Great business partnerships are built on communication, collaboration and creativity
Patrick Hull, a serial entrepreneur with more than 25 years of experience launching successful companies, knows that business partners do not only need matching skill sets, but also matching personalities. According to him, complementary skill sets are important, but getting along with your business partners on a personal level is equally important. Open and ongoing communication is another decisive factor in successful business partnerships. Partners can only be on the same page if they communicate regularly regarding their common vision and goals. In short, there are 5 things that keep your business partnership strong.
First, you and your partner should have a partnership agreement, also know as an Operating Agreement. It identifies potential sources of conflict and how they will be resolved, and other sensitive issues such as personal styles, values, money, and power.
Second, partners should talk about each other’s expectations. It helps to reduce assumptions and allows you to stay focused on common goals.
Third, before you look for a suitable business partner, think about your clients’ needs. Determine which services you need to add in order to satisfy your clients’ needs. Then, choose a partner who can help you serve your clients better.
Fourth, every business partnership should be mutually beneficial. It’s only fair if both parties gain something from the business partnership.
Fifth, end the partnership if it’s not working anymore. Holding on to it won’t be beneficial for anyone who is involved.
Operating Agreements build a solid, legal foundation for business partnerships. Check out our unique 4-step process to create your Operating Agreement.