In business partnerships, it’s more important to communicate not to be misunderstood than communicating to be understood. Good communication is not only necessary to run the daily operations of a business, but can ultimately affect the profitability of your company. It’s important to realize that communication also includes nonverbal clues such as facial expressions, body language and tone.
Effective Two-Way Communication is Essential in Business Partnerships
Here are 6 communication tips for you and your business partner(s):
- Overcommunicate: Detailed communication is the best way to avoid surprises and miscommunication. Partners depend on each other to exchange valuable information about the business, including status reports or crisis management. Partners should be in touch with anything the other person is doing in order to build trust and run a successful business.
- Be honest: Honesty is the key to building trust. Even small lies can harm your credibility and turn your business partner against you. Once your partner feels resentment towards you, it will be even harder to regain.
- Do as you say: It’s important to take your commitments seriously. Once you’ve promised to do something by a certain time, make sure you meet that deadline. If you don’t do what you committed yourself to, it’s inevitable that your credibility will be questioned.
- Share useful resources: Sending along relevant articles on industry trends or business development can not only benefit your business, but also the relationship with your partner. It offers more opportunities to communicate about your common vision for the business.
- Stay in touch: Make sure you make time to meet on a regular basis. Set up reminders to send updates or use tools such as Asana to stay in touch about ongoing projects.
- Meet in person: Relying on emails and texts is not enough to nurture your business partnership. Meeting at social or industry events can improve the personal relationship with your partner.
Operating Agreements are by far the most important document for business partners to develop. A well crafted Operating Agreement should and can keep the parties out of costly litigation. Learn more about our unique 4-step process for creating Operating Agreements.