Carry out cooperation in the more or less like a wedding. Many of them do not work well together and some even end badly. The business collaboration consisting of several types. There is a commitment to establish a legal basis in the long term and there is also simple to run it in the short term to just try. Give the best chance of your small business partnership by following a few 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 the mind does not point to the same direction in the same way, problems are sure to arise. The motive for each pair can be different, but the overall goals and methods must be the same.
Tip: Take the time to discuss the vision and mission of your company with your business partners. Look for some of the things that can give energy and motivation in running the business. Give and clearly explain the purpose and how the business is ideal for you and your business partners. Write the vision and mission that has been agreed upon and use as a reference for everything that will be done.
2. Ensure that the needs and expectations expressed clearly
Each person would have their own reasons why he needs a business partner in running the business. Some are implementing joint ventures to raise capital, sometimes for a particular skill, or also make connections. This might not always disclosed, but it is an important reason that the business cooperation. If not met, the relationship can be tenuous. Because each skill, motivation, and personality of different people, it is important to discuss them before running commitment to the contract. Because the needs and expectations of the individual may change from time to time, any changes to the plan need to be expressed and written in detail as well.
Tip: Continue to find out what to expect from your partner and try to fulfill them. Have a plan for precaution when personal interests or business changes, so you can anticipate that bad things do not happen.
3. Identify and leverage the strengths of partners
Your business partners join for different reasons and with different expectations, because it is usually the expertise of each individual even neglected. Make sure you do not ignore the expertise of each individual because it could eventually lead to big differences regarding motivation, commitment to business success the business even later.
Tip: Show and leverage the strengths of each individual in joint ventures will increase motivation, energy and increase the chances of success in the long term. Make a note of your personal strengths and seek partners to do the same. Then discuss how to apply them in business.
4. Complement deficiencies partners
In an effort to save the company money, you and your business partners would have to sort out the things you need and are not required. Over time, these things really can sink your business so you need to quickly find out what your weaknesses and your partner. These deficiencies can be found on strategy, product / service development, marketing and sales, team management, financial management and administration, and operations. Immediate identification of flaws your business partner so that 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 not able to handle, you can think about or discuss it to get the right solution.
5. Set individual goals and company
The ideal way for your business partners to determine where the company can begin to define the purpose of each individual who certainly will be supporting the goals of the company. Make sure the objectives are arranged in a structured and supportive expectations for the business.
Tip: Look back and continue to update your company’s objectives together with your business partners. Provide support to determine individual goals that will support the company’s objectives in the field of their expertise. Put all in writing and make sure each is committed to the goal of each so that they would not be the question of who is responsible on a particular issue.
6. Immediately handle disagreement, disappointment, and frustration
In any business cooperation, disagreement and dissent must happen. Handling dispute in partnership with effectively is the key to maintaining a stable relationship and maintain partnerships with well.