We have considered the reasons why many people consider the partnership model – shared financial and personal responsibility – we have looked at the various advantages and disadvantages and finally we have investigated the reasons why conflict can occur and the subsequent impact on a businesses’ growth and success. It has been suggested that collaboratively owned ventures or acquired firms are more successful. In this post; we will provide our tips on what makes for successful collaboration?
Shared Objectives
It is crucial for business partners to share objectives, aspirations and visions of their company. All of these elements should be discussed at the beginning of the company formation process. How business partners plan to achieve these aspirations, should be detailed strategically in the business plan.
Mutual Respect
Both partners should respect the other’s opinion, competence and business experience. Personal opinion on work/life balance should also be established and ideally shared between business partners.
Complementary Skills and Knowledge
Running a business often requires several different skill sets; accountancy, management and administration to name a few. One of the benefits of the partnership model, is a broader skill set and business experience. Various roles and responsibilities should be defined clearly from the point of incorporation.
Conflict resolution
Starting a business and committing to its future growth can be an extremely stressful at times. Assuming that conflict will not occur is potentially short sighted. Therefore, while it maybe impossible to avoid conflict, how you achieve resolution should be established.