Partnerships Can Work for Your Small Business
There is no such thing as a solo entrepreneur. Nobody who’s ever scaled a business from the ground up did it alone. In fact, left to themselves, they wouldn’t have a business. That’s why having a business partner is the best business idea ever. Partnerships can work, and if you click with your partner, you’ll egg each other on to greater heights than either of you could manage alone. A few of the benefits include:
- Backing each other up
- Covering for one another
- Sharing the duties, so you’re not stretched thin
- Reminding each other why you do what you do
The most common reason startups fail is because management or ownership burned out. You can’t do it all on your own, and yet many startup owners feel like they have to. It works until it doesn’t. With a partner, you can get twice as far before you have to start delegating or hiring — whatever taking that next step looks like for your business. There are many other reasons that partnerships work, especially when you begin and then follow a solid, mutual path.
1. Start with Commitment
In a partnership, each person has to have the same level of commitment. If one person feels like he or she is doing more than the other, resentment kicks in, which can spell doom for the business. This happens more often than not, and most partnerships can’t overcome it.
But there are ways around this almost inevitable problem, including:
- Communicate constantly about the workload and the shared responsibilities. It’s up to each of you to encourage the other. It’s about reaching beyond what one of you can accomplish.
- Meet regularly. Outline the duties you each have. Partnerships can work when you talk face-to-face on a regular basis. Email or even Zoom isn’t enough.
- Write down your duties. When you see on paper what each of you is doing or has to do, often resentment dissolves. You don’t have time to keep checking on your partner, but when you know what you’re both doing, you can focus on the work you have to do to keep up.
2. Respect Each Other
You usually know what you’re good at doing. Find out what your partner brings to the table. If your strengths are both the same, you may be in trouble. Partnerships can work better when you both excel at different aspects of the business.
When you learn to respect the abilities of your partner, you believe your partnership can work. That belief can pull you through the inevitable days when things don’t seem so rosy. Other benefits of respecting each other include:
- Trusting that your partner will complete the ongoing duties or the tasks assigned.
- Knowing that problems will be aired early, when there’s time to resolve them.
- Appreciating the work your partner does, but being able to offer constructive feedback that makes you both better.
3. Make Everything Unanimous
Partnerships can work best when you both agree on everything. In the real world, that rarely happens, but when you’re able to communicate with each other, you can both make your arguments without it devolving into an ego fight. You both understand that it’s not about who wins; it’s about helping the business win.
The way you handle disagreements between you and your partner goes a long way in informing you how you’ll both handle adversity. Some tips for resolving internal conflict include:
- Listen, listen, listen to your partner’s argument.
- Think big picture. Which idea truly helps the business more?
- Be willing to let go of your idea if your partner’s starts to make more sense.
- Don’t lose sight of your goals when you’re digging in the weeds.
4. Plan to Succeed; Be Ready to Forgive
When you form the partnership, you obviously want the company to succeed. The division of labor makes life easier. The shared responsibilities mean you both can get more done. The extra resources you both bring to the table can give your business a boost when it needs it most.
But not all plans come to pass. Not every person is perfect. Your partnerships can work when you’re on the same team. If one person makes a mistake, be ready to forgive. Mistakes will happen, and no one makes them on purpose. It may be your turn next. It’s not who’s right and who’s wrong, but who needs support in the moment. Remember:
- When you stick together, you’re twice as strong.
- When one partner makes a mistake with a client or employee, the other person can step in, if needed.
- Like parents, a united front gives the company an authoritative appearance.
5. Make It Legal
A partnership agreement — a legal document that seals your partnership and includes an exit plan — puts in writing everything you expect the partnership to do and to be. It’s your chance to make sure it’s all in writing, duly signed, witnessed and notarized. It’s the basis for your legal formation of the company.
You can still make changes to it later, assuming you both agree, but setting the partnership to paper creates a powerful bond between the two of you. It gives you meaning and may even set out your goals for the business. And it’s a great starting point so partnerships can work.
Ray Access is a partnership. A company founded by El Ray and Mark Bloom, it has flourished over the years. And it’s due to all these factors. Partnerships can work if you put work into your partnerships. Good luck!
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