Choosing a good business partner is one of the most important decisions you will make when starting a new business. If you pick someone who is not a good fit, it can be detrimental to your company’s success. However, by spending some time to consider a potential partner, you can ensure you’re building a relationship that will help your business flourish.
To help you make this important decision, we have compiled the four most essential things to consider when building a successful partnership.
Just as it is important to review a potential employee’s history, it is even more important to consider a potential partner’s history. Some things to consider are whether they have a history of gambling or running up large debts. If they have a history of taking significant financial risks without any indication of making a profitable return, it’s a red flag.
While inquiring about financial history, it may seem invasive at first glance. However, overlooking these tendencies can cause significant issues later on.
It is always a good idea for both parties to submit to a credit check and background check. These results should show evidence of previously negative financial dealings. These checks can also show if your potential partner has been involved in any investigations from the SFO. If the results come back clear, you can feel confident in forming a professional bond.
Goals and Values
As a new business owner, it is important to determine your core values and professional goals, which you should share with your partner.
Outline your goals and professional values before meetings with potential partners so you can vet potential allies based on how their ideals line up with yours.
When working in a partnership, it is a good idea to have similar ideas for growth. Your company will grow faster if you see eye to eye with your partner on growth strategies, marketing, and investments. You’ll save time spent disagreeing and instead work towards common goals through collaboration.
Innovation is one of the most important skills for successful business growth. A good business partner will assess problems and find creative ways to solve them. They should also evaluate how your company runs and continually look for new ways to improve.
Before engaging in a professional bond, it can be a good idea to gauge someone’s creative abilities in a practical setting. You may want to work on smaller projects together to see how they tackle problem-solving in real-time. This can also show their level of motivation and how they take charge in different situations.
One thing that many people overlook during interviews is their personal compatibility. When you develop a professional partnership with someone, you will end up spending a lot of time with them. Not only will you spend time together while you are at work, but also during business trips, lunches, conferences, and more.
Choosing someone you enjoy spending time with will strengthen your partnership and help you find greater enjoyment in your work.
In addition to finding someone you share similarities with, it can also help to consider your differences. You may want to look for a partner who excels in certain areas that you don’t to build a stronger team.
A business partner can truly make or break a new company. That’s why there are many things to consider when evaluating a potential business partner before bringing them on-board.
Once you are comfortable with their financial history, you will want to ensure you hold similar values. This will not only help your company’s success but will help you find more enjoyment working with each other.