Get This Information Before Committing to Business Partners
A business partnership can be like a marriage. Many don’t work out, and some end up being complete catastrophes. Before you head down that road as business partners, make sure you have a good understanding of each other’s strengths and weaknesses. You also want to make sure that you have similar goals and objectives.
Be Clear on Your Various Job Roles
Each partner will usually be responsible for a number of different areas within a business. Clearly define these areas, as well as the various tasks and expected outcomes in each one. It’s critical to do this upfront so that all aspects of running a firm will be addressed.
After this has been completed, you will be able to see which tasks are left uncovered. If it’s determined that neither person wants to oversee a particular area, then you need to discuss bringing on a specialist.
Determine Overall Business Goals and Your Individual Objectives
Sit down together and come up with a list of detailed goals that you both have for the company. You may want to start with annual goals and then break that down into smaller, quarterly objectives.
Then sit down separately and write down your individual goals according to the various job roles, making sure your goals support the overall objectives of the company.
Discuss Your Limitations With One Another
There are always going to be a few areas in any business where one or both business partners feel that they are not good at. Part of the reason it’s important to identify limitations at the beginning is to see if they fall over into the same areas. If they do, you will also have to discuss how to overcome them by either bringing another person on board or by one of you perhaps taking a class to raise the skill set of the area you’re deficient in.
Find Out Each Other’s Strengths
Discuss with one another what you think your strengths in running the business will be. Though it will probably turn out that each of you will have different strengths that you didn’t know you had, it’s still important to carve out the obvious strengths you’re aware of in order to know which areas of the business will be enhanced as a result.
You want to have as few surprises as possible when you decide to become a business partner with someone.
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