Successful Business Partnerships
At Well Coached, we’ve worked with numerous business partnerships – some running like well-oiled machines, some locked in competitiveness and doubt. My job is to mediate and put in perspective any issues within a business partnership that could begin to create friction.
“I will never have a business partner again!” I often hear this from clients after a business divorce. Most frequently, these divorces come from misaligned expectations, poor communication and unequal contributions to the business. These are the primary drivers that cause a bad business break-up.
My goal as a coach is to hear partners say the opposite. I want to hear each partner say, “I would have never had this much success without my partner.”
When I hear those words, I know several common traits are working to hold this partnership together and drive it toward success.
1. Work toward no surprises.
2. Use unilateral decision making on certain issues.
Using those five guidelines can make the difference in a successful, long-term business partnership that leads both parties to new heights. Good partners know their circle of influence, and their sphere of concern. They hold consistent meetings with each other to discuss vision, alignment and results. There is 100 percent transparency at all times, as well as consistent messaging from each partner to the team and to vendors.
Smart and clear communication and joint decision-making is vital to the long-term success of a partnership. Understanding each other’s DISC and emotional intelligence is a valuable part of the equation as well, offering clearer ways to communicate, influence and work together as a sky’s-the-limit duo.