How to choose a business partner, why to choose a business partner, when to choose a business partner, are common questions among the modern business people. Any business venture needs partners or co-founders either during the start-up or at the time of expansion. Below are the key aspects one should consider while choosing valuable partners who will be with you forever and ensure your business is growing better than your plan.
How To Choose A Business Partner?
Don’t run behind people for partnership. If you have clear vision start your business and keep rolling it. During a course of time, the right people will knock your doors or you will find right people for partnership. If you are lucky you will find right partners in your immediate circle but in most situation that is not the case. Consider below tips while choosing a partner
Long Term Vision
- Prefer Partners who have long term vision and which is aligned with your business vision.
- Bring partners with diversity in skill sets which will avoid conflicts during decision making.
- Consider attitude over skills.
- Let them prove their worth before bringing them on board.
- Identify committed and result oriented people by working with them before jumping to conclusion.
- Choose people with whom you are comfortable, you can trust and who have ethics.
- Prefer people who are tolerant in accepting and generous in giving genuine criticism.
- Right-minded and like-minded people will help you in growing your business..
- One who understands the value of time.
Why To Choose A Partner
If you are thinking to take your venture to real greater heights, this can’t be done alone. People specialised in different fields need to join hands in taking the business to next level. Joining hands with the right people will bring
- More and more genuine business Contacts.
- Multiple levels of screening ideas and process before implementation.
- Freedom to expand the business across verticals and geography.
- Supporting you in decision making.
- To help planning and achieving organisational objectives.
When To Choose A Partner?
It is a very difficult question to answer, there is no written formula to define when one should choose a business partner. It depends on the nature and requirement of a business. Either it can be during the start of a business or during expansion or if you don’t want to miss a skilled, like and the right-minded person who will add lot of value to the business.
Just don’t choose a partner for the below reasons, as this will only hinder your business growth
For capital – This is one of the most common mistake a business person does. If they are stuck financially, they think about partnering just for the investment they can get for their business which in turn can backfire. In this case the investor will be concerned only on the Return on Investment as they will be unable to understand the business scenarios and risk associated with it, which will create more stress for the entrepreneur.
Relatives or best buddies – If they are relatives or best buddies that doesn’t mean they can be your perfect business partners. In many cases this step will even have bang in your relationship. Before making this decision, do analyse 100 times how they will contribute to the business and what skill they possess which will add value to the business.
Just to share your workload – If you just want to share your workload then the right option would be, hiring a suitable employee. First, prioritise your work and list down the task which you can delegate. Do spend some time in training your employee in taking those tasks.
Success of any business depends on a successful partnership.
Contact ourbusinessladder Market Research Consultant for more about The Perfect Business Partner.