14. Budget
Money is a tricky thing. It may create misunderstandings, sometimes. Particularly when it is in short supply or it is in large supply. To avoid confusion and disputes, it is advisable that the partners prepare a budget of the business which must spell out allocation for each operational function of the business. The preparation of budget itself will help sorting out a lot of confusions. Budgeting is good for managing the business also. Any major variation in budget must be sorted out collectively and constructively, looking at the requirements of the business.
15. Division of Responsibilities
Divide the work responsibilities among the partners as per the personal qualifications, experiences and preferences. Preferably, prepare an organization structure, with each partner taking responsibilities of some part of it. That partner must be given full responsibility and authority to manage those functions. To maintain uniformity across the organization, all the matters where decisions regarding employees, customers, suppliers or other outside agencies are to be taken, proper policy framework must be established. If everybody follows the same policy, there won’t be many issues. If some exceptions are needed or some changes in a policy become necessary, they must be done collectively.
16. Open-mindedness
The business interest must always come first. All the partners must be open to questions or clarifications from other partners and should not be offended by such questions. Also, sometimes, there may be some disagreements about an issue or a decision. Let the individual or the collective committee take the final decision as per the agreed method of decision making. Such decisions must be binding to all the partners without any grievances later.
17. Resilience
Business partnerships are like marriages. They pass through rough weather at times. The partners must learn to hold on and let storms pass. In matters related to any partnership, maturity and wisdom should overrule impulse and passion. The partners must be resilient to come back together after a periodic and temporary setback. Short memory and large heart generally helps in such situations.
18. Sense of Humor
In the end, the partners must be able to laugh together; at themselves; at each other; without any hard feelings.
So, laugh it out when there seems to be no other way.
(Expert advice to GROW your business wherever you are, whenever you want.
SMEBusinessGuide.com… https://goo.gl/E3pfoQ)
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