Business partnership is a delicate issue. Yet, this is also important when it comes to business expansion. You need a partner who can support you in the time of need. What you need to decide before making a partnership legal is what type of partnership you want. Frankly it is not about what you want. It is more about what you need. Do you need a long term business partnership? Or, a short term one will do the trick? Ask yourself before making any decision. Both the partnership has its own pros and cons. You just have to amplify the strength and minimize the weaknesses.
Anura Perera Kenya is a business consultant who has helped many aspiring business person find the right strategic partnership. He has seen partnerships ending up in trouble. He has seen partners splitting over small matters. Due to this he has created a list which will help you understand how to make a partnership last.
Agreement and contracts are the two important ingredients which make terms of business clear. This you need to do too. It is not mandatory that you must have your business agreement in writing. But, to be clear on your intention and expectation, you must have a written business agreement. However, you might want to know what you should document. You should document risks, benefits, the responsibilities of the partners and more.
Marketing is an essential part of any business. You must have a plan chalked out before you make your business a legal one. This should be clear in the partnership agreement as well. You need to document what should be done to promote your business. Both the partners must agree on the promotion process.
Goals are important. Every business follows some important goals. Without goal what will be the objective of running a business? Keeping this in mind you must have your goals planed. Another important thing you need to remember is, there are two types of business goals. One is your own individual goal. Another one is your company goal. You must document about both the goals if you are planning to enter a business partnership.
Anura Perera Kenya says that shared vision makes a big difference when you are going for a business partnership. Shared mission is also important. If you and your partner don’t agree on things you are sure to head for a split which will not be a pretty picture. For this reason, if you are thinking about a business partnership, you must write about the vision and the mission of the business. Also, you must find someone who agrees with the vision you have. Without this does not matter what type of business you are running, you will head for trouble.
To make a business successful, you need to identify the strength of everyone who is involved in your business. You might have certain type of strength. Your partners might have different skill set. It is important that you utilize everything you have for the growth of the business. This is important and you must remember this.