What Things Should Be Avoided in a Business Partnership?
Business is not a matter of ignorance. If you want to be a successful businessman, then you have to be more realistic and less emotional. No one can stop you from being on the top, but your own internal mistakes.
So, in this article, we will share some common mistakes that you should avoid in a business partnership. I think it is a treat for all those newbie businessmen from Blizin Technologies, who want to achieve success. So, lets’ start:
- Need-based business rather than friendship based:
It is a very common practice that new businesses are started by friends as they find themselves more trustworthy. People then start to make decisions based on friendship rather than need. This is the biggest mistake causing a decline in business. Look for your needs simply. If you have ideas and want investment, then look for an investor rather than a friend.
Also, do not hire anybody on a friendship basis. Look for the skills and right person to do the job. Even if you are hiring your friend, do it after signing a proper agreement and stick to it.
- Be clear in your terms:
A man is susceptible to losses if he trusts blindly. While in business, do not trust on verbal communication. Sign proper agreements and terms, accepted by both parties. Be very accurate in special clauses like “payment policies”. It can save you from having bad terms with your partner.
Partnership businesses are never so easy!
- Be bold:
Be bold in whatever you do. Carry your work gracefully. Your hard work demands a good output and for that, you work so enthusiastically. But, sometimes you feel that you are not getting the same which you deserve. Here is the time to be bold and speak about it. Discuss it with your partner. If you remain silent, you will develop bad terms with your business partner that can end up in heavy disputes and loss in business.
Try to enjoy your work. You deserve to be the best!
- Make documented terms:
Every small amendment or decision should be well documented. Never go for the words. It can create a fuss. Even a small e-mail is enough for the proof of discussion but try to make documents for every new decision.
- Discuss the ending terms:
Never do a contract that has no ending terms. Also, discuss the percentage of share and profit if one of you back out. Jot down the direction of business if you want to quit. Never do vague contracts that do not mention such things. Else you will be in great trouble.
- Don’t be harsh with the technicalities:
Never be so rigid with your contracts and do not think that you can not do anything out of the boundary. Give space and have space. It is ok if you work more than decided and it is ok to be lenient with our partner if you want long-term business. Giving some extra profit than decided is also a very nice gesture for a successful business. Do not panic and do not tend to suffocate your partner.
If you want to be relaxed and earn more than expected then you have to avoid these unnoticed mistakes. Do not be an emotional fool, be professional and you will get a lot of benefits.
Stay tuned for getting more help regarding your new projects!