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3 qualities of a good business partnership

On Behalf of | Jun 29, 2022 | Business & Commercial Law |

You may have recently started a business when you realized that working alongside someone could make your job twice as easy. Having a partner who can run the business just as well as you can have many advantages.

You may be wondering “what makes a good partnership?” Here’s what you should look for in a business partner:

Someone who knows how to communicate 

Communication is key when working with someone – especially someone who’ll be a big part of your business. You want a cohort who can communicate clearly how they want to take part in your business. You may want someone who can easily and openly discuss problems that occur in your business.

A business partner who can’t communicate may weigh down your progress. There may be issues that aren’t being discussed because your business partner doesn’t know how to bring them up. You may find your business partner has left tasks undone because they didn’t know how to ask the right questions.

Someone you find totally trustworthy

Another quality of a good business partner is someone you can trust, someone responsible and reliable. You may want to come into your business and find tasks completed without having to point everything out. You may want to know that your business is safe if you leave for vacation or business travels. 

A business partner you can’t trust may take advantage of you (and your company’s funds). They may try to take personal cuts for their own gain. They may dismiss tasks, causing the business to fail.

Someone who shows creativity 

Many long-lasting businesses still stand because they change with the times. They may bring innovative ideas to shape and mold your business into something new. 

An unimaginative business partner may provide nothing to the table other than the ideas you already have. They may even put your business in jeopardy by copywriting the ideas from other sources.

Forming a business partnership is a big step and you may want to ensure your business is protected if a partnership goes sour.