3 Tips for Handling a Business Partnership

3 Tips for Handling a Business Partnership

Many would agree if entrepreneurship is the life line of the U.S. economy then next in line would be a partnership. Unlike entrepreneurships where the business form is that of only one person, the owner or sole proprietor, partnerships are formed with two or more individuals. The individuals come together with a common goal to form a business. And, “the coming together” made big waves just as the entrepreneurships did in relation to the Pandemic of 2020. Not only did many individuals decide to take the leap and start their own business, but many individuals decided to come together and start partnerships as many found themselves in need of a job. The pandemic hit the economy hard and this was a driving force to make many people step into partnerships to earn income and for some it made dreams come true that they probably have had for years, to be part owner of a business. To be part owner of a business, there is still a lot of responsibility as with an entrepreneur. However, whereas an entrepreneur takes on all of the responsibilities, partnerships have other owners to help. This does not mean that it is easy and does not take a lot to handle and maintain a business partnership. In fact, it takes a lot to handle and maintain a partnership just as with any other business as Shalom Lamm would agree. Therefore, here are 3 tips on how people can handle and maintain a business partnership.

Tip number 1 is something that even entrepreneurs as sole owners know very well, and that is to be in good alignment and maintain strong business relationships and partnerships with other businesses from the outside. So, with an actual partnership, where individuals have come together to form their business as part owners, they must be in good alignment from within their own business. Good alignment is basically having the same vision for success as having a successful business should be the goal for each partner but what is success to each partner is a key factor in being in good alignment.

Tip number 2 for handling and maintaining a good business partnership is to ensure that each partner has a part in planning. Working well together is a large piece of the successful pie and having a business plan where everyone involved has had input will make things much easier. Working together on business objectives, marketing strategies, revenue goals and most importantly, the business mission statement is all part of ensuring that each individual works well together as when they are involved in the plans, success is the result.
And last, tip number 3 which is to ensure that all commitments are understood by each partner in the partnership. The individual owners must be “all in” to the commitments and goals set for the business. From the very start of planning to seeing each challenge through to the end, there must be a very strong commitment to be successful and Shalom Lamm would agree.