A Tip For A Successful Business Partnership

[Maks25]

Business partnerships take on a variety of forms. They may be a long term formal legal commitment or a simple short term venture to test a market concept. The same principles apply in all cases.
In an effort to save money, little things often pile up in areas where partners have neither expertise nor interest. Over time, these can literally sink your business. Limitations can be in any area: strategy, product/service development, marketing and sales, personnel and operations management, financial management and administrative. Wherever they are it's important to identify them as early as possible and have a plan to manage them so they don't get out of hand.

Amanda and Tracy opened an organic spa where all products used and sold were organic. They also offered private consultations for personal wellness. Business was great, but they didn't know how to manage their cash flow. They soon found themselves in a cash crunch with debt that was continuing to build. The answer, of course, is that they needed support with business and financial management. On suggestion from an advisor they hired a business manager who was able to provide support in their area of weakness.

Tip: Look at the areas that are problems for you. Chances are these are areas that could benefit from some extra support. If you think you can't afford it, think again. You can't afford not to support limitations. These gaps are where the value of the business slips away little by little. Don't let it happen to your business.

 

[btaliat]

Seriously, I don't support partnership even with legal documents. The sharing of profit formula already bring headache. People can't work in the same pace even if given the same tools and put in the same working environment. There will always be differences in the way people work. This means to share profit maybe causing problem a serious problem because the two may not work at the same pace.

 

[Jonaville]

I like your write-up especially the part where you said 'little things awful pile-up in areas where partners have neither expertise or interest'. This goes to show that little little things that are been ignored me pile-up and ultimately become reason why businesses fail.
As for partnership, I really wouldn't advise someone to partner with another to start up a business unless circumstances present no other choice. There are a lot of risk that comes with partnership business. Something as trivial as differing opinions or interest can cause great conflict between the partners and if care is not taken, it can lead to the downfall of a business.
So if I have the chance to start up my own business, I wouldn't want to pair up with anybody. I want to be the sole proprietor also owner of my own business.

 

[Deleted member 27583]

Business partnerships take on a variety of forms. They may be a long term formal legal commitment or a simple short term venture to test a market concept. The same principles apply in all cases.
In an effort to save money, little things often pile up in areas where partners have neither expertise nor interest. Over time, these can literally sink your business. Limitations can be in any area: strategy, product/service development, marketing and sales, personnel and operations management, financial management and administrative. Wherever they are it's important to identify them as early as possible and have a plan to manage them so they don't get out of hand.

Amanda and Tracy opened an organic spa where all products used and sold were organic. They also offered private consultations for personal wellness. Business was great, but they didn't know how to manage their cash flow. They soon found themselves in a cash crunch with debt that was continuing to build. The answer, of course, is that they needed support with business and financial management. On suggestion from an advisor they hired a business manager who was able to provide support in their area of weakness.

Tip: Look at the areas that are problems for you. Chances are these are areas that could benefit from some extra support. If you think you can't afford it, think again. You can't afford not to support limitations. These gaps are where the value of the business slips away little by little. Don't let it happen to your business.

I like this so much,and I hope we could all work in this angle ,because when it comes to financial management i won't lie ,I lose focus there ,I do not really know how to manage my self financially more of my business...

Although have been working so much hard to tackle or the spirit of not being able to manage self financially,because is a very bad thing to be not able to control Ones financial aspect of life...

But I hope with all this I read now I will be able to work on that and put it into prayer as well.because when you have a business that you run,and you are not able to pin point your benefit or profit at the end of the year or month,Its a very bad idea,because you could not manage yourself on the business....

I hope we all read and learn from what we read here....

 

[Deleted member 27583]

Business partnerships take on a variety of forms. They may be a long term formal legal commitment or a simple short term venture to test a market concept. The same principles apply in all cases.
In an effort to save money, little things often pile up in areas where partners have neither expertise nor interest. Over time, these can literally sink your business. Limitations can be in any area: strategy, product/service development, marketing and sales, personnel and operations management, financial management and administrative. Wherever they are it's important to identify them as early as possible and have a plan to manage them so they don't get out of hand.

Amanda and Tracy opened an organic spa where all products used and sold were organic. They also offered private consultations for personal wellness. Business was great, but they didn't know how to manage their cash flow. They soon found themselves in a cash crunch with debt that was continuing to build. The answer, of course, is that they needed support with business and financial management. On suggestion from an advisor they hired a business manager who was able to provide support in their area of weakness.

Tip: Look at the areas that are problems for you. Chances are these are areas that could benefit from some extra support. If you think you can't afford it, think again. You can't afford not to support limitations. These gaps are where the value of the business slips away little by little. Don't let it happen to your business.

I like this so much,and I hope we could all work in this angle ,because when it comes to financial management i won't lie ,I lose focus there ,I do not really know how to manage my self financially more of my business...

Although have been working so much hard to tackle all the spirit of not being able to manage self financially,because is a very bad thing to be not able to control Ones financial aspect of life...

But I hope with all this I read now I will be able to work on that and put it into prayer as well.because when you have a business that you run,and you are not able to pin point your benefit or profit at the end of the year or month,Its a very bad idea,because you could not manage yourself on the business....

I hope we all read and learn from what we read here....