Lessons for Strong Business Partnerships

The secret for a successful business is setting a clear goal and working your way towards its achievement. But, to really succeed, one cannot simply rely and on hard work and dedication. Another essential thing is establishing a strong and trustworthy relationship with your business partners. Sooner or later, you will have to forge an alliance and use each other as backup when needed. Keeping a business relationship requires lots of nourishing, and for those making their baby steps into the business world, here are a few things you should know.

It is all about the trust

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You have left a meeting, and believe that you have found yourself a new business partner. The next thing you do is schedule a personal meeting to propose your terms. No matter how much you can benefit from that partnership, you have to come clean and say everything that is on your mind. Don’t hold back or keep any secrets, for these tend to ruin all partnerships. It’s all about establishing trust and confidence between the two sides. Be honest, and see how both sides can benefit from the partnership.

Share the vision

In the business world, vision is what keeps you focused on achieving your goals. Most serious companies are firmly committed and will do anything to succeed. Once you find a business partner that shares your vision of the future, has the exact same thoughts and goals, you two should work on building your partnership for you already have a strong foundation: mutual goal. Talk, exchange ideas, brainstorm and come up with many different ways to improve both of your businesses. Before you know it, you will both achieve your business goals.

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Instead of Dutch, go 50-50

No one likes those guys who go Dutch after lunch, paying only for their own food and drinks. When you build a business partnership, you are switching from Dutch to 50-50. Everything seems to be so much easier when you have someone to share the bill with. And this goes for everything concerning work, as well as projects and investments. Learn to play along, and grow as you learn.

Take care of your clients

If you have a client flying over, it’s advised to send a car to pick him up from the airport, and transport him to the hotel. Also, you will need someone to drive the client around the city, so renting a corporate car and hiring a driver is highly suggested. Look online for the one that suits you the most, both in car model and in renting price. Remember that treating your client well will most likely have a very positive impact on your partnership and will improve your working relations.

Find someone completely different

The key to successful business partnership is finding a person or a company which shares your business goals and vision; however, it would be much more productive if that person or a company would possess all the traits which you don’t have. Think about it for a second – by partnering with someone who has all the skills and traits which you don’t have, you can complete your arsenal and be prepared to solve any problem and overcome any obstacle along the way. The same thing is with your partner, as he will benefit in the same way you will.

Everyone should treat their business partners the same way they treat their life partners: with honesty and respect. There should be no lies, no secrets, and only by working together can you achieve greatness.

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