in their entrepreneurial journeys, they have paved the way for success on their terms. Corry and Melissa are also co-hosts of The Business Reboot Podcast, made for female entrepreneurs looking to grow, pivot, scale, and fall more in love with the business of their business! Reboot rather than rebuild!