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It can be difficult to cope with even routine tasks on your own, not to mention the scale of a functioning business. The manager usually faces a number of tasks of different scales, from expanding the client base to communicating with potential sponsors, which is not superfluous to share with someone equal in position and knowledge. In addition, it is often desirable to have a person with whom you can discuss plans, consult in a difficult situation, ask for support or jointly rejoice in successes.

For all of the above and need a business partner. This person can become your reliable support, will help to reduce the load and solve the tasks in a short period of time. Partners share responsibility, evenly distribute tasks and step by step go to a common goal, and then together reap the fruits of their labor. Next, let’s talk about what a productive and fulfilling business partnership should be like.

How to distribute roles and tasks between partners in business

It’s important for partners from the get-go to divide authority and agree on each partner’s area of responsibility. Here’s what it takes to do this:

  1. Discuss the goals and intentions of each party. Know what you and your partner plan to accomplish. Understand what resources and methods you are both willing to use to accomplish this. Identify the strengths of your venture according to each opinion.
  2. Make a joint pool of objectives. Once you have defined your goals, discuss how you will accomplish them. Categorize tasks from major to minor. Starting with the tip of the iceberg, categorize responsibilities into areas, for example, advertising, purchasing, accounting.
  3. Identify the role of partners in each area. For example, partner №1 knows all the angles in marketing, and partner №2 is better at paperwork. Find a compromise that will be comfortable for each of you.
  4. Approve the final business plan with clarification of tasks for each party. For example, one person takes on the public relations work and the other person handles the financial tasks. Or the roles in all areas are divided 50/50. Any scenarios are possible, the main thing is that they should be reasoned (which means, they should be based on the skills, experience, interests of the parties) and agreed between the partners.
  5. Agree on flexible adjustments. No business plan turns out to be realized in its original form from start to finish. The parties should regularly discuss the state of affairs in the company, react flexibly to possible changes, and, if necessary, make adjustments to the partnership, for example, delegate part of the tasks to someone who is currently free.

For a business partnership to be successful, it is important to identify the strengths and goals of each of the participants in the process, create an action plan with this information in mind, and maintain healthy and regular communication between each other.

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How to find a partner for business

It is possible to attract a partner to a company at any stage: when it is just being established or is already actively developing in the market. You can find a suitable person in the following ways:

  • Attending thematic events. Come to business exhibitions, seminars and conferences in your field, and other similar events. This way you will be able to get acquainted with people from your industry and discuss further cooperation.
  • Use online resources. You can find potential partners on professional online resources like LinkedIn or CoFoundersLab. Platforms are attractive because they allow you to sort profiles by criteria that are important to you (age, work experience or life values).
  • Contacting profile organizations. These can be, for example, commercial foundations, business incubators and gas seed accelerators. In addition to financial support, in such organizations you can find like-minded people to develop your company together.
  • Active search. Sometimes we find the right people in completely unexpected places. For example, you can publish information about your search in social networks or on thematic forums, inform your friends about your interest or even advertise on an open online board.

Do not be in a hurry to stop at the first candidate. Remember that the success of your business will largely depend on the eventual partner, so communicate with different candidates until you manage to find exactly “your” person.

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Pros of partnership in business

Having a partner gives you as an entrepreneur a number of advantages:

  • Increasing available resources. Partnerships are usually between people with relatively equivalent experience, knowledge and/or capital. By combining efforts and resources, one can maximize efficiency in managing the business.
  • Redistribution of workload. Many of the tasks can be delegated to a business partner to better utilize time and reduce the burden on each party. With the right approach, partners take on responsibilities in which they are particularly strong. This ensures the efficiency of the enterprise.
  • Reducing potential risks. With competent support, it is possible to conduct business with a much higher probability of its success. The parties complement each other, provide timely help and support in difficult situations, can back up in case of force majeure or offer a new point of view on a seemingly unsolvable problem.
  • Getting new solutions and ideas. “Two heads are better than one.” This saying was invented for a reason: during partner brainstorming sessions, it is easier to generate a particularly good proposal or find the best solution by looking at a situation from an unexpected angle.
  • Personal benefits. Everyone needs the understanding and support that a good business partner provides. You can turn to him or her for advice or motivation, being sure that the person is sincerely involved in your problems.

Partnership is a model of relationship in which each party gets its privileges.

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Let`s summarize

Some people find it easier to work alone, but in practice it is easier to achieve real success when working in partnership with competent people. Partner businesses complement each other, which allows you to emphasize the strengths of each of them.

It is ideal if the cooperation is between people with different skills and abilities, but the same view of the future of the project and its key values. Before entering into a partnership, it is worthwhile to clarify the expectations of the parties, discuss financial and legal aspects.

In order for the partnership to be effective, it is important to communicate with the other party on a regular basis, especially during the “getting to know each other” phase and building trust. If disagreements arise at the initial stages, it is worth reconsidering the approach to cooperation or considering changing business partners.