7 Tips for Picking a Good Business Partner

I’ve been thinking a lot lately about the importance of choosing who to do business with. Whether it’s a supplier, manufacturer, or business partner, it’s important to have a good relationship and a shared vision. When you don’t, this can have very negative consequences for your business and, in some cases, for you personally.

With that in mind, here are seven tips for picking a good business partner.

1: Pay attention to personality

We all have people that we work well with, and other people who can drive us crazy. Knowing which is which is important for deciding who you want to work with regularly.

Bear in mind that the other person doesn’t have to be exactly like you – in fact, they probably shouldn’t be – but if they’re completely opposite, you might well get on each other’s nerves. For example, if you’re an overachiever who always gets things done ahead of time, working with someone who procrastinates all the time wouldn’t be a good fit.

2: Complimentary skills

Along with personality, consider what skills someone brings to the table. If you’re a tech whiz but not so great with people, look for someone with good people skills. Or if you’re great with finances, it may not be important for the other person to be that way if they’re good at organizing and daily management. The goal is to complement each other, not copy each other.

3: Shared values

One area where you should match is your values. You don’t have to approach everything the same way, but if your fundamental goals and values are different, your relationship is not going to work well. For example, if it’s important to you to donate some of your profits to a charity, don’t partner with someone who wants to keep all the profits.

4: Mutual respect

Along with values, it’s very important that you respect a business partner, and that they feel the same about you. You don’t have to agree on everything, but you should be willing to hear each other out and try to understand each other’s points. And without respect, you won’t be able to work effectively as a team, and the business will suffer.

5: Financial stability

You may think that if a business partner isn’t contributing finances to the business, it doesn’t matter what their finances are like. But that’s not the case. Someone who’s struggling with their finances will be putting a lot of energy and attention towards that, which takes away what they can offer the business. It’s much better to work with someone whose finances are in good order.

6: Reliability

When you take someone on as a partner, you need to know that you can count on them. If you can’t even rely on them to show up to meetings on time or return messages, odds are they’re going to drop the ball a lot in business.

7: Good communication

And finally, look for a partner who can communicate well. They should be able to explain their points, but they should also be direct, honest, and own up to mistakes. Finding someone like this will make your work together so much easier, and you won’t have to waste time playing guessing games about what they’re trying to say.

Finding the right business partner is key

Depending on your business, you may not need or want a partner. Many times, though, it can be helpful to have someone with whom you can discuss ideas and brainstorm solutions to problems. The key is to consider carefully when choosing a business partner, so you can make sure it’s someone you respect, who shares your values, and who will complement your skills to make the business a success.