When a business venture involves forming a partnership, following a few simple tips prior to start-up will help protect everyone involved. Whether your partnership is for a long-term commitment or a short-lived union, these following 5 strategies can ensure a happy and successful legal partnership.
- It all begins with a shared vision. When individuals get together to work on a shared passion, there can be varying ideas as to the path they see the company taking. Getting on the same page right from the beginning to define your vision and mission statement will avoid the pitfalls that can arise when partners have different motives and methods for success. Taking the time to clearly define the purpose of your business will help to smoothly move your business ideas forward.
- Work with each partners’ strengths. Everyone involved in the partnership has a different strength that helps drive them to be successful. Whether it’s an engaging personality to cinch the deal, an attention to detail that makes sure marketing materials are ready to be rolled out, or the methodical leadership style that sets the tone for a productive workplace, each partner has strengths to be utilized. List what you believe to be your personal strengths and ask your partners to do the same. You might be surprised to see that you were devoting time to misplaced efforts.
- Set company and individual goals. Goals help to keep the focus on long-term visions of success. Setting company goals should be a joint effort between partners. Once the company goals are clearly defined, then individual goals should be set that support those of the company. Putting these smart goals in writing will help hold individual partners accountable for their work.
- Be aware of your partnership’s limitations. You can’t do it all, all of the time. Being aware of where your partnership is falling short can be a valuable asset to your company. Sometimes you’ll decide to spend the extra money to hire someone to fill the gap where you or your partners either don’t have the expertise or the desire to do what needs to be done. From marketing to production, there are lots of little tasks that need to be completed to make your business thrive. If you need help somewhere along the way do not be afraid to bring someone into the mix.
- Work through your differences and disagreements. Sometimes partnerships falter. Partners may start out with a shared vision, but somewhere along the way the goals and direction they want to see the company take can vary drastically. It is always a good idea to address any disagreements right away. By acknowledging these issues quickly, partners can get back on track and smooth out the creative differences. When new ideas are pitched a partner might naturally take the lead, putting their own spin on the presentation. It’s okay to have different approaches as long as they go along the path of the company’s goals.
Published: June 19, 2013