5 Tips For Making The Friend/Business Partner Dynamic Work
Having a friend as a business partner can be a rocky road, sometimes it works, and sometimes it doesn’t. Here are some ideas to help smooth the way, helping to maintain a constructive relationship, making the friend/business partner dynamic a great plus instead of a large negative in your business life.
It is perfectly evident that the journey to entrepreneurial success is full of highs and lows. Nowhere can the lows be lower than when the relationship with a friend-turned-business partner goes bad. Starting and growing a company with friends is not only possible, but can be beneficial–and even life-changing.
Tip 1: Leave your ego at the door
Things will get tough, and at times you will find yourself in situations where you feel confident that your ideas are the best way forward. But you must remember that your partners are your equals, with different and maybe valid points of view, based on their own experiences.
Healthy debates involving constructive ideas, creative development, and business strategy can be an important part of the decision-making process. Judgements made or not made out of fear of damaging the friendship will ironically, (a) hurt the friendship, and (b) hurt the business.
Tip 2: Keep lines of communication open
Regularly discuss the status and direction of your company. Openness is a key function the team should share, maintaining the respect you have for each other as business partners and friends. It is better to be transparent rather than ambiguous on something as important as your business for the sake of the friendship. For business partners to preserve the relationship, communication must be open and clear.
Tip 3: Designate a leader
Although unclouded and effective communication can overcome the majority of conflicts, now and again a point arises in which common understanding cannot be attained. When this happens, it is vital that the outcome rests on one person’s shoulders. He or She must be appointed as the leader and must carefully sum up and act on all of the variables. Finally, everyone must agree that the leader will make the final decision, based on what they perceive is best for the company.
Tip 4: Don’t harbour grievances
Bitterness and rancour are unwholesome in any friendship, and are equally so in business. In the troubled, early days of the business unfolding, it’s easy for resentment to germinate and build up, impeding development prospects. These grievances need to be sorted out immediately. Friends, and business partners alike, need to either move on or move out. It’s more comfortable to progress when all parties learn from each other, and the mistakes that they’ve made unanimously.
In the end, this will create a stronger and more successful company, as well as a healthier and clear cut friendship.
Tip 5: Build a good company, like you build a good friendship
Good businesses are built the same as friendships, employing connectedness, teamwork and clarity. All friends value and respect each others’ personal traits and interests, the same must be for business partners, putting the company’s interests above their own. Enjoy seeing people on the team being happy and enjoying life, thinking what could I say or do that would create another smile on their face? Happy teams produce and achieve more, that’s a given.
