7 Tips for a Successful Business Partnership

/ November 13, 2017 | 4 Mins Read

7 Tips for a Successful Business Partnership

If you are contemplating starting your business in partnership, here are some tips to help you achieve success. Using the tips mentioned in this write-up, you can effectively prosper in your business.

The startup is a common name for a business/company, firm or project that recently appeared. There are no clear limitations in time, but usually, the gap is from a few weeks to several months. After this period, the project, in any case, ceases to be a start-up, as either it receives recognition and investment support to continue development or closes as unclaimed.

In the start-up industry, as in life, you can either close in yourself and slowly move around the business space or acquire partners. In the second case, the speed of resource mobilization that you need to get to the right door grows dramatically. But if it was easy to find the right people, I won’t have taken up this article. So here we go.

1. Level of business knowledge

Partners are the additional competencies and experience. This is the main asset and driving force of any project. There is an opinion, that it is not a good idea to look for "friends-in-business" among friends. I agree if it is the fact of acquaintance that prevails over competence. But if you have brilliant professionals in your contact list, don’t hesitate to approach and ask for the assistance.

Business strategy knowledge

2. Speed of thinking and unity of vision

A common start-up is a road to success with limited resources. There are a lot of restrictions. There may not be enough time, money or people who can help to achieve your goals. I do not think this is an issue, rather, it’s the main component on the way to success.

Speed of thinking

Apparently if under these restrictions your partner is terribly slowly, needs a large army of people capable to perform the tasks assigned, it is better to say goodbye to him at once. Such people in the business world and start-ups, in particular, are called "company killers".

3. Partner and work with results

When I negotiate with a future partner, I always emphasize that it will require responsibility and payback of 220% - it will not be possible to shift your part of the work to "that girl" or "this guy". It is better to arrange all the points and explain that the work is usually ungrateful.

Partner and work with results

Might be there won’t be any vacations for year or two. I mean that you should not connect yourself with a person who is not ready to work in a team, tolerate inconveniences and overcome any difficulties.

4. Transition to the project approach, methodologies and tools

Unlike strategies that are created in a hierarchy format, the structure of your organization must be built by the matrix method. Matrix is the basis of the whole project approach. It makes the process of work easier, especially when your company starts to expand.

5. Regular introduction of innovations

Introduce innovations through simple and effective tools, such as, for example, HADI-cycles (Hypothesis->Action-> Data-> Implementation). It’ll help you not only stay in the loop but also it’ll give the space for the development. At the same time, innovations help both in the development of the company as a whole and in the development of each individual.

Involve in the discussion not an only top, but also ordinary employees. First, it will be a useful training for them. Secondly, they will feel their importance and involvement. The loyalty of your employees will go up, and therefore they will work more efficiently.

6. Iteration movement, limitation of product scope

Speaking about the triangle of projects, Scope constraints include not only the scope of the required work but also the project's capabilities and its functional components. It is this boundary of limitations that should be given attention, especially, if you want to develop your business in the Digital field.

Before you start a new project, always test it using the MVP (minimum viable product) model. This will help you to quickly identify and correct all possible shortcomings, which previously weren’t visible.

7. Automation of work, increase the productivity

One of the main values of the team is the productivity. In the process of work, it is necessary to remember (and better write down) repeatable actions and ideas for their automation. The idea is not new, yet Frederick Taylor noted at the beginning of the last century that automation, even the simplest workflows, reduces the time spent on current tasks, and therefore gives employees time to implement new ones.

increase the productivity

The tips given above are the result of personal experience. I hope that it will help you to develop new and finalize old projects. Still, have any question or quarries? We are just a click away.

Ashish Sharma is the Chief Marketing Officer at WeDigTech, a Mobile App Development Company in LA California US. He is responsible for marketing activities that have to do with creating, communicating and delivering offerings that have value for clients or business partners.

Top 10 Remarkable E-commerce Web Design Trends To Implement

In today’s fast-changing business world, it is tough to...

5 mins read

How to Spy Trendy Social Media Apps

Social media, which was developed as an entertainment tool,...

5 mins read

How to Get Media Attention to Your Business in 2020?

Whether you want to build your reputation or are...

3 mins read