The Key to All Success in a Business Partnership is communication. Without clear and consistent communication, your business will not grow and succeed. You will miss opportunities, miscalculate your partner’s expectations and potentially move in opposite directions. This is a blueprint for failure. Instead, follow the simple route: Communicate.
That’s it. Over twenty years in business, leveraging our strengths across multiple income streams, resulting in easy accounting and real business owners, Kel Goodman and I have seen communication make or break our day-to-day operations and our long-term operations. found as the key. – Period success.
Let’s look at several scenarios in partnership to see how it plays out. As you read, imagine your own business in these situations, and hold the keys to avoiding big mistakes and winning.
Situation 1: Partners who “get on each other very well”
Maybe you’ve worked together for years, like Kale and I. Or maybe you were friends for a long time before forming the team. Either way, now you take each other lightly. You are both too busy running a business. You don’t communicate like you used to. In the beginning it was easy. Maybe you were like us in our early days. You spend 90% of your time making deals and having fun, and 10% of time making tough decisions. Now, you don’t have the same amount of time anymore.
Or, maybe it’s a step forward. maybe you trust each other very excess. There is a disconnect because there is too much trust between two people. You might think that whatever he is doing is going to be good. You think you can read your partner’s mind. You stop asking questions and stop checking in with each other.
But, best intentions do not guarantee best results. A partnership should become a camaraderie Where two people deliberately divide and win. It cannot be that the left hand does not know what the right hand is doing. The best results come from clear communication.
One specific problem that can come from this familiarity is over-commitment. Excess leads to disappointment. You begin to make decisions independently, believing that you can do it all because there is more than one of you. You just keep saying yes. You will run out of steam for all those yes. Then everyone is disappointed, and no one wins.
Success does not allow such imbalance. Partnerships have to establish a flow of communication that sets boundaries as to what one can and cannot do, so that one does not get frustrated.
Situation 2: Partners who have “too many” thoughts going on
You have tons of ideas, but haven’t spent the time to sit down to implement them or decide who’s going to run with them. The partnership is usually formed by two persons who are like iron sharpening iron. They make each other better. Often, they think a lot alike, but they may have different perspectives on ideas, how to implement them, or where to go with them.
The question then becomes, who runs in with a new idea? How does it move? If it is to be successful, it has to answer these questions before this Thoughts fly, no Feather Fly. Otherwise, it could end up in a lot of disagreements and wasting time. Since time is money in our world, communication must first happen in order to be successful.
“The best partnership does not depend on just a common goal but on a shared path of equality, desire and no small amount of passion” – Sarah McLean
Situation 3: Partners who make assumptions about their vision
Suppose the present or the future is in danger. What if the vision for one of the partners is changing? You can’t win the game if one player decides to exit peacefully and jumps into another game entirely. What if he wants a more final result?
Partners start separating. Going in different directions may not even be a conscious decision. The currency of life can create a drift. But maybe they want to throw in the towel.
You have to get back together and agree to the same goal, the same North Star. Do you have the same goal for next year? next 3 years? next 5? What is the vision for expansion and growth? How do you want to disrupt the industry? If you fail to communicate, each side may wonder if the other partner is really on the same page.
That uncertainty creates friction. Frustration builds up, seeps into relationships and decisions. It sucks the life out of the partnership. Communication is king. So communicate. It’s not complicated.
Situation 4: Partners who go on autopilot without being audited for success
Communication must be done to keep the business going strong. Once you reach a certain level, it’s easy to start making assumptions and put the company on edge a bit. It’s not laziness at all. It’s getting comfortable with the system you put in place. The problem is that you may find areas that just aren’t working, and yet no one is taking the time to communicate how to get rid of them. It only takes a while to talk with your business partner to assess what parts of the business are working, and what parts are stopping it.
Often, it’s time to cut the fat. You have to learn to serve at the highest level for the maximum well being of your customers. Ultimately, it best serves both your customers and your business. Does it work you Best. This means that you and your partner must communicate in order to streamline. outsource. Remove.
Often this requires humility. Partnership is not about ego. It’s really about constant refinement and the desire to grow. You can’t be a lone wolf in a business and expect to lead the pack. Leaders are servers, and often the best leaders communicate in a way that encourages others to speak up so they don’t miss out on something important in their day-to-day operations.
I want to know if there is anything I can do better that I am not even doing as a 7-figure earner and a business owner that makes 8 figures in revenue . Simple steps can be chosen in a matter of minutes if you talk with your partner with the goal of being successful.
In the end, all business and non-business partnerships are based on a few simple questions. If we narrow down, articulate and harmonize our vision, we can be among the very best in our field regardless of economy or market trends. Sit down and have a conversation. Ask each other: What are your intentions? Why do you have such intentions? Why is this project or goal a priority? When you communicate the answers to those questions, you can understand the perspectives and move forward together. A business partnership leads to success by knowing each other’s strengths, sharing a vision, cutting fat, and most of all, communicating clearly.