04 January 2017 / Published in Ingredients of Lasting Partnerships

Ingredients Of Lasting Partnerships Part-1

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Business Partnerships

Generally, business partnerships don’t last longer. I understand, it may sound counterintuitive in today’s time, when start-ups launched by groups of people are the flavor. But, general observation shows that most of the successful businesses are either founded by one person, or if a successful business was initially founded by more than one individuals, it is eventually lead by a single business leader. Yes, there are exceptions where some hugely successful businesses are being led by a team of leaders. But overall, a very small number of businesses founded and run by more than one persons are successful.

This is not to say that there is something wrong with the partners. The reason for this fact is that a business requires single-minded determination, persistence and focus which are very difficult to achieve when more than one minds try to lead collectively. Two minds just can’t think exactly the same for a long time. They differ sooner or later, unless one person becomes silent and lets the other one take the lead.

Still, we see that some partners could do it and built their business empire together. Such partners follow certain practices which help in nurturing their partnerships. Here is what is required to be a good partner and to make the partnership last longer and thrive:

1. Communication

The first glue to keep the partners keep going together is communication. Partners must have a very open, frank and regular communication link operational among them. Misunderstandings happen because of no or bad communication. And any misunderstanding can be resolved by constructive communication. The bridge of communication must never be broken between any two partners. It should be always operational.

2. Transparency

There should not be any hidden things among partners. As far as business transactions are concerned, all information must be completely transparent and easily accessible to all partners. A business partnership is more like a marriage. For a happy marriage, we should not hide things from our spouse. Similarly, a partnership can’t survive or thrive without transparency. All dealings, all transactions, all expenses, all incomes must follow established policies and processes. They must be available for inspection by other partners.

3. Honesty and Integrity

Just like married spouses, business partners must not cheat. If one partner cheats, trust will be lost. And trust once lost, it gives rise to doubt forever. It becomes dangerous for the future of the partnership. Partners must remember that if we can’t manage one relationship, we can’t manage any other relationship as well. Personal integrity is a must for mutual trust.

4. Contribution and Commitment

Partners’ contribution and commitment to the business must be proportionately matching. They must share responsibilities fairly equally. One partner should not feel overburdened because the other one is not putting in as much effort. Partnerships are not only for sharing profits. They also mean sharing of responsibilities and hard work. Of course, this does not apply to partnerships where one is an “Investing Partner” and the other is a “Working Partner”, or where partnership ratio is not equal. In those cases, the contribution and time commitment must be decided mutually.

(Expert advice to GROW your business wherever you are, whenever you want.

SMEBusinessGuide.com… https://goo.gl/E3pfoQ)

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