Carry out cooperation in business more or less like marriage. Many of them do not work well together and some end up badly. Business cooperation consists of several types. Some are committed legally in the long run and some are running it in the short term just to try. Give the best chance of your small business partnership by following some of the following tips.
1. Start by creating a shared vision and mission
In any business, it is important for you and your business partners to define the vision and mission of the business as a first step. If all thoughts do not lead in the same direction, in the same way, problems will surely arise. The motives for each pair can be different, but the overall goals and methods must be the same.
Tips: Take the time to discuss your company's vision and mission with your business partners. Look for some things that can give energy and motivation in running the business. Provide and describe clearly what goals and how business is ideal for you and your business partners. Write down the shared vision and mission and use it as a reference for everything that will be done.
2. Make sure the needs and expectations are clearly expressed
Everyone certainly has his own reasons why he needs a business partner in running his business. Some are conducting business cooperation to get capital, sometimes for certain expertise, or also expand connections. Perhaps this is not always disclosed, but this is an important reason underlying the joint venture. If not met, the relationship can become tenuous. Because each person's skills, motivations, and personality are different, it is important to discuss them before committing to a contract. Because individual needs and expectations may change from time to time, any plan change needs to be disclosed and written in detail as well.
Tips: Keep finding out what your partner is expecting and try to fulfill it. Have a plan to be on guard when personal or business interests change so you can anticipate that bad things do not happen.
3. Identify and utilize the strengths of the partners
Your business partner joins for a variety of reasons and with a variety of expectations, because it's usually individual skill is neglected. Make sure you do not ignore the expertise of each individual because it could later cause a big difference in motivation, business commitment, and even business success will be.
Tips: Show and take advantage of the strengths of each individual in business cooperation will add motivation, energy and increase the chances of success in the long run. Make a note of your personal strength and ask partners to do the same. Then discuss how to apply it in business.
4. Completing the lack of partners
In an effort to save the company's finances, you and your business partners must certainly sort out the things that are necessary and unnecessary. Over time, these things can really drown out your business so you should immediately know what your shortcomings are and your partners. These deficiencies may be in strategy, product/service development, marketing and sales, team management, financial and administrative management, and operations. Immediately identify the shortcomings of your business partners so you can immediately anticipate by recruiting the right team.
Tip: Look at the things that matter to you. Chances are you can get support from other parties. If you think you can not handle it, you can think or discuss it to get the right solution.
5. Set individual and corporate goals
The ideal way for your business partners to determine the company's goals can be started by determining the goals of each individual who will certainly support the company's goals. Make sure the objectives are structured in a structured way and support the expectations of the business.
Tip: Look back and keep updating your company goals together with your business partners. Provide support to determine the individual goals that will support the company's goals in their respective areas of expertise. Put it all in writing and make sure each one is committed to their respective goals so that it will not appear to ask who is responsible for one particular problem.
6. Immediately deal with disputes, disappointments, and frustrations
In any business cooperation, differences and differences of opinion will occur. Effective handling of the partnership is key to maintaining stable relationships and maintaining good partnerships. Do not let feelings of hatred grow between each other from time to time. Establish a rule in which each can approach the other when something needs to be addressed.
Tip: Sometimes it's hard to get close to your business partners, especially if long-term business relationships have deteriorated. You can make a schedule to regularly sit together is definitely a good idea. Once a week is required in some situations, but at least once a month create an agenda that allows everyone to come. It would be good to talk about your view of the business. Reveal if you see any changes.
7. Determine the role of work for each business partner
Do you and your business partners have clearly divided job roles? If not, you may be working with unsuitable assumptions/expectations. The role of work is very similar to the job description that has the connotation of "responsible on" task lists and results. Unclear job roles are a major source of disappointment in business partnerships. It may be your partner who made the logo design of the company and you just stated approval or gave a little feedback.
Tip: Define clearly the task you are going to do and make sure your business partners do the same. From here you can be responsible to yourself, to each other, and to business. Where there are tasks that have not been well divided, contract or recruit a specialist. The goal is to make sure all the work is done already.
By following the simple tips above, you will have a firm foundation in a strong and profitable business cooperation! As the number of business profits grows, you and your business partner manage successful businesses! Good luck and good luck !!
