What Should I Be Looking For In A New Business Partner?

Are you looking to take your business to new heights? It’s probably a silly question given the fact that practically all business owners seek greater success. One way to bring your brand to the next level is to partner with another. Have you ever considered joining forces with someone else? If you’re in the market for a new business partner to help you expand your business, there are a few important things you should be looking for.

Assurance that you share the same values.

It’s one thing for you and your new business partner to have the same vision. It’s another thing for you to share the same values. Are you willing to work with someone who takes unscrupulous measures to find success? Or do you wish to align your thinking with someone and agree with him/her on the steps you want to take in the business world? You don’t have to agree on everything. But it is wise to be on the same page about the important stuff.

“A business partnership works like marriage,” writes Claire Glassman for Supply Chain Game Changer, “You need to share similar values in order to make the relationship thrive. What are the values you both look for in a partner?  How will you resolve your differences in terms of opinion and vision for the company? The more aligned your values are, the easier it’ll be for the two of you to develop and implement strategies to accomplish your plans.”

A willingness to sign a partnership agreement.

It’s only fair to both parties that there is a written partnership agreement. It’s an absolute must that the agreement is devised and revised to satisfy you both. On Forbes.com, Will Jeakle advises entrepreneurs to go back and forth with each other to ensure that all key elements of the partnership agreement are covered before signing.

He lists the potential questions that could arise: “What are the scheduling expectations? Financial implications? What if one partner disagrees with a decision? Who decides what the partnership works on and what kind of resources are devoted to it? What happens if one partner wants to go off and do something similar on their own? Who owns what? How does the partnership end?”

Actions that back up claims.

As the old idiom has long reminded us, “actions speak louder than words”. Does your new partner seem full of great ideas but has nothing to back up his/her claims? What is your partner’s track record? Do your due diligence and simply ask for some proof of results. If he/she claims to be a marketing expert, for example, it’s wise to look into the returns on investment his/her previous campaigns have pulled in.

“Before saying ‘yes’ to any business proposal, take note of your partner’s actions,” advises Glassman, “For example, if your partner told you that he’d look into materials about Angie’s list review to determine its legitimacy, assess if he walks the talk. It’s important for any relationship to have trust and confidence, but we must also learn to evaluate our actions. Remember that commitment is the sum of our efforts in order to achieve a goal.”

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!