How to Choose Associates and Business Partners

Whether your business is not yet established, whether starting or you are well established, the selection and choice of your associates and business partner is an issue that is really important to understand. He must first have an understanding that your associates are at your level and your teammates are.

Indeed, they must share your vision and ideally have the same short-term goals and long term you. The members are present so that you benefit from their expertise, their contacts, their support and advice. It is very important to select individuals who will work with you. A partner who shares in your business and having a negative attitude can affect several aspects of the business and bring on slippery slopes.

The Role of a Partner

A partner or a business partner must, as previously noted, sharing the vision of your business project and understand the mission of the company. This is however not all. It is essential that contributes directly to the company. So it must have specific skills and a concrete role defined within the company. For example, a partner might be specializing in recovery of receivables.

The Source of Associates

Although close friends and family may seem to be good potential partners, it is rarely advantageous to go this route. It is often sad to see longtime friendships break due to financial discussions. It is essential that you adopt an entrepreneurial rather than friendly relationship with your business partners. Although one does not necessarily exclude the other, this mixture is often recommended. A good partner will make decisions and contradict you if need be. He will not be afraid to hit your sentimental side to the well-being and longevity of the company.
Sharing the Responsibilities

After selecting your partner, the next step is to separate the responsibilities As explained above, the division will more often than not, according intake competence in the company. Yet it is also possible to divide responsibilities according to the financial contribution of the partner. In some companies, one associated physical works in the business, often the administrator of or manager. The others will be physically located outside of the company and will handle management, supplier and customer relationships and all the essential administrative elements to running a business.

Show More

Related Articles

Back to top button

Adblock Detected

Please consider supporting us by disabling your ad blocker