Why business partnerships fail?
Sometimes the rocky path of entrepreneurship is best taken with a partner by your side. Many a time, even if you find one or a few partners who share your vision things might not exactly work out. Here is a look at 7 reasons why your business partnership might not be working:
1. You don’t want to rock the boat.
You don’t agree with your partner but you never get around to telling him or her. Why? Simple because you want to either avoid confrontation or that you dislike conflict. That’s where the trouble begins. If you genuinely don’t like something or would prefer things to be a certain way you have to say it. It just saves you a lot of trouble in future. Otherwise issues pile up and one day you just end up blowing the lid on it.
2. Failure to recognize and appreciate each other.
Most times we fail to recognize the efforts that our partners make, let alone reward and appreciate them. This makes people feel terrible at some point because all of us like to be appreciated. If you’re partner does something make sure you show your appreciation?
3. Lack of communication.
In a partnership, do not expect people to read your mind. Instead make sure you communicate clearly and regularly. A heads up for even ten minutes every day might be the best thing that you could do. Oh yes! There is nothing such as over communication if you want things to be clear and hunky dory.
4. Overlapping roles.
Some partnerships really don’t work out because both partners are doing the same thing. A clear definition of roles and responsibilities means both of you don’t end up doing the same thing and getting in each other’s way. It is also more productive!
5. Lack of execution.
The best plans are the ones that you implement and execute. Don’t just make plans and leave them there. You have to put them in to action.
6. Not being friends first.
A good partnership begins with friendship. As friends you are the first person your partner will turn to and vice versa. As pillars of the partnership this is critical.
7. Not giving it time.
Nothing works overnight. You have to give your partnership time to work out. If you expect things to work quickly then you could just be rushing the pace at which you and your partner/s will reach an equation.
To wrap this up, those who don’t believe in magic will never find it. Likewise if you don’t believe in a partnership then it’s unlikely that you will be able to make it work. To make it work you should be able to put a finger on what could possibly be going wrong. Hope this post helps you think about this.