7 Things Successful Business Partners Have in Common

It’s easy to feel overwhelmed when trying to launch a business on your own. After all, running a business takes all kinds of skills and talents that are rarely ever be found in one individual. A team can accomplish more together than they would individually — this is why so many success stories come from entrepreneurs who found a business partner to help them reach their goals. However, a partnership’s success is also heavily dependent upon the relationship between the partners. Here are some of the best indicators of success in a business partnership.

1. Good Business Partners Trust in Each Other

The importance of trust between business partners should be obvious. Some entrepreneurs with sketchy business partners might ignore their suspicions and charge forward with the partnership in the name of preserving momentum. However, partners must be able to trust each other absolutely when doing business if they are going to stand strong against the challenges that all entrepreneurs face along the way. Remember, success takes more than a good product or a strong business plan. A partnership divided against itself is unsustainable.

2. They Build Off of Each Other

The success of a partnership is driven by the combined, overlapping strengths and weaknesses of its members. This means not just considering individual merit, but how the skill sets and talents of each partner will help build upon the skill sets and talents of the others. Placing everyone in a position where their potential is maximized helps to make up for any individual shortcomings, too. The goal here is to create a partnership that is more than the sum of its parts.

3. They Share Values and Direction

Your partnership is going to fail if the only thing shared between the partners is the desire to make more money. Money is a powerful motivator, but the most successful partnerships – like Ben & Jerry’s – are made of people who share a common vision and similar values. While you should all agree on how to measure the success of your business, you also need to agree on the best way to get there. Otherwise, you’re going to waste a lot of time and energy while the company’s resources are pulled in opposite directions.

4. They Communicate Well

Communication is the foundation of every relationship, both. Communicate with each other regularly and keep everyone up to date. You must be open and honest with one another in order to build the trust that you will need for your business to grow and prosper. Keep in mind that being a good communicator means listening to your partners, too. Hear them out and respect what they have to say, even if you might not entirely agree with it. This keeps simple disagreements from exploding into irreparable divisions. Encourage and praise one another. Ultimately, your partnership is its own best support group.

5. They Respect the Other Business Partners

Respect goes both ways, especially with business partners. Still, that doesn’t mean that you should be a pushover if one of your partners turns out to be a jerk. It’s a two-way street that calls for kindness and support, even when disagreements inevitably arise. Don’t let your ego get in the way. Your partners all have unique skills and assets that they bring to the table – otherwise, they wouldn’t be your partners in the first place! Treating each other as equals is critical to building trust and sustaining a partnership over time.

6. They are Inspired by Similar Passions

It’s probably safe to say that if you wouldn’t be interested in starting a business if there wasn’t at least one driving passion in your life. The best partnerships share this passion and are stronger because of it. The enthusiasm and excitement that your partners bring to the table can take you all further than you could have gone alone. A mutual passion is also a good way of cementing bonds between partners, just as a mutual interest might spark a friendship between strangers at a party.

7. They Establish Clear Boundaries and Responsibilities

You want to get along with your business partners. However, it’s a major red flag if you’re getting along so well that you spend more time at work fraternizing than getting stuff done. Balance passion and discipline when working on collaborative projects. A Partnership Agreement can be of great benefit here, as it defines what responsibilities fall on which shoulders. It puts boundaries in place that not only help safeguard your business but also helps keep your relationship with your partners from falling apart, too.

Looking to start a business or grow your current business? Contact FL Patel Law today by visiting our website or calling 727-279-5037.