“First of all, let’s be honest. The number of businesses that fold due to bad partnerships is staggering. In some cases, they are charlatans, in others – inept business people, and others find themselves unable to scale with any growth.” Michael Gerber
I love this quote. Maybe because of the word “charlatan’. I think I may need to use that more..Seriously, he has a valid point. When starting a business with a partner, you need to understand, really understand, how this person works. How he or she operates, and do they complement your style both personally and professionally. You’ll achieve greater success when your partner’s skills complement your own.
Effort and Expertise are NOT created equal. To make this business partnership a success, you need a person who complements your skills and goals. In other words, let them take on those tasks that come more naturally to them; such as managing the books or creating your legacy database, so you can focus your time and effort on your talents. If you’re having trouble figuring that out, Nicolas Cole explains it best in his article 6 Ways To Identify A Bad Business Partner
It’s funny (not really) how many of my clients tell me that when they are searching for a business partner or to fill a gap in an existing team, they consistently look for someone who’s “Just like me”, or “we have the same style”. Really?! That’s a recipe for disaster. Here’s where I come in. My first step is to assess their individual styles and create an InterAction Guide. The objective is to highlight the 3 S’s of Compatibility:
- Strengths: Identify what’s working well in your current relationship
- Struggles: Discover current and potential areas of conflict
- Strategies: Create actionable strategies to apply right away
It all comes down to this: A success collaboration is only successful if both parties have a mutual respect for each other, an understanding of each other’s expectations, and a clear communication strategy. Recognizing these challenges from the beginning can ensure a long successful road ahead.
If you’re a partner or frequently collaborate with others and want to improve those relationships, I’d love to help! Schedule a 15 min call or download My free guide to get started improving your communication today!