14 Feb 2019, 10:04 — 3 min read
Managing a business comes with multiple challenges – dealing with taxes, hiring and training employees, achieving sales targets, and making important decisions to ensure business growth. You may decide to explore a business partnership to expand your business horizons, raise capital, seek expertise and establish connections. Finding the right business partner to help grow your business is like saying yes to marriage; it is a decision that can have a far-reaching impact on your future growth and wellbeing.
Here are some tips to consider before forging a business partnership.
1. Find a shared vision
As the first step, it’s vital that your business partner shares the same vision as you for the venture. If you’re not on the same page, problems are likely to arise along the way.
There are bound to be differences in personality, expertise or leadership style, however, the vision and objectives should be the same so that you can chart a united growth trajectory for the business.
2. Take time to know the person
Don’t be too hasty to get your partner onboard. Get to know them. Enquire from common business associates about their working style, to discern business compatibility.
You may even seek your potential partner’s opinion on certain aspects of your business and assess their approach to it. This will help to determine if the partnership will add value to your existing business model.
3. Hire the person as a consultant or employee first
As a trial run, you can hire the person first as a consultant or employee to gauge if your working styles are complementary. This ensures that you are not taken in by surface charm, personality or tall claims. Working together will determine if there are synergies for future growth.
Easing into a business partnership, ensures that mutual respect and trust are established before signing on the dotted line.
4. Choose a partner who complements your skills
Find someone who complements your skills. Are you a visionary leader who lacks technical skills? Is marketing not your cup of tea? Then, look for a business partner who makes up for your shortcomings and bolsters your growth. When your business partner can serve as a leg up in the area where your expertise may be limited, it will not only boost your business but will also strengthen your partnership.
Business partnership is much like a romantic relationship—it may seem blissful to start with, but can lead to differences if the reasons for coming together are not sound. So before saying yes to a business partnership, make sure that the person is the best match for you and your business.
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By Rajesh Joshi