Business Partner Solutions and How They Can Help
Very few businesses ever made it to the “Big-Time” without a business partner.
In fact, Business Partner Solutions and arrangements have been around for a very long time.
If you have ever been in a partnership before, the hair on the back of your neck might be standing on end right now because many partnerships, in fact, MOST partnerships go down in flames.
At the end of this article, I will share with you one of the best business partner solutions I know of, and coincidentally, we use it all of the time because it works so well. Before skipping to the last paragraph for one o the best business partnership solutions on the planet, read this article in its entirety so you can begin to identify with the issues you might face in the future.
Even the best of business partnerships go through rough times. Here are some of the most common problems business partnerships face and ideas for how to deal with them.
One partner feels like he’s carrying the bulk of the workload.
This may have happened because there wasn’t “Spelled-Out” in an agreement identifying job roles, responsibilities and accountability. This needs to be discussed and put down in writing ahead of time.
Expectations are not being met.
Expectations may be quite different for each partner. When expectations aren’t met, it’s a set up for negative feelings. It’s important that each partner knows what to expect from the others.
Partner has lost interest in the business or changed thinking.
Over time, new attractions and options will continue to present themselves to everyone involved. When a partner becomes disenchanted with how the partnership is going, he or she are likely to begin losing interest over time.
Can’t talk to each other.
Communication is so critical to maintaining a viable partnership. When partners get so busy doing their own thing that they can’t find time to sit down with the other(s), they will likely start to feel less engaged. An unresolved issue can also lead to partners being unable to talk about certain things.
It’s a wrong partnership.
Sometimes the partnership has been a bad match from the beginning, but it was maintained for a variety of reasons. When the primary reason for the partnership was based on personal needs more than on business needs, if those needs aren’t fulfilled, the partnership will flounder.
If you want things to change, it’s up to you to change them. Make the decision you’re going to break the status quo, but you’re going to do it strategically.
Schedule time to talk business.
Once you have thought things through it’s time to schedule a time to talk business. Give your partner plenty of lead time and full disclosure about what the meeting is about. Let him get prepared for the meeting, but don’t let it be put off “MAKE THE TIME!”
Discuss actions you’re each willing to take.
Be prepared with actions you are willing to take. You can request or suggest actions from your partner, but leave the topic open for discussion and agreement.
Write a PLAN for agreed upon changes.
Once you reach an agreement, write it down. Set Goals and a timeframe to keep things moving in the right direction. Schedule follow-up meetings to iron out details.
If your evaluation tells you there is no hope, it may be time to make that very difficult decision to end the relationship. If you can’t come to agreement or you’re clearly going in different directions, it’s probably time to part ways. Why waste any more time on a losing proposition?
Now for One of The Best and Most Effective Business Partner Solutions on The Planet.
A joint venture takes place when two parties come together to take on one project. In a joint venture, both parties are equally invested in the project in terms of money, time, and effort to build on the original concept.
Major corporations use Joint Ventures because it allows them to remain who they are, yet diversify and participate in other business ventures.
A joint venture can ensure the success of smaller businesses that are just starting out with a lot less risk than a partnership arrangement.
If the Joint Venture doesn’t work out, it is easier for both parties to go their separate ways and remain friends.
Personally, I abhor partnerships because every one I have ever been involved in has created some sort of angst and ended up in a disappointment. Therefore, I simply avoid them.
However, almost every Joint Venture I’ve ever been involved in has worked out.