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A guide to finding the right business partner

29th January 2017

Finding the right business partner is never an easy task. No matter if you are starting a new business or want to develop the one you already have, finding the right business partner takes a lot of time and work. In this article we will discuss what you can do to help find the right business partner.

Trustworthiness
Trustworthiness is one of the most important qualities your business partner needs to have. No matter what skills, resources or knowledge they possess, without trust you will have a tough time running the business with them. Your business partner will be part of every aspect of your business, from financial to management. That is why you need to be able to trust in their abilities, decision making skills, and loyalty towards you and the business. We suggest you ask yourself some questions such as 'would I trust this person to run the business if I were away?' or 'Do I feel they would be as dedicated as I am to see this business succeed?'.

Past experience
The reason why you are looking for a business partner is because you require certain skills, resources and/or knowledge to help develop the business. This could be the same or different qualities that you have, but the key point is they will be at least as valuable to the business as you are. That is why we suggest looking at the track record of those you are considering. Things such as where they have previously study, worked and what businesses they may have managed before is a great benefit. You will get a insight into what you and your business can expect from them. Asking other people who you know about the person you are considering is also advised. It allows you to get a trustworthy and more detailed view on that person.

Self-motivation and management
A business partner is your peer, not your employee. That is why they must be able to manage and develop the areas of the business which they are responsible for without the need of supervision. If you have to assign them tasks or double check the work they do, then that is an issue. They will be taking away your time and resources that you could be putting into your side of managing the business.

Communication skills
Communication skills are used in many areas in business, managing employees and developing client relationships are just some of them. Weather they are talking to you, employees or clients, your business partner should be able to communicate effectively. We suggest when you set up a meeting with those you are considering, take notice on how well they communicated with you. This will give you some insight into how well you two will work together in the future.

Create a check list
We suggest that you write a check list of the qualities you want your future business partner to have. Consider what skills are important for your business and industry. Think about what qualities you lack, and see if you can find them in someone else. The wider range of skills, abilities and resources your business has at its disposal, the more its able to develop.

Although we have covered a variety of important points to help find the right business partner for your business, there is so much more to be said. If you are struggling to find the right business partner for you, our experts at PNGFormations are here to help. We offer advice to small business owners, helping them and their business grow. If you want to find out more information, please contact us here today.
 


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