What to Look for in a Business Partner

As a business owner, you may want to have a partner that can help you to expand your company and contribute to its success. The person that you choose to be your partner will have a significant impact on how the company operates and if it stands out in the industry. Here are a few different aspects to look for in a business partner before solidifying the professional relationship.

Trust

Having trust in your business partner is crucial to ensure that you don’t have to worry about their motives or intentions. You should have complete trust in their abilities, expertise, and skill level without having to micromanage them in their role. Trust also means that they have a high level of reliability and will stick to their commitments while fulfilling their responsibilities without being reminded. Avoid selecting someone who has a scattered resume or hasn’t spent more than one year at a single company.

Strong Where You are Weak

One of the main roles of having a business partner is to rely on someone who can cover your weaknesses to ensure you’re a team and are compatible. They should be able to meet the needs of your business when you’re not able to and keep the company running. Of course, your weakness could stem from the chosen industry. For example, house flipping requires a high initial investment, so money becomes one of the major requirements. The professional should be able to bring certain skills, knowledge, or expertise that you lack to ensure you’re a stronger driving force together.

Passion

Make it a point to look for a business partner that shares your dream and passion for ensuring you can motivate one another and have the same goals for the company. With passion, the individual will be more of a visionary and will enjoy spending time working hard for the company and discovering new ways to make it succeed. You won’t have to worry about pushing them to get their work done for added ambition and creativity. Passion is an integral characteristic to have for problem-solving and furthering the growth of the company due to a high level of dedication.

Finding a good business partner is an important part of having a successful business, so it’s important to be cautious when deciding who to choose. When you’re ready to take on a business partner, there are specific qualities you’ll need to look for when interviewing potential candidates. By knowing what you need in a partner in advance, it’ll be easier to find the right fit for the position.

For all your business formation needs, let ARC Business Solutions help!

By Amy Reese|2019-08-11T19:18:54-04:00July 29th, 2019|Business Growth, Small Business|Comments Off

About the Author: Amy Reese

Amy Reese is the Founder and Managing Partner of ARC Business Solutions, a consulting firm that helps small and mid-sized businesses gain access to Federal and Corporate contracting opportunities. After spending over 20 years as a Corporate Development Executive in which she collaborated with C-Suite and VP level leaders of Fortune 500 organizations and Government agencies, Amy now leverages her experience in relationship development, collaboration, negotiations and accountability strategies to benefit small and mid-sized businesses who are seeking opportunities to grow their bottom line. During her years in Corporate Development, Amy worked with clients to identify and implement customized solutions that supported her clients’ business needs by developing strategic plans. Amy’s unique accountability techniques have been instrumental in assessing client issues and gaps, allowing her to make recommendations of appropriate solutions. These special techniques have been instrumental in her success as demonstrated by the attainment of revenue growth for her clients in the millions.