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If you’re looking to forge a new business partnership, it’s important to look for some valuable traits in your new partner. We outlined them in our last blog. They include having similar values, a willingness to sign a written agreement and actions that back up claims.
Here are four more tips for creating a successful business partnership:
1. Set clear expectations and roles.
Quite obviously, the point of teaming up with a new business partner is not to start a relationship where you begin stepping on each other’s toes. The two of you should each bring something unique to the table. Ideally, you will both be able to play to your strengths. Those strengths should be different from each other. That way, you can set clear expectations and roles for you each to fulfill. The key, of course, is to complement each other with your unique skill sets.
“Starting a business partnership without any idea of your roles is already a failure,” insists Claire Glassman for Supply Chain Game Changer, “Before you start a business partnership, set clear expectations and roles first. You and your partner should have an in-depth understanding of your roles and how these would impact the business. In this way, both of you can determine if the partnership is an ideal business setup.”
2. Create a communication structure.
Once the business partnership is officially formed, how will things work? This is a question that should be answered well in advance. For example, it’s important to communicate to employees which of the two of you should be contacted for specific inquiries. Naturally, you should handle some aspects of the business while your partner handles others.
“Schedule daily check-ins, weekly sales and marketing meetings, quarterly reviews, an annual meeting,” advises Will Jeakle on Forbes.com, “The key to a strong partnership is open, honest, and frequent communication. If you and your partner aren’t loquacious, then create a formal structure to make sure you bring up unresolved issues. Force yourselves and your organization to discuss challenges and opportunities on a regular basis.”
3. Research your potential business partner.
Be very careful of big talk. It’s only fair that your potential new partner is able to prove him/herself. If you were hiring a new employee, you would contact his/her references, right? Does your potential business partner have references? As Glassman points out, for your business partnership to succeed, be diligent and research more about your partner.
“This is an important step as the information you acquire can define your expectation towards your business partner,” she writes, “You can ask your partner’s former boss or colleague about his work ethic, leadership style, or how he handles pressure. You’ll be surprised at what you can uncover during the process.”
4. Secure a merchant cash advance.
Understandably, starting your new partnership may require you to incur some expenses. Synergy Merchants’ unique merchant cash advance program enables all types of business owners to get their hands on much-needed extra working capital. Regardless of your credit history or length of time in business, you can be approved in less than 24 hours!