Business Partners – Keeping Everyone Focused and On Track
Your business partners can be your greatest assets but there is a trick to this. Keeping everyone focused, on track, and mostly conflict free. Startups with partners have to be able to make it through the good times (the peaks) and the not so good times (the valleys).
As mentioned in previous blog posts about startups, everyone has grand ideas and enthusiasm. By the third year, 45% of all start ups fail. Scary right?
The following points are what you need to know, implement and keep track of to keep your business, your partnership and your startup fresh and successful. Roll up your sleeves. Sweat equity is involved.
Be driven by PURPOSE. Focus on values, your collective vision for the future, and purpose. This forces all partners to focus on short term agreements and once completed, move on to the next. It’s also called “manageable chunks” instead of what seems like overwhelming odds. This way of working keeps all conflict resolution also focused on the higher purpose of your partnership, not on nit picky incidentals.
Define roles, responsibilities, measure success, establish accountability for deliverance of expected results. At times, your partnership may need to redefine roles for best results based on individual capabilities that contribute to the whole.
Define how decisions are made. Every partnership needs to have a form of government. Establish a documented process defining who is involved in decision making and in what capacity. This crystal clear path allows your partners to follow a defined pathway without too much formality and without too little. This cuts out conflict and turmoil down the road.
Conflict or disagreement resolution is important. Again, everyone is driven by purpose and keeping it all on the same page. Disagreements can be eye openers and lead to better things. True conflicts can break apart the partnership and weaken the focus of what’s important. True conflicts can also lead to startup failure.
Evolution review. These reviews can be monthly, quarterly, semi annually, and go a long way to to seeing what works, what is not working, and the changes needed to keep everyone on track and focused on the end goal.
Does your partnership team need help staying on track and motivated? Ideas and enthusiasm are great but they need to be channeled properly to create revenue, which is why you are in business in the first place.
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