If you have established a business partnership, it’s because you felt there is at least one other person whom you could collaborate with to achieve objectives mutually beneficial to you both. This is always a somewhat delicate proposition, because it means there are two distinct perspectives at the top of the management chain. In order to know whether or not you’ve chosen someone that you can share responsibilities with as well as profits, consider the following five criteria for creating successful business partners.
Mutual trust and respect
These two characteristics are indispensable in any smooth-working partnership, and when either one of them is missing, there’s virtually no hope of long-term cooperation between business partners. You may need to work closely together to apply and qualify for a business line of credit, which requires a high degree of trust and respect between partners. If either of you doesn’t trust the other, decision-making will be called into question at every turn, and that means respect will suffer as well.
It is essential for business partners to be able to convey to each other their ideas honestly and effectively. This skill can build solidarity between two people that will even overcome other misunderstandings and difficulties, and allow a partnership to persist and prosper for a long time.
Ability to compromise
When two strong leaders get together, there’s always the possibility of conflict and disagreement. This isn’t something that has to be avoided necessarily, but it does have to be dealt with, and when both parties have the ability to compromise, many difficult situations can be defused and workable solutions can be found.
Some of the best partnerships are those where one partner is strong in an area where the other partner is somewhat weaker, and vice versa. If both business partners were to be strong in the same areas, there would probably be more conflict than could reasonably be handled. Fortunately, most people tend to be good at one thing and weaker at another, so if you can find the kind of partner who complements your strengths and weaknesses, it could be a perfect match.
Don’t hold grudges
When the inevitable arguments come, both sides in a partnership need to realize that it shouldn’t be something that’s allowed to linger for days or weeks on end. If it does, that’s the kind of thing that can lead to dissolution. Partners who can quickly recover after disagreements and arguments have a better chance of long-term coexistence, and maintaining a worthwhile business relationship.