When you are managing your business with a partner or partners, most likely, you decided to go for this set up because you need each other. There is a skill that you lack that you find with someone else, and then there is also another skill that you are good at that others need in you. It’s a give-and-take, that’s why you and your partners chose to be with each other for business.
So, when managing a business partnership, there are many things that you must consider. The way you handle a sole proprietorship is vastly different as to how you handle a partnership. It is because, for example, with decision-making, you cannot merely say “Yes” or “No” when you have partners to think of. When you are the only owner, making decisions is made easier because you don’t have to think of other people. You don’t have to consult the board of directors, and you don’t have to reach a quorum. All you have to ask is, well, yourself.
The situation is different when you are running a partnership because before arriving at a decision, you need to ensure that every member of the business says “Yes” to the decision. Otherwise, when others are not consulted, you are violating the very by-laws of your company, and this is against the law. You need to set up a meeting, and you need to reach a quorum before you can arrive at a decision. Everyone should be consulted from small to large choices, even with the choice of uniform color or business event motif. You need more time to arrive at decisions, and it can be difficult if you need to get down to business straightaway.
One important thing that you have to remember when managing a business partnership is to always think as a group. If you like thinking individually, you are not in the right type of business. You need to be open-minded, so you don’t end up fighting against everyone. For sure, you will have different opinions. But when you have a professional conversation with your partners, you will reach a better decision than what you originally must have thought of. It is true that “many heads are better than one,” however, the quality of conversation is also crucial. If all your partners only enjoy giving criticism without action, then you cannot move forward as a group.
There are many things to avoid if you want to succeed in a business partnership. Here are some of the biggest don’ts you must remember when managing a partnership, so you can always help your brand move forward:
Biggest Don’t Number 1: Always thinking about yourself
Since you are running the business as a partnership, you must think like a group, too. There is no more room for “me” when you go to this type of business because there is no point in being individualistic. You will not reach your goals together, and you cannot work towards a better brand if you always think that you are the only one important. Remove the “me” and start with “we.” When you make decisions, do not just think about what you want, but also of what the group wants. But do not be afraid to say what you have in mind, because it is in collating information do you become a better brand.
Biggest Don’t Number 2: Not being truthful with each other
There is no point in running the business as one pack if you fail to be transparent to one another. Since you are now like a family, you must be open to one another with everything that you want and do. Never make under-the-table deals, gossips, or backbiting because these can ruin your relationship and friendship. Lies do not have a place in a successful enterprise, so make sure that you stay true to yourself and your group.
Biggest Don’t Number 3: Not knowing your roles
Since you are running the business with partners, know your roles well. Do not think that just because you are a part-owner, you can meddle with marketing all the time when you are assigned to accounting. You can visit TempCFO.com to entrust your financial tasks if need be. You must trust your partner as much as he/she trusts in you. And always trust in the abilities of your partners.
These are some of the biggest don’ts that you must remember when running the business with your partner. When you have all your talents combined, you can produce the best enterprise ever made. When you trust your partners, you know your roles and each other’s roles, when you think like a group, and when you stay true to each other, you will know where your business is lacking and how to improve on it. Most of all, believe in your brand and that you can conquer everything that you have been working hard for.