Tips You Need to Know to Form a Lasting Business Partnership

Whether or not a business partnership (or any partnership for that matter) is functional, greatly depends on whether it rests on a solid foundation. First, you need to find a person that you’re compatible with, which usually doesn’t mean that you and this person have the same traits, skills and characteristics. Second, you need to learn how to properly give and receive support, gratitude and trust. With that in mind and without further ado, here are several tips you need to know in order to form a lasting business partnership.

1.Same vision

The first mistake that a lot of people make is believing that the same interest is what makes for a good business partnership. This is not necessarily true, seeing as how the interest of the majority of people in the business world are the same – success, wealth and legacy. The problem lies in wanting to get to these three in the same way, which requires you to have the same vision as your partner. Imagine it like a road trip, where you both have the same starting point and the final destination. Whether or not the experience will be pleasant depends on all the rest in between. This is why important that both you and your partner have the same vision. Needless to say, these two things (vision and interest) don’t always align.

2.Be supportive

Another thing you need to understand is the fact that great partners (both personal and professional) support each other. Remember, even at times when you believe you have it worse than your partner, that this is not a contest. Take a couple of minutes to ask them how it’s going and they might return in kind. When they have a big day or task ahead of them, take a couple of minutes to call them and wish them good luck. Once again, this is only a couple of minutes of your time but to them, it might make a massive difference. Offer to help them whenever you can; however, sometimes pushing this too far may be seen as a lack of respect or belief in their own ability. Therefore, offer assistance but don’t insist on it.

3.A token of gratitude

One of the best ways to show them just how much you appreciate them is to present them with a token of gratitude every now and then. Giving them a small gift on their birthday or the anniversary of your company may do wonders, but even going the extra mile here might not get you too much off your pre-written course. For instance, get a souvenir for them from a business trip, and even if the journey is too hectic for you to remember this, there’s nothing preventing you from getting a gift for them once you get back home. For instance, if you were to go on a business trip to Russia and forget to get something for them while you’re there, you can always order a memento From Russia online and give it to your partner when you next encounter them.

4.Have each other’s back

Showing support through words may not always be easy, yet, it’s far easier than actually standing up for your partner. There’ll come a time when your partner will make a move that will cause you to, potentially, lose a client. Yet, if you side with the client, you’ll most likely lose them both. Keep in mind that you and your partner are a team and even if you have a disagreement, it should be settled behind closed doors.

5.Be honest (even when you don’t feel like it)

The very last thing you need to understand is the fact that trust is the single most important factor keeping your and your partner together, but trust isn’t gained easily. This is why you need to learn how to demonstrate both honesty and integrity. Sure, you don’t want to risk offending your partner but if you sugarcoat too much, your partner will start perceiving you as someone dishonest and… well, not trustworthy. Keep in mind that if you can’t be open and honest with your partner, you probably haven’t teamed up with the right person to begin with. Therefore, you need to be honest and transparent with your partner even if you don’t feel like it (especially if you don’t feel like it).
At the end of the day, you never know how long your business relationship is going to last. People can back out from a deal due to completely personal reason that you can neither affect nor predict. Still, a business partnership based on these five principles has a greater chance to triumph even against such odds.