The DOs and DON’Ts of high performing business partnerships
O*NO! You've started a business, and you’re having trouble navigating the DOs and DON’Ts of maintaining healthy business partnership.
Collaborating and utilising the skills and strengths of others is vital for high performing agencies in today's fast-paced and hyper-connected world.
But like all relationships, personal or business, it takes work, communication and patience to maintain healthy and productive connections. The health of your business relationships can impact the health of your agency. Here we’ll break down the top DOs and DO NOTs of building healthy business partnerships.
Communication! Communication! Communication!
Communication is key to building the foundation of a healthy business relationships. Without it, your relationship and eventually your business can fall apart. Good communication skills take practice if you’re not a natural communicator, but with enough practice, anyone can build a solid foundation for any healthy professional relationship.
DO
After speaking with your business partner, it is useful to follow-up in writing so you have a record of your chat. Write concisely and include all relevant information and directions that would be useful to your partner.
Be aware of your tone in communications – it’s not what you say but how you say it!
Set clear agendas when you do meet so you do not get distracted.
DON’T
Do not send that email or text. If something is better said in person, say it in person. You’ll thank me later.
Bombard them with irrelevant information and long emails. No one has time read them when they’re managing an agency too!
Disrespect your partner’s boundaries – there is a time and place to have the conversations or send the comms.
Our top tip when it comes to communication is to ensure that you set all expectations up front – from growth and expansion, duties and responsibilities and how to bring in new shareholders. This can be done by way of a Shareholders Agreement and can avoid disagreements down the track, especially when those issue start as simple misunderstandings.
Aligning Values and Goals
Your business partner’s values and goals must compliment and align with your own. For example; is your focus on making profits while your partner’s focus is on corporate social responsibility? Or are you wanting to keep retained profits in the agency to grow and expand, or does your business partner want to take money out as dividends?
Finding someone that shares your values, vision and goals is a big first step in creating a high performing business relationship.
DO
Pinpoint your partner’s values and goals before you bring them onboard.
Map out each others’ strengths weaknesses and be open to talking about how each can support the other in growth and development.
Identify each others’ personality types, and working and communication and styles. Develop a practice of communicating openly when clashes arise.
DON’T
Assume your new partner or staff member has the same values and goals as you.
Forget to focus on personal and professional development as part of your partnership.
Be afraid of giving or receiving constructive criticism. Constructive criticism can provide a pathway to learning and growth. Start viewing conflict as an opportunity to learn something new.
Our top tip when it comes to aligning values and goals is to have open and frank conversations early with potential business partners.
Growth and Utilising Strengths
A strong business partnership inevitably leads to growth in any business – you can cover more ground when you team up with others than going it alone! Whether it’s larger capital reserves, better delivery and quality of services or customer experience, or expanding the business to reach new clients – the increase in people-power allows you to utilise the strengths of those relationships to the benefit of your agency.
DO
Communicate the agency’s goals and values to everyone in the business. Identify what motivates your partners and employees and try to incorporate that into your business.
Allow for open communication and transparency for suggestions and feedback from all levels of the business.
Always be open to looking for new ways to innovate, learn and grow. Never stop learning.
DON’T
Forget to focus on or undervalue the people element of your business.
Create a culture where new ideas and feedback is discouraged or not delivered regularly.
Close yourself off to learning from others.
Our top tip for ensuring faster growth is to team up with others who have skill sets that compliment your own. We like to use the CliftonStrengths assessment to ensure we are building our team, and setting up roles and responsibilities, in a way that works to people’s strengths.
Takeaway
Team up with others who share your vision and goals to skyrocket your growth and success.
Transparent and respectful communication is key to developing a high performing business partnership.
Utilise the strengths and skills of others and consciously build roles around their strengths.
Create a relationship roadmap with your business partner in the form of a Shareholders Agreement.
Your next steps
If you are thinking of bringing in a new business partner and want to ensure you have got all your ducks in a row, book a FREE 10 minute call with us today to ensure you are on the right track!
Boring legal stuff: This article is general information only and cannot be regarded as legal, financial or accounting advice as it does not take into account your personal circumstances. For tailored advice, please contact us. PS - congratulations if you have read this far, you must love legal disclaimers or are a sucker for punishment.