Mind Your Business

In previous articles we covered using the “What Do You Think?” tool with customers and also with employees in your business. A third group where this tool can be put to use is with your partners.

There are many different types of “partnerships” and your legal counsel can advise you on the particulars of structure, verbiage of formal agreements and the like.  This article deals with the fundamental and crucial area of communicating with your partners regardless of the structure of your business.  By the way, even if your business is a sole proprietorship with just you as the only employee, you probably still have “partners”.   That partner could be a spouse, child, major supplier, landlord, large customer, or even your banker.  Some banks even use “partner” in their promotional materials. Partners can be active, inactive, full, junior, limited, general, silent, or equal.  In short, it’s anyone who has the potential to influence the future of your business significantly.

You are probably familiar with the three rules for successful real estate investing: location, location, location.  Well, the three rules for successful   partner relations are: communication, communication, communication.  Typically in smaller businesses, some partners frequently work together 10 to 14   hours per day and may even live together the other 10 to 14. So they think they communicate about the business.  After all, they may even have a daily or weekly staff meeting in the office.  Often, however, communication in this scenario either 1) does not occur, or 2) focuses on the short term task or the   current brushfire emergency.

Regardless of whether your “partner” is inside the business or an outsider, think about the following tips: 

1) Have regularly scheduled meetings. With your spouse or in-house partner it could be monthly and preferably away from the home or business location. With your banker or outside partner it could be annually or semi-annually and on your turf can work best, but you call it.

2)  Have an agenda and stick to it.  It should take no more than an hour. Remember, this is about business, not family, fishing, or Friday night.  With the outside “partner” it should be your agenda, not theirs.

3) Include only you and your partner.  If you have more than one in-house partner, all should be there.  At the end of the meeting have a go-around and ask each one “What do you think?” 

 I looked up the definition of “partner” in the Merriam-Webster Online dictionary.  Number 4 was “one of the heavy timbers that strengthen a ship’s deck to support a mast – usually used in plural”.  Your partners can determine whether your business sinks or floats and where it goes.  It’s a good idea to always know what’s really on their mind.  What do you think?

What Do You Think? And Your Partners

Volume 1, Issue3, November, 2005

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Questions or comments? E-mail us at dgaddis@experisource.com or call 512.280.6160

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David M. Gaddis

 

 

 

 

 

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