Four Questions to Ask Before Partnering with Someone
Bizwomen Contributor Lindsay Mueller has published an article highlighting 4 questions to ask before you bring in a business partner.
She says, “Due to the quickly evolving pandemic business landscape, many business owners have explored new options to sustain and pivot their business model within the past year. For some business owners, this has meant bringing in a business partner for the first time. While a new partnership can help enhance your current operations, bringing on a business partner is not similar to hiring a new employee. The decision to bring another party into your business is a big one – and it cannot be taken lightly. Here are a few important considerations before committing to a partnership.
Can you leverage each other’s strengths?
Think of a business partnership as the same level of commitment as a marriage. It is essential to understand one another’s strengths and weaknesses in order to make the partnership work. Whether your strengths are in customer service, finance, or marketing, it is important to recognize them and incorporate these strengths into your business plan and long-term strategy to make the most of your partnership. Align on individual roles with your potential business partner so no one is left wondering what they own”.
Comments are closed.
