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Some pointers when choosing a business partner
| Guest post by: Rene Truter |
Article Overview: Some hints and tips for choosing an appropriate business partner
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Free Download - Some pointers when choosing a business partner By Rene Truter |
Some pointers when choosing a business partner
There are many things to take into account when choosing a partner for your business, but among the most important or most common issues are the following:
Don't make your decision based on the fact that you like a person. Often friends and family go into business together for the wrong reasons. Liking your partner is a good thing, but it is not fundamental.
Don't waste time with people who don't share your vision. You have a dream for your business and it is important that there's synergy between partners. Partners should also share the same value system.
Integrity is one of those values that can be seriously undermined between partners and staff alike. Otherwise, decision-making based on a mixed bag of values and can cause mistrust and contention.
Balance of skills is also a vital factor and often missed in evaluating a partner. You could choose a partner who shares your vision and passion, but doesn't bring any real skill to the table. Is that the right person then?
What do you give back to this business?
Tensions can run high and when the going gets tough, there can be much friction around deliverables and roles. This can be avoided by setting out clear deliverables for each partner and what their contribution is to the goals of the company. Understand and respect each other's strengths and weaknesses. Each partner's skill should compliment the other.
Remember that ambition comes in different packages. Mismatching ambition could lead to serious friction and problems in service delivery which will affect the company's profits.
If you're not the kind of person to share decision-making, then reconsider having a partner, especially if you expect your partner to take a major share in the business. Money isn't everything! Money can come from different sources. Your partner should offer a fair contribution for the shares he acquires. Rand for Rand investment is a good equalizer.
Don't make deals based on verbal agreements. This is a common mistake that when the verbal agreement is eventually put into legal jargon many issues crop up, which could cause contention.
A partnership is like marriage. In the beginning everything is wonderful until all the reality sets in. Be prepared for reality and remember that a business partnership is a relationship that grows over time through hard work and respect based on a sound value system.
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About the Author: Rene Truter RSS for Rene's articles - Visit Rene's website The SME Toolkit is a project of the Small and Medium Enterprise Department of the World Bank Group and is available in multiple languages through local partners, such as South Africa, around the world. Business Partners Ltd, leading risk financing company for small and medium enterprises (SMEs), has made the online Toolkit available for all entrepreneurs in South Africa. The Toolkit is a joint initiative between Business Partners, the International Finance Corporation (IFC) and IBM, offers easy access to information, resources and online training relevant to SMEs in a large number of industries and business sectors. The SA SME toolkit provides how-to articles, business forms, financial tools, online training and information resources developed by leading experts, and free software tailor-made for SMEs. All aspects of business set-up and management are covered, from business planning to accounting, financial management, human resources, import /export, legal and insurance matters, marketing, sales, operations and information technology. The site also offers a range of self-assessment exercises and tools, aimed at enabling entrepreneurs to take control of problem-solving in their companies, and even to proactively implement strategies to avoid potential problems. Users have lauded the SME Toolkit as a one-stop shop for almost any piece of information needed to run their business. Register on the Toolkit today to start receiving the monthly newsletter and grow your business knowledge and skills. Click here to visit Rene's website   Pitching your business idea to potential investors Questions to ask yourself when selecting a business Is your business feasible Project management in a small business When to call in an expert to help start or manage your business |
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