Make no mistake, working alongside a business partner can be likened to a marriage. My husband jokes that I speak more to Jemimah than I do to him! Just like a marriage, there can be a honeymoon period, where everyone is in love with the romance of your new, blossoming business idea. And then reality hits. The real grind starts. Things get a bit stressful. There’s wins and failures. Work picks up and before you know it you’re chasing your tails like squirrels at a rave.
The Business Experiment has been built on the foundation of a strong partnership between Jemimah and I. It’s not all been smooth sailing; we’ve had tough times and unbelievably fun and amazing times. With the rapid growth of our podcast, we understand the stresses that can go along with building a business with someone else and to add further complexity, we not only work remotely (Jemimah is in Canberra and I’m in Brisbane) but we each have other separate businesses as well. Did someone say raving squirrels?
We both believe in the strength of collaboration and how together we give extra value to the world. You know, that old saying “two crumpets are better than one.” Like with a lot of things in business, many people go into partnerships without realizing what it really takes to make it work. They have rose-coloured glasses on until the cold hard reality bat breaks the lenses. This is why we have put some tips together for how to maintain a healthy relationship with your business partner.
First things first – go into business with someone you know, like and trust
We buy from those we know, like and trust, why would going into business be any different?! Jemimah and I have been friends since kinder, however, there’s many people who’ve met their business partner at a party or even in a Facebook group and have developed successful businesses together. Where you meet is irrelevant – the key is to ensure you are both the right fit together before committing – research the squirrel out of the other person, take time to get to know them, their business values, practices, skills, talents, weaknesses, journey and build trust together. One of the biggest killers in a business partnership is the absence of trust – this is where assumption grows.
Transparent communication
Being transparent with each other at all times is crucial for your success together and for the strengthening of trust. Be clear up front what you both want to achieve out of the partnership or venture and be absolutely clear about how you’re tracking every step of the way. Despite the fact you are both running the same business, you could be individually at different stages of your journey, other businesses and lives. Your business partner can’t read your mind and may not think the way you do. An absence of effective communication damages trust and leads to assumption. We’re back to square one.
Remember, what you need and the way you like to operate may not be what your partner needs. Talk to each other about what you need along the way so that you get to know how each other works.
Stay tuned next week for the second instalment of our tips on how to maintain a healthy relationship with your business partner.
Shevonne Joyce, Co-Founder, The Business Experiment
