Carry out cooperation in business more or less like marriage. Many of them did not work well together and some ended badly. Business cooperation consists of several types. Some make commitments legally in the long run and some carry them out simply in the short term to just try. Through the Loyalty Program, you can consult how to build cooperation with others. Give the best opportunity for your small business partnership by following a few tips.
1. Start by making a shared vision and mission
In any business, you and your business partners need to determine the vision and mission of the business as the first step. If all thoughts do not go in the same direction in the same way, problems will inevitably arise. The motives for each pair can be different, but the overall goal and method must be the same.
2. Make sure your needs and expectations are clearly expressed
Each person must have their reasons why he needs a business partner in running his business. Some carry out business cooperation to get capital, sometimes for certain expertise, or also expand connections. Maybe this is not always disclosed, but this is an important reason underlying the business collaboration. If not fulfilled, the relationship can be tenuous. Because each person’s expertise, motivation, and personality are different, it is important to discuss them before carrying out a contractual commitment. Because individual needs and expectations can change from time to time, every change in the plan needs to be disclosed and written in detail as well.
3. Identify and use the strengths of partners
Your business partners join for various reasons and with various expectations because it is usually the expertise of each individual instead ignored. Make sure you do not neglect the expertise of each individual because it could later lead to a big difference in terms of motivation, business commitment and even business success.
4. Complete the lack of partners
To save on company finances, you and your business partners must naturally sort out the necessary things and those that are not needed. Over time, these things can sink your business so you must immediately find out what you and your partners lack. These deficiencies can be found in strategy, product/service development, marketing and sales, team management, financial and administrative management, and operations. Immediately identify the shortcomings of your business partners so you can immediately anticipate by recruiting the right team.
5. Set individual and company goals
The ideal way for your business partners to determine the company’s goals can be started by determining the goals of each individual which will certainly support the company’s goals. Make sure the objectives are structured and support the expectations of the business.
6. Immediately handle disputes, disappointments, and frustrations
In every business partnership, differences of understanding and differences of opinion will occur. Handling ownership in partnership effectively is the key to maintaining stable relations and maintaining good partnerships. Don’t let the feelings of hate grow between each other over time. Make a rule where each can approach the other when there is something that needs to be addressed.
7. Determine the work roles for each business partner
Have you and your business partners divided your work roles? If not, you might be working with assumptions/expectations that are not appropriate. Job roles are very similar to job descriptions that have the connotation of “being responsible for” a list of tasks and results. Unclear work roles are the main source of disappointment in business partnerships. It is possible that your spouse made the company logo design and you only agreed or gave a little input.