Whether you are in business with family members, fellow professionals or a third party, it is important to protect and nurture your co-owner relationships to ensure your business can thrive! 

Here are a few tips on what to expect:

1: First and foremost, you need to be able to put personal opinions aside and always decide on what is best for the business.

You are responsible for something much greater than yourself, and the continuity and success of the business must be your priority.

2: You need to be willing and able to adapt to a changing environment, be it financial, political, supply chain or mother nature herself.

Strategic thinking and a willingness to deviate from your original direction are key to protecting your business from factors that are beyond your control.

3: You must be able to treat your business partners with the respect they deserve.

We don’t all have the same skill set, and that is a good thing! You need to recognise those capabilities that make your co-owners a key part of your business, and they need to recognise yours. Make sure that each role is assigned with specialisations and skills in mind so nobody is set up to fail.

4: You need to be able to have a robust and honest conversation without holding a grudge.

We all look at things differently, so when decisions are being made, discussion and even disagreement are positive as it forces us to consider an alternative perspective. The trick is to be able to agree to disagree. You must be able to accept that if you have said your piece and the decision does not go your way, that’s okay. Sulking and stewing is a recipe for disaster; you need to be able to clear the air and move forward, respecting the decision that was made.

5: Do away with the tit-for-tat.

A ‘They got this, so I want that’ attitude does not belong in a business. Refer back to point 1) what is best for the business. This is especially important when you have employees looking to you as an example of acceptable behaviour.

6: Recognise that you and your business partners may be at different stages in your business careers.

You may be in an empire building mindset whilst your partner may be in a kingdom protection stage. It is important to recognise this so that you can each be aware. Then focus on making decisions based on what is best for the business rather than just protecting your place in it.

7: You need to have a problem solving mindset.

Because you will need to help solve a LOT of problems. Think of them as challenges rather than problems if you will, but in any case, one of the key things you will need to do is work together on solutions that will keep the business surviving and thriving.

8: Contribution should be rewarded.

Running a business is hard yakka, so if you are not willing or able to contribute as much as your co-owners, consider a remuneration that will reward them for their additional efforts. This does not need to be fixed either, as circumstances can change. Resentment will soon build if you are just going along for the ride and reaping equal reward.

Hopefully these tips should assist you in building and sustaining a successful business with your partners, making the most of your individual capabilities and ensuring a lasting and rewarding experience.

Looking to strengthen your business relationships?  Reach out to us for practical, expert advice.