Iconic business partnerships like those of Sergey Brin and Larry Page of Google or Bill Gates and Steve Jobs of Microsoft have forever redefined their industries. Both serve as living proof that a positive business partner relationship can create things bigger than what they would’ve done independently. This interdependence, however, can be a very difficult process to achieve. Here’s how you can ensure a positive business relationship between you and your partner/s.
Find the Right One before Starting the Business
It’s a no-brainer that the end in mind has to start from the beginning. If you go with whoever has the money or the brains without thinking of the chemistry or connection that holds the partnership together, things can quickly fall out of place once you start encountering difficult challenges. When prospecting for a viable business partner, don’t just look at their work experience and financial or intellectual contributions. Instead, find a partner you are comfortable working with on a daily basis.
Use the Right Tools
Every business needs a specific set of tools to operate effectively. As an example, trucking companies need freight bill factoring services that streamline the process of getting paid by their clients and brokers rather than wait several weeks or months. The factoring service provider can pay for the invoices in advance and collect the bills from your clients and brokers later to offset their costs. Some companies, like Factor Loads, provide up to 60% of the delivery when the load is picked up. The rest is yielded upon delivery of the goods. Having the right tools decreases pressure from both business owners since they need not worry about the inefficiencies that have long haunted their business.
Make it a habit to sit down with your business partner/s at least once a month to reevaluate goals and tackle challenges. Regular meetings can help business partners talk sincerely with each other and reevaluate the other’s current position concerning the business. You get to pick your partner’s brain and see what’s bothering them. Ask about past, current, and future decisions you two will be making and how they feel about it.
Go Out With Their Family
Nothing improves the quality of a business partnership more than family. Once every month, organize a weekend picnic or backyard cookout. This will give you both a chance to socialize with each other’s families. This will strengthen your professional relationship and extend beyond the fragile and mediocre business partnership.
A positive business relationship helps grow your business faster with minimal resistance and tension in the workplace. In effect, this creates an uninterrupted channel for exchanging information and ideas that could further propel the brand to impressive heights.