How to Build and Maintain a Healthy Business Partnership

Jan 19, 2022

Running a business alone is easier because there are fewer people to talk with and manage. Plus, you get to keep all the profits to yourself. But the problem with being a solopreneur is that there are only a few opportunities for brand growth.

You’ll need another entrepreneur’s expertise, knowledge, and resources to take your business to the next level, especially if you have ambitions. Aside from reading books, attending seminars about entrepreneurship, or learning from others, why not get some hands-on learning experience by partnering up with another business owner? Here’s how.

1. Establish and follow a clear and careful examination process

Don’t just partner up with any business owner. Know who they are, how they run their business, and the values their venture follows. This is to avoid conflict of ideologies and frustration before the partnership even begins.

2. Take advantage of common goals and complementary strengths

As part of your vetting process, you must know what the goals are of the entrepreneur you want to partner with as well as their strengths and weaknesses. There is no use collaborating with a brand that mirrors yours. That would only result in competition rather than opening up opportunities.

3. Be open and honest

Openness and honesty build trust and respect. Don’t hide anything from your partner, especially problems, opinions, and expectations. Accept and admit mistakes because nobody is perfect. The longer you hold your peace, the harder it is to solve problems or avoid them.

4. Make a plan for conflict resolution and mediation

I’d be lying if I said that all business partnerships run smoothly. Which is why you must have a process in place in case conflict arises. That includes giving everyone the time to calm down before communicating clearly.

5. Protect your partner’s assets as you would protect yours

Just because your business partner is staking their money on some projects without yours involved doesn’t mean you should turn a blind eye. Remember that it’s a partnership. If they’ll face problems alone, you’ll have a high chance of losing your collaboration. Be ready to lend a helping hand even if there are no incentives for you.

6. Consider your partner as your team member

You and your partner must have had your own well-defined and clear roles. This is a great strategy for preventing overlaps in offerings that would cause competition. The best partnerships flourish when both parties benefit and learn from each other as well as grow due to cooperation.

7. Respect your partner’s time

Nobody wants to be emailed for work-related purposes on weekends, when they’re taking a vacation, or when they’re out of the office. So don’t do that to your partner. Respect their personal space as well. If they need time and peace to prepare for something, give them that.

8. Keep it personal

They say business and personal matters should be kept separated. I say not really. There are times when you should add a personal touch to your partnership and times when you shouldn’t. A good example would be treating your partner as a close friend other than just an item on your to-do list. This is one way to make your partner feel valued and when people value each other, a solid relationship is formed.

Business partnerships are full of challenges. Even after years of collaborating, brands still find arguments among themselves from time to time. But do you know why they stay solid and keep on succeeding? It’s because they look past their shortcomings and choose to learn from their mistakes instead.

Read more tips for successful business management here!