By Armando “BUTZ” Bartolome
No matter how big or small a business is, some individuals would choose to have someone to partner with. While others may think that it is best for them to run their business as a single proprietor, there are kinds of businesses that might need several individuals to be on board to make the business a success.
Your business is like nurturing a newborn baby that it would need a lot of help to be able to grow. Naturally, you would want to find a partner that will approach your business with the same level of commitment and enthusiasm as you have, as well as possess the same business philosophies.
A business partner is someone whom you can trust with your vision, shares the same goals as you have and would have the 100% commitment to the business. The partnership is seen as a long-term and legal pact between two or more people. It is expected that you and your partner would be spending so much time planning major decisions for the partner and that you need to get along with him/her.
How Do You Choose A Business Partner?
One of the major downfalls of a business is when the business owner would choose a person just because he/she is a close friend or a member of the family. There is nothing wrong with that, actually. But there are certain factors that you must consider in order to find the right business partner to make your business move forward.
• It is of utmost importance that you find a partner who shares the same vision, commitment and values. In managing the business, effective communication is the key. Because there is a need to communicate a lot, it is best that both of you see eye to eye all the time. It is true that there may be some differences in opinions, but, instead of having a huge fight about it, both should be able to see both pros and cons and realize which would be beneficial for the business.
• You should need a business partner that has skills that can complement your own. You may have great interpersonal skills, but may lack knowledge of accounting skills. The more skills both of you can bring into the business, the better.
• When finding a partner, you would want someone who can bring in more than his time. You may need help financially in expanding the business and looking for someone who has the right resources would truly be a huge help for the business. You would want someone who can help you with the business and not make your business become bankrupt. Your partner should be financially stable. You would want to know if he is truly capable of helping you out rather than running you dry later on.
• Additionally, you would want a partner who has a good reputation. You want to build your credibility to grow with your brand, and to be in partnership with someone who has a negative reputation in the community may affect how the market would treat your business.
A successful partnership is created when two or more individuals share the same values, vision, and enthusiasm
• You should find a partner that has the time to be focused on the business. Some individuals might consider taking in a friend who might be dealing with personal issues and their way of helping out is to keep the mind of their friend busy. It may be an effective tactic, but there is also a possibility that it can affect how the friend would work. His friend may not have 100% concentration because of thinking about his own problems. Thus, it is much better to look for a partner that has no emotional baggage.
• Indeed, you don’t need to have a diploma to become successful in life. But in running a business, people involved with it should have the right knowledge to make it successful. Along with this is having the right business ethics wherein your partner should be able to carry out a conversation that would uplift the company rather than let others make fun of you just because your partner does not know how to make himself presentable with speaking with others. I always emphasize with the people I work with that it is extremely important that you know how to deal with others in the most appropriate manner- knowing how to speak clearly, coming to a meeting with the appropriate clothes, and also be careful with hand gestures and your over-all appearance.
It is true that first impressions last. And you would want to have a lasting impression when you face others.
• The most important of all is finding a partner that you respect. The main purpose of seeking a partner is to create a team that would help the company achieve its goals. It is important that you bring in someone whom you trust and at the same time can reciprocate the kind of respect that you give him. In doing so, you create a harmonious relationship that can have a positive impact on your company.
Nurturing The Growth of The Business with a Partner
I have mentioned above the qualifications of finding the right partner. But more than that, there are more essential factors to make your partner effective.
1. You need to define roles and responsibilities in order for both of you to function well. Although both of you may have the right to speak out his own thoughts, compromise is the key to a healthy business relationship.
2. Partners should know how they should decide on a certain matter should they come across a “bump”. It may now be always smooth sailing and to be too formal each time may result in conflict and being too lenient may also not help. Before you actually start doing business together, decide on how partners should decide and the level of involvement of each partner.
3. Create a plan should partners disagree. For lower-level decisions, one partner may just have the last say. For mid-level decisions, you might want to consider having a vote. For large-level decisions, consider seeking help from a third party so that a resolution can be made and be used as a basis for the decision should it occur in the future again.
4. It should also be a priority to have a quarterly partnership review so that partners would be able to point out what works and does not work, innovate and implement new strategies that can help the business grow.
Finding the right person may be difficult, particularly if you do not know anyone as much. So, I suggest that you also become active in the business community and mingle with fellow entrepreneurs. Who knows? There might be just one waiting to be asked.
For feedback, you may email: business.mentor@butzbartolome.com or https://www.butzbartolome.com
