Great business partners provide experience and skills that complement your strengths and bolster your weaknesses. Selecting partners that share your vision is critical but partners that have different perspectives and abilities may allow the business to grow faster and avoid costly mistakes.

Complementary Partners

Business partners should be there to share more than the workload. If you wanted that, an assistant could do the job. A good business partner can add value by having a different perspective, applied experience, and strategic relationships.

When evaluating potential business partners, consider individuals that share common interests but have different backgrounds. Great partners do not have to have direct industry experience to provide valuable insight. A wide range of experience in multiple industries provides a perspective that can only be gained over time.

Problems encountered in business are often very similar between companies in different industries. Potential partners with solid relationships can often connect the Company with the right resources to solve a difficult problem whether it relates to sales or human resources.

Conflict Management

You will have disagreements, large and small, that, if not reconciled, could damage your relationship with your Partners and effect the viability of the business. Discuss problems openly and honestly with your Partners as they occur. Extreme honesty is the foundation of many productive partnerships. Otherwise, problems fester and compound.

Trust

Once you've put together a list of potential partners, consider how each Partner will add value. Each Partner should share your vision, and you must be able to trust them. Trust is essential to building a corporate culture that is sustainable and scalable.