Reboot Your Partnership

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Closeup of a businesspeople shaking hands togetherIf you’re in business with a partner, that relationship can become strained from time to time.   If you don’t tend to it regularly, that strained partnership will eventually hinder your practice. 

In a recent Entrepreneur.com article, author Lindsay Broder explains “How to Rekindle the Flame…with Your Business Partner.”  Here we share four of her six tips:

1. Be clear on your goals. Sometimes we become distracted by minor things and, consequentially, agitated over things that don’t really matter in the grand scheme of your business.  Returning to your original goals can help you refocus, reevaluating them to see if changes can be made to adjust your practice’s trajectory.

2. Stay professional at all costs.  As Broder explains, “Sure, you may feel this is easier said than done, especially if your partner continues to push your buttons. But buttons can’t be pushed if they don’t exist, and chances are you know your partner’s buttons as much as he knows yours. Leaving your emotions at the door will benefit you both and the situation.”

3. Avoid gossiping.  No matter how bad your partner relationship is, do not discuss it with anyone else—family, friends, clients, colleagues.  People can’t unhear the negativity which will ultimately reflect on you and your lack of professionalism.

4. Listen!  Often we become so focused on getting our thoughts across that we don’t truly comprehend what the other party is trying to communicate.  It’s especially important that you listen to a business partner.  As Broder says, “Remember, just because he says something you disagree with, doesn’t make him right and you wrong or his perception true and yours untrue.  You can agree to disagree and still find a way to move on.”

Just like any relationship you value, it’s important that you nurture a business partnership.  Taking the time to ensure you do just these four things could make the difference in your future success as partners.

Increase Your Profitability

If you would like additional help on increasing the profitability of your business and your clients’ businesses, purchase In the Black, a book that shares nine principles that make businesses more lucrative.  You can begin applying these principles to your practice, or your clients’ businesses, immediately.  And, as a financial professional, you can use this information to enhance your practice by becoming your clients’ Profit Expert. Order In the Black today and have 9 principles, at-the-ready, that you can use to enhance your accounting practice.

 

Resource

Broder, Lindsay.  “How to Rekindle the Flame…with Your Business Partner.” 13 March 2014  Entrepreneur.com

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