3 Important Steps To Starting A Beneficial Business Partnership

What are the next steps you’re considering to grow your business? The future of your company has likely been a front-on-mind topic for months, given the fact that the pandemic has made things so tough. To move forward, it may be necessary to partner up with another business. Have you ever considered forging a business partnership?

In order to make a new joint venture beneficial for both parties, you must take certain steps. Here are three important ones:

1. Make sure you’re both on the same page.

If you don’t share the same vision as your would-be business partner, he/she is not a good fit. Too often, two friends will get together to start a new business partnership, only to find that the professional union is an unhappy one. Why? Even the best of friends have disagreements about their aspirations and ambitions. Find someone who shares the same vision of success with you and agrees upon the steps needed to achieve it.

“For a partnership to be successful, all parties involved must agree on the same strategic direction for the company,” insists Darrell Zahorsky on TheBalanceSMB.com, “If one partner wants to build a well-known national chain of retail outlets and the other partner only cares about earning a decent living, the business is destined to fail. Set a clear, agreed-upon course for the business that meets the needs of both partners.”

2. Ensure your strengths complement each other.

The age-old idiom “too many chefs in the kitchen” often brings to mind an occasion when the number of people involved in any one activity is too many. However, we’re of the mind that it’s not the quantity that necessarily matters – it’s the quality. Two “chefs” can be too many if they have conflicting ideas and similar talents. You and your new business partner should have different strengths so that you’re not butting heads. Instead, being able to rely on each other for specific talents is what will make the bond an effective one.

“The best partnerships include leaders who have different skill sets,” says Marissa Levin on Inc.com, “You don’t need another one of you. If one partner thinks big picture, and is the lead strategist, the other partner ideally will excel in operations and implementation. Your partner should fill in your gaps, and not simply add bandwidth.”

3. Be clear about the roles and responsibilities.

What is your job? What is the job of your business partner? The answers to these questions must be crystal clear. No business partnership will be successful if it involves a lot of stepping on each other’s toes. Play to your strengths and expect that your partner do the same. Outline the roles and responsibilities that are exclusive to each of you before launching your joint brand.

“A winning business partnership capitalizes on the strengths and skills of each partner,” affirms Zahorsky, “Divide business roles according to each individual’s strengths. For example, if one partner is strong in marketing, operations, and finance and the other partner excels in sales, human resources and leadership then split tasks accordingly.”

Are you considering partnering up with another business, but are concerned about the costs that may be involved? Contact Synergy Merchants to find out how our unique merchant cash advance program can help you. Call us at 1-877-718-2026 or email us at info@synergymerchants.com. You can also apply online for a free, no obligation quote!