Tue 23 Sep 2008
How to Identify the Ideal Business Partner
If you are unable (or unwilling) to run your small business alone, you need to scout around for a partner. However, you should pay heed to the following tips before you team up with anyone.
Make Sure They Share the Same Vision
Your partner should have the same goals and should be motivated enough to achieve them.
He or she should be in harmony with you, and should have the ability to quickly settle into their role to effectively contribute to the business.
Your Partner Should Bring In Additional Skills
Adding a partner to your business will result in increased costs.
The additional skills that your partner brings in should offset these additional costs, provided he or she utilizes those skills wisely to garner extra business and profits.
Will They Go Above and Beyond?
In addition to just bringing in capital, your partner should be willing to work long hours and to go that extra mile to ensure that the business succeeds.
Do They Complement Your Skills?
Your partner should be able to cover your weaknesses as you will also cover theirs.
They should be able to take up the slack when required without complaining or making excuses.
Your Partner Should Be Warm and Friendly
Human relationships are essential to partnerships - and your partner should be warm and friendly.
You will be spending long hours working with him or her and you should be able to enjoy their company along with the work.
An ideal partner should share the same passion and should strive equally hard to achieve the goals that you have envisioned for your business. Choose wisely.