Prevent your Business Partnership From Going Bad
- Partnerships in India have seen a lot of ups and downs especially when you start a business within your family
- There are a lot of strategies you can implement to prevent your partnership from going bad
1. Pick the right partner
- Your choice in a business partner can mean everything
- Going into business with a friend can seem like a good idea, but if something goes sour with the personal side, the entire business could crumble
2. Set expectations up front
- Work with your partner to set certain rules and expectations before you get into the day-to-day responsibilities
- Draft a good agreement with them and identify their expectations as well
3. Benefits should be mutual
- When you make a decision for the company, it should always be in both parties’ best interests
- When you first select a partner, you shouldn’t choose someone substantially more or less experienced than you
4. Clients come first
- Your clients are the reason your business exists in the first place
- They’re responsible for supplying your business with revenue
- Rather than thinking about what’s good for you, remember to acknowledge what’s especially good for your clients
5. Have mutually trusted third parties
- This person should have ample business experience and a level head, as they are going to serve as a kind of mediator in certain situations.
- For example, if you and your partner have different opinions on where the business should go, you can discuss the matter with the third party to get an unbiased outside opinion on it
6. Don’t take things personally
- Try to never take decisions and opinions personally during hard times
- Distance yourself and stay calm and objective to be a better business partner
7. Know that most partnerships don’t last forever
- Partnerships eventually dissolve
- One person might leave out to pursue another opportunity
- In that case, encourage them and wish them luck
- Also plan a backup for the business at all times
To know more about the partnership do’s and don’ts, read this article: https://www.allbusiness.com/
We are also answering your doubts and questions related to your entrepreneurial journey with our experts, do send them here: https://sncoglobal.com/#q&a
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