Six Key Elements of a Good Business Partnership

Larry Gard, Ph.D.

There’s nothing like having a terrific business partner.  When the relationship works, the financial and emotional rewards are far greater than what either person could possibly achieve on their own.  A good business partner should have complimentary skills, a similar sense of ethics, and a compatible work style.  We’ve all seen the disastrous consequences when partners’ skill sets and ethics are out of sync, but in my experience not having a compatible work style is what causes business partners the most day-to-day aggravation.

If you’re contemplating joining forces with a business partner, consider the following six elements to help assess whether you have compatible work styles:

Planning and Organizing:  It’s essential for both partners to manage their time effectively, develop plans to achieve their goals, and be sufficiently organized so that they can handle multiple demands and competing deadlines.  When one of you is disorganized, waits until the last minute to tackle projects, or refuses to plan ahead, it can cause added stress for both partners.

Decisive Judgment:  Both of you need to be able to make sound decisions with conviction and in a timely manner.  If one of you tends to be indecisive, you’ll miss opportunities and too many decisions will be based on one party acceding to the other’s wishes.  You can’t achieve genuine consensus if one of you can’t make a decision.

Adapting to Change:  Both parties need to be able to adapt to changing circumstances.  If one of you is over-reliant on old methods and processes, while the other is more flexible, you’ll be butting heads about how to do things when you ought to be assessing and responding to emerging priorities.

Delivering Results:  Imagine what can happen when a business partner is undependable or irresponsible.  It is essential that both parties maintain a high level of commitment to getting things done.

Resilience:  Work-related stress and pressure is a given, and it helps to have a partner who can maintain a positive attitude in the face of frustration and setbacks.  If one person is consistently unable to deal with disappointments at work, it can be incredibly draining for their partner.

Interpersonal Communication:  Both individuals have to communicate effectively, without sending mixed or confusing messages.  You must truly listen to one another, clarify and avoid misunderstandings, and share information freely. 

As you consider whether your work styles are compatible, you should also think about whether either of you has a tendency to over rely on your strengths.  For example, it may initially seem like a good idea to join forces with a business partner whose attention to detail counterbalances your ability to focus on big ideas.  But ask yourself, what would it be like working together if either of you routinely over-emphasized those strengths?

About the author:

Larry Gard is a psychologist and president of Hamilton-Chase Consulting, a Chicago-based firm that helps individuals and small-to-medium sized businesses overcome the all-too-human obstacles that impede performance and profitability.  He specializes in Executive Coaching, Evaluation of Candidates for Hire, and Organizational Assessments. 

Larry can be reached at drlgard@hamiltonchaseconsulting.com

     

2013 Hamilton-Chase Consulting