Expanding business practices sometimes means bringing on another person. This is true for investors, leaders, successors, or anyone who could strengthen the business with their partnership.
It may seem like a daunting task, with many unknown variables. Here are some tips to help navigate the onboarding process.
In order to choose the best partner, you must first look inward. Self-reflection is a process people often skip. Evaluate your company and the position that needs to be filled. Where does your company excel? Where are you lacking?
Once you’ve established a clear niche that has to be filled, you can begin reviewing potential partners. It’s very similar to the dating process. It’s best to have a good sense of self before seeking a companion, and then carefully evaluating your future partner to see how well they mesh with you.
Additionally, it’s important to run background checks on your partner before committing to a business relationship. These can be done through multiple avenues. You want to know about any failed businesses in their past, credit, criminal history, and anything that could make them less-suited to a partnership.
Clarity & Contracts
Establish clear, defined jobs for everyone in the business and partnership. Poor communication can lead to issues and tension, causing a partnership to break down.
Instead, make sure everyone (for example colleagues, employees, and especially your new partner) have a good grasp on the bigger picture, and their role in it. This can lead to greater unity and less misunderstanding.
Can I Get That In Writing?
Protect your business and partnership with clear contracts. All agreements, assignments, and other binding details should be in writing. Each party involved should have copies.
You may want to bring on legal council to handle this part, especially if you’ve never engaged in a business partnership before.