Ingredients Of Lasting Partnerships Part-2

5. Take it Easy

Partnerships must be fun. Partners must be friendly and cordial to each other. They should not take each other so seriously that the relationship suffers. Every relationship needs adjustments. Why not a business partnership? They must be able to have fun together. Periodically, they must be able to spend “Non-business” time together.

6. Competence

Ideally, all partners must be good at something different. Sometimes, classmates of a technical course get together to start a business and they soon realize that they all are good in technical skills, but lack in the other vital functional skills like marketing, finance, HR, operations etc. necessary to run a business. If the partners possess complementary skills necessary to take care of different functions of the business, it will help them in dividing work responsibilities among themselves. Also, individually, each partner must be capable and competent enough to carry his own weight, i.e. adding enough value to the business so that his involvement is justified.

7. Personal Space

Of course, any business requires excessive attention in early days, but it should not be only work, work and work always. Everybody has a life beyond work and partners must ensure work life balance for all of them. If one workaholic partner thinks and works on business almost 24×7 and expects the same from other partners, it may burnout some partners. This may affect the partnership adversely. All partners must ensure that their individual lives also thrive along with their business. None of them must be forced to ignore or neglect personal life. There must be enough space available to them away from business responsibilities and from other partners.

8. Respect

The partners must be respectful to each other. They may not agree on everything, but they must have maturity and understanding to accept these differences and move ahead. The differences of opinion must not result into loss of respect for each other’s individuality. The partners must not make fun of each other in a manner which is not in good taste to the partner in question. The partnerships, in which one powerful partner dominates and ridicules the weaker ones, continue only as long as the weaker partners do not get fed up. Nobody’s respect must be compromised.

9. A Strong Protocol

There should be a well-defined protocol about various matters in which confusion, misunderstanding, discretion or personal judgment error is possible. All partners must follow this protocol. Such a protocol should clarify

• The time commitment expected from each partner towards the business
• Usage of company resources
• Expenses of different types
• Holidays
• Cash withdrawals
• Dos and Don’ts for the partners
• Method for settling differences

---

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

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

---

WHAT YOU CAN READ NEXT