How to Form a Strong Business Partnership

It’s often said that business partnership is similar to marriage in most respects. This saying isn’t without its merit. A business partnership is formed based on high ideals, common beliefs, and common purpose – all of which can be said about marriage as well. On the other hand, organizing it on a day-to-day basis isn’t always that idealistic or that romantic. It takes compromises, honesty and a lot of meticulous planning.

But, if you do it right, combining your resources and capabilities with the right business partner could be lucrative for both of you.

Vision of the future

The most important thing to agree on is what you want your company to be in a few years. Even if your temperament is different, even if your managerial styles don’t match – if you want to create the same company, you’re good to go. This may seem simple and it is when the company is just an idea you’re talking about in private. But, when you start dealing with real-life situations, differences in perspective become truly important. The best thing you can do is to discuss your business at length before you invest a single dime.

Complementary skills

A business partnership should aim to be mutually beneficial. When choosing a partner, you should look for someone who could do the things you can’t. For instance, creative types usually don’t have the discipline for working within a schedule. Those who are able to make big leaps forward and have an overall view of the business are terrible with organizing a daily routine. The hardest part about organizing a partnership actually isn’t finding the right person – but, objectively assessing your own strengths and weaknesses.

Making an effort

Like with any other long-term commitment, it’s important to make the effort and work on your relationship. It means discussing issues and not letting them build up. It’s best to set a day each month on which you’ll address anything that could be a problem. Symbolic gestures are also important. For instance, when you set a meeting with the partners, provide a ride for everyone using high-end corporate cars.  Pick up the tab and make sure everyone has a comfortable hotel room. This may seem trivial, but that sort of things shows that you care and that you pay attention to details.

Unpleasant tasks

Business isn’t all highbrow discussions and vision crafting. Actually, most of it is comprised of mundane day-to-day tasks, which can range from boring to awkward. For instance, nobody likes firing people, but sometimes it has to be done. If these sorts of tasks are not delegated in an equal and fair manner, it can lead to hostility and bad will. The best thing you can do is create a list of things that must be done and distribute them among the partners. This way, everyone knows where they stand and no one can say that they are getting mistreated.

Legal aspects

Trust and transparency are of great importance and if your partnership is based on them, consider yourself lucky. But, it isn’t always smart to organize a business based solely on trust. No matter how close you are with your partners – put all your agreements to paper and have your lawyers go over them. No one will get offended by this – it’s a sign of responsibility.

Business partnerships can last for years and have a great influence on both your personal and professional life. It’s your responsibility to develop a strong and honest partnership along with your business. The ultimate goal is for everyone to leave a business venture better off than they were when the business was created.