How to Create a Successful Business Partnership

Communicating is key to business partnerships’ success. Your business won’t grow or succeed if you don’t communicate clearly and consistently. You will miss opportunities, miscalculate your partner’s expectations, and potentially move into opposite directions. It’s a blueprint for failure. Follow the easy path of communication instead.

That’s it. Kale Goodman, and I, have been in business for over 20 years, capitalizing upon our strengths in multiple streams of income, which culminated in Real Business Owners and Easier accounting. We believe communication is the key to our daily operations as well as our long-term success. 

Let’s look at several scenarios in partnerships to see how this plays out. Visualize your company in each of these scenarios and take the necessary steps to create wins and avoid making major errors.

Situation 1: Partners who “get each other” too well

Maybe you’ve worked together for years, like Kale and I. Or maybe you’ve been friends for a long time before teaming up. Whatever the reason, you take one another for granted. Each of you is too involved in the running of your business. You don’t communicate the same way as you used to. In the beginning it was straightforward. You might be like us during our early years. Your time is split between having fun and making deals. 10% spends time on hard decisions. Now, you just don’t have the same time anymore. 

Or, maybe it’s a step further. You might even trust each other Too much. There’s a disconnect because there is so much trust between two people. You may think that whatever he’s doing, it’s going to be good. You figure you can read your partner’s mind. It’s time to stop asking questions, and instead check in together. 

But, the best intentions don’t guarantee the best results. Partnership should not be about two individuals fighting each other. It can’t be that the left hand doesn’t know what the right hand is doing. Clear communication is key to achieving the best results.

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Overcommitment can be a problem due to this familiarity. Overextending can cause disappointment. It is easy to assume that you have the ability to take all decisions by yourself. It’s as simple as saying “yes.” You’ll run out of steam for all of those yesses. This causes everyone to be frustrated and nobody wins. 

Unbalance is not a sign of success. Partnerships need to create a communication flow that limits what each person can do and does not allow for, so no one is left disappointed.

Situation 2: Partners who have “too many” ideas running wild

You have tons of ideas, but haven’t spent the time either sitting down to implement them or deciding who is going to run with them. People who can sharpen iron and make a partnership work well together. Each other makes them better. Although they often think the same, they might have different ideas and perspectives.

So the question is: Who comes up with this new idea? How will it turn out? These questions are essential if the idea is to succeed. BeforeThe idea starts to fly. You can do it on the spot. If it doesn’t, there could be a lot of conflict and lost time. Communication is essential in order to be successful, as time is often money.

“The best partnerships aren’t dependent on a mere common goal but on a shared path of equality, desire, and no small amount of passion” – Sarah MacLean

Situation 3: Partners making assumptions about their vision

Let’s say the present or the future is in jeopardy. How about if one partner’s vision changes? You can’t win the game if one player decides to peace out and jump to another game altogether. Is there another outcome that the player desires?

It is easy for the partners to start drifting apart. Sometimes it may not be conscious. It could happen because of the money in life. They might even want to give up. 

You’ve got to come back together and agree to the same goal, the same North Star. Are you aiming for the same goal in the next year as last? Next 3 years Next 5 years? How do you envision expansion and growth in the future? What is your vision for disrupting the industry? Failure to communicate can lead to each partner starting to question if they are really on the same page. 

Uncertainty can cause friction. Frustration can build up and seep into decisions-making relationships. Frustration saps life from a partnership. Communication is key. So communicate. It’s not complicated.

Situation 4:  Partners who run on autopilot, without auditing for success

To keep the company strong, one must communicate. Once you get to a certain level, it’s easy to start making assumptions and let the company coast a bit. It’s not exactly being lazy. It’s just being comfortable with the systems you put in place. The problem is you might find areas that just aren’t working anymore, and yet no one is taking the time to communicate about how to get rid of them. To assess the strengths and weaknesses of your company, it only takes one minute to talk to your business partner. 

Often, it’s time to cut the fat. You’ve got to learn to serve at the highest level for the highest good of your clients. That serves your clients best and your business the most. It is a service. You best. This means that you must both communicate with your partner to optimize. Outsource. Eliminate. 

Sometimes humility is required. Partnering isn’t about your ego. It’s actually about continual refinement and willingness to grow. You can’t be a lone wolf in a business and expect to lead the pack. Leaders are servers, and often the best leaders communicate in a way that encourages others to speak up so that they don’t miss something important in the day-to-day operations. 

I want to know if there’s something I could do better that I’m not doing, even as an 7-figure earner and owner of a busines that does 8 figures in revenue. If you speak with your partner, simple solutions are possible in minutes.

All business partnerships, regardless of their nature, boil down to simple questions. The best way to be successful in any field is to narrow our focus, clear our heads, and collaborate with others. Have a good conversation. Talk to each other about your goals and fears. What are your intentions for these goals? This goal is a priority. If you are able to communicate those answers, it is possible for you both to see the bigger picture and be able move together. A business partnership leads to success by knowing each others’ strengths, sharing a vision, cutting the fat, and most of all, clearly communicating

How to Make a Business Partner that is Successful first appeared at Addicted 2 Success.

How to Make a Business Partner that is Successful appeared first at Addicted 2 Success.

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