Finding the right business partner is no easy task. You need to ensure that the people you work with share your core values and vision for the company.
You may have gotten yourself to this point and committed to an arrangement, only for things to turn sour at later date. The reality is that at least 70% of business partnerships fail. There are ways around this and tackling issues head-on at an early stage is extremely important.
Outlined below are some signs that your business partnership could be in trouble:
When there’s a breakdown in communication
Is your business partner giving you the cold shoulder? Perhaps they are irritable when you do make contact? A solid business partnership is founded on effective communication. If you have caught your colleague in a lie, or simply cannot get an answer out of them, this is likely to harm your company in the long run.
When nobody is interested in finding solutions
It is rare for a business not to run into roadblocks on occasion. What’s important is that these obstacles are navigated as a team. If your partner is highlighting problems without considering possible solutions, this could spell trouble. A positive outlook is generally needed to come through the other side when things get tough.
When the workload becomes one-sided
In any successful corporation, all team members pull their weight. A lack of work ethic could be a sign that your partner has lost interest. You shouldn’t be placed in a position where you are constantly forced to pick up the slack. Productivity is a key aspect in hitting all of your targets and staying on course.
If you and your business partner are at loggerheads, it is important not to panic. By having a firm understanding of your legal rights, you will be able to find a solution.