There is no single reason a business partnership succeeds or fails, but there are certain factors that can make or break a business partnership. Here are three critical ones.
First, an individual must remember a partnership is just that, an agreement between two people that benefits both. A business partnership that is not mutually beneficial is a partnership that is about to dissolve. Second, clear agreements ensure that each partner understands what is expected of him. A strong agreement is an excellent way to build a strong business partnership. The third and most important factor that makes or breaks a business partnership is communication. Unclear or misleading communication creates distrust between partners and interferes with the growth of the business.
In a viable business partnership, partners share similar goals and visions for the company. Goals are realigned as the company evolves and enters new markets.
Partners should engage in self-evaluation and understand their strengths and weaknesses. They should be honest with their partners about their strengths and weaknesses.
A strong business partnership offers additional perspective and skills to an organization. A good partner stands with the company when things get tough and keeps the organization’s best interests in mind.