The Secret To Forging A Strong Business Partnership

Have you considered joining forces with another business owner in order to take your company to the next level? It might just be the step you need to take in order to reach the success you’ve long dreamed of. In many cases, new business partnerships help to generate major spikes in revenue and grow customer bases. But what is the secret to forging a strong business partnership?

Be patient.

No success story is truly an overnight occurrence. It takes time for new partnerships to grow and develop. There are bound to be some bumps and missteps along the way. Keep in mind that a new partnership will likely require some trial and error in order to get things right. Delineating responsibility and following through on commitments will help to determine the right steps to take to make the partnership work for the long haul.

“If the partnership develops problems, don’t give in to anger or frustration,” encourages Geoffrey James on Inc.com, “Meet your partner more than halfway. If there’s money on the table, dispose of it fairly or offer to buy your partner out. Above all, avoid taking any disagreement with your partner to court. The end result of a court case will be pennies on the dollar for you, and even that is only if you’re lucky.  Chance are the only ‘winners’ will be the lawyers.”

Be honest about your strengths and weaknesses.

One of the main reasons to forge a new business partnership is to plug the holes you cannot fill. You may be an expert in your field. But that doesn’t necessarily mean you’re an expert at everything. What are your strengths and weaknesses? Be honest about them when starting your new partnership so that your partner is aware of how he/she can best contribute.

“What are you good at? What do you do well?” asks Stephen Key on Entrepreneur.com, “Your partner should complement you. If you focus on seeking out people who have different skill sets from yours, you’ll be stronger together than you are apart. Don’t be afraid to be dependent on your partner. In a good partnership, both people bring something equally important to the table.”

Be a strong communicator.

Do mind readers truly exist? Even if they do, it’s wise to not assume your business partner is one of them. As they often say, communication is the key to any strong relationship. Be sure to keep the lines of communication open. As James points out, ineffective communication is the primary reason that partnerships fail.

“As with any other business situation, it is measurement that provides the basis for meaningful and effective communication,” he writes, “Strive to have enough ongoing communication so that both parties can monitor the relationship both at the ‘macro’ and ‘micro’ level. Then when challenges pop up, you can both work together to quickly address them.”

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!