Many business owners find that creating (and maintaining) partnerships is an important and healthy way to run their company. However, keeping a partnership is just like maintaining any other relationship in life – it takes work.
The benefits of partnerships outweigh any negatives that stem from this work. They can drive success, create a supportive environment, and help push a business to new limits. Here are some of the ways one can maintain professional partnerships.
Honesty
Being upfront and honest is essential within a business. It can be next to impossible to create an ideal business plan when one isn’t honest about how the company is doing. The same goes for handling any partnership – it requires honesty.
You’re more likely to keep a partnership if you don’t try to hide information from them, especially if that information is business-critical. Remember, the partnership is essentially asking everyone to act as a team.
Communication
Related to honesty is communication. Open and transparent communication is essential for maintaining a healthy professional partnership. This goes beyond obvious business communications. One must be clear on their business goals, schedule, and any other relevant information.
Likewise, they must be receptive to the information their business partner provides. And finally, don’t forget all those communication skills when a conflict arises. This is where it will be needed the most. Communication during conflict is one of the fastest ways through it.
Respect
Naturally, one would hope that they would only ever partner with somebody they already respect. Even if this isn’t the case, it is beneficial to try and respect your business partner as much as possible. This includes respecting their time. In the business world, time is money. Do not waste their time (or money) by ignoring what they’re bringing to the table.
Define Roles
Finally, remember that people feel better when they know and understand their roles. It is beneficial to create clear roles for each partner – yourself included. This will ensure that no part of the business is neglected while preventing others from stepping on one another’s toes. This clarity can help avoid frustration and conflict down the line, making it one of the smartest first steps to take.