Working with small business law, one of the key components to look at is contract disputes. Unfortunately, those contract disputes are all too often between business partners. To avoid getting to the point where partners are battling one another in the court of law, it is important to know what to look for in a business partner. This week, we are outlining exactly which qualities to look for in a business partner.
Shared Vision Of The Future
This is perhaps one of the most important things to determine before entering into a business partnership with someone. If the two of you do not have similar vision for the future, the business will never succeed.
For example, if you envision a small, local business working in a network of other locally owned businesses, that’s fine! However, if your partner is envisioning a small, local business that grows into a national chain, that’s an issue. Those two visions are completely incompatible. While certain things are feasible to compromise on, others are not.
Compatibility
Beyond the shared vision of the future of the company, it is also essential that business partners have compatible personalities. Remember that compatible does not mean identical. For example, it is more beneficial to have one partner who looks at the big picture while the other is detail-oriented. If both partners are detail-oriented, it is very easy for them to become bogged down in the little things, with no balancing point of view.
Compatibility is less of a measurable trait, but rather an instinct about how you interact with another person. Unfortunately, on this matter, you need to go with your gut.
Responsibility
While this quality seems rather obvious, it is absolutely essential. If your partner is irresponsible, they risk losing or offending clients. Oftentimes, general irresponsibility translates to fiscal irresponsibility. When the two combine, it spells disastrous consequences for everyone who has a hand in the business. It is fairly easy to determine whether someone is responsible or not purely based on how they act in their day to day life.
Integrity
When discussing the partnership, it is absolutely essential that both potential partners speak as honestly as possible. Without honesty and integrity, there is no trust. Without trust, there is no successful partnership or business. Inevitably, a lack of trust leads to partners constantly checking one another’s work and thus, no progress.
Reliability
Finally, business partners must have the ability to rely on one another completely. Inevitably, there comes a time where one person needs to take a bit of a step back. Whether because of mental health or because of family issues. Both partners need to know that the other person is reliable enough to support them when they need it most.