Getting the right business partner is as important to the growth of your business as any other boost you can think of. Businesses have grown from corner shops to million-dollar brands just by landing the right partner and many more businesses have sunk by adding the wrong person to the boat. Whilst there are no generally acceptable qualities or standards of measurement for assessing whether or not a person (or business) may become a positive influence to your business, these guidelines would help you choose the right partner for your business.
You want to be able to trust your business partner. You should be able to accept what they say as the truth. Any person who casts a shadow of doubt either by speech or conduct or other means is not your business partner. If you cannot trust him or her or the business, then that’s not your partner.
Your business partner must be someone from whom you can learn something useful to your business. If you have nothing to learn from them in any way, they’re not the partner you’re looking for. Their partnership should bring countless learning opportunities to your business, which would in turn help you take advantage of growth opportunities whilst avoiding the often ‘killer-mistakes’ that others commit.
Many people and businesses present themselves in a way that entices you to bring them on board. Some of them do this because of the opportunities they see for themselves in your business, and not because they really want to help you grow as they often portray. A greedy partner will do anything to win and this could harm your business. When you smell greed, it’s surely greed. Shun them. A selfless partner is what you need; one who works for the business rather than himself or herself.
No contribution, no stake
Why do people give a portion of their business to a new partner who has not contributed anything but only a ‘promise to bring something’ on board. I have realized that partners to a business who contribute nothing usually do not offer their best to the business, after all they have nothing to lose. Yes, nothing to lose but all to gain. Only a few are driven by the upside potential to work hard towards your business goals. Because you cannot tell who will work hard, I insist on some contribution, no matter how small.
Especially if you are new at the business yourself, it is prudent to get an experienced person on board. Do not go for an inexperienced person only on grounds that he has passion. Passion without experience will blindfold you and drive you into the ditch. Your investment is gone. I advise you always get someone experienced in your business field for guidance, connections and credibility.
A person who has business connections that would lead to bringing business to your enterprise is the one you want to have as a partner. Connections in the business world are an invaluable asset to your business. If you can position yourself well and utilize these connections, your business would fly.
Building a business is a tough task. There are times when you want to give up. You need a partner who understands and shares your dream; one who sees the end from the beginning. You need someone who will encourage you when you are at your lowest point and you feel like abandoning your dream. Motivation goes a long way to energize you and help you turn things around for the good of your business