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Successful Business Partnerships: How to Get Business Partners to Agree

Three owners running one business can be a nightmare. However some companies are making it a success. Opinions around the business community are divided as to whether or not partnerships are a good idea. Some people enjoy the control and autonomy gained from being a sole owner.

Others value business partners who stimulate their thinking and action and share the burden of business. From what we've seen, there is no doubt that if you can create a successful partnership then the whole can be far more powerful than the sum of the parts.

Harnessing the power of a partnership

below, we present three key ingredients to harnessing the power of partnerships. These are based on what we've seen work in business. While we are referring in this instance to owner/operators, these principles can be applied whenever you have decision-makers operating as a team.

1. Clearly define your business strategy

Your business strategy is the 'hymn book' for your business. It enables everyone to be working harmoniously toward the same outcome.

A simple, plain, factual statement about what the business does, what you are out to achieve and how you will achieve it can provide enormous rewards for the business.

The challenge can sometimes be getting agreement on the content of that statement. All key parties responsible for delivering the business strategy need to be involved in an open and in-depth conversation about the business direction.

Using an independent facilitator for these discussions can help ensure the conversation stays constructive and fair.

2. Align your role with your passion

People who own a business often feel compelled to take on a Director role within the business.

However, many people don't like management responsibility nor is it necessarily what they're good at. There are no rules saying that as an owner of the business you have to manage it.

Someone does have to take on that role but it doesn't have to be you.
People deliver an exceptional performance when allowed to work to their passion.

They feel motivated and excited about their work. Furthermore, it is very easy for other people to respect someone who works in this way.

While it is not compulsory for the owner to take on a management role it is absolutely vital that the owner set an outstanding example to the rest of the team. So play to your strengths, understand what you really enjoy about being in business and commit to being an exceptional performer in that role.

3. Clearly define, in writing, roles and responsibilities

The partners need to clearly mark their territories. Does that sound a bit primal? In some ways it is but it makes an enormous difference to the level of co-operation and respect in the team. Too often blurred boundaries result in heated discussions that don't need to exist.

The simple process of defining roles and responsibilities will remove all the excess, and often useless, communication. People will now have the freedom to get on with their job. Role allocation should be based on the each owner's skill set and preferences.

As a result there is clearly more trust in each other's capabilities, boundaries are respected and opinions only offered when asked for. Greater productivity and a more harmonious workplace have emerged.