Keeping a successful business up and running is a challenge you face daily. With targets to meet and competitors to beat you often carry the weight of the world on your shoulders. Maintaining your success as a brand is something both you and your business partner share the load of. You both have the same intentions, goals and outlook and want to keep your business thriving in difficult economic times. If you’re fairly new to working with a partner you might be finding it tricky to dish out your responsibilities. Having a partnership should only ever make your life easier, so follow a few simple guidelines to keep you both ticking along together in tandem.
Decision Making Made Easy
The number one rule of running a shared business is to always make important decisions together. You need to respect each other’s ideas and aims before coming to any conclusions. Make sure you both have time to process important plans and never push for an answer without taking some time to breathe. Sometimes it is best to spend an evening apart to soak in potential ideas and then come together with a fresh mind the following day. You need to be able to stand your ground and come up with an outcome on your own, rather than being persuaded into something by your partner. If you are unable to come to an agreement you shouldn’t go ahead with anything until both parties fully agree on the situation. Never spend business money without consent and always keep each other in the loop with the smaller day to day managing of the business. Communication is key when you’re working as a team and as long as you both discuss important matters in a rational way you shouldn’t have any problems.
It is likely that both you and your business partner came to an agreement about how much ownership you have in the business. The term ‘partner’ insinuates that there are two people working together with equal rights so why use different share classes in your company? If you have both paid the same amount of capital into the company and you both share the responsibilities you should both receive equal benefits and shares of your successes. Carry on with a smooth sailing corporation and avoid unnecessary disputes by agreeing on your shares when you start up your business. You both want to be getting the most out of your hard work, so make sure neither of you are losing out.
Cool Contracts and Perfect Paperwork
No matter how much you trust someone it is imperative to set up a clear and concise contract when running a business with a partner. The contract should outline your business plan, your official shares and your percentage of ownership. Make sure your get a mediator to witness your contract signing and keep the papers in the hands of a neutral professional. Whenever you have a problem you will be able to consult your agreed rules and regulations without any grey areas.
Maintain a healthy working relationship with your business partner and you won’t have to worry about as many stresses and strains as a single entrepreneur would have to face. Share the load and keep the peace!
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