Business partners are vital to the success of your company. Picking the right one could mean incredible growth for your company while picking the wrong one could lead to its downfall. That’s why it’s important to partner with people who align with your values and your company’s mission. With the right set of characteristics, your next business partners will do what all good partners should do: help guide your business to success.
Here are 6 qualities to look for in a business partner:
1. Personal Compatibility
Just because someone has the experience doesn’t mean that person is the best partner for you. Their ability to mesh well with your personality is key. If partners aren’t complementary in temperament or character, it can create roadblocks in communication, task management and the overall work environment — all of which are crucial to company growth. Look for someone who has exhibited trustworthiness in their ventures, who is supportive and who is extremely motivated. How can someone get a bonus star from you and what irritates you the most? Jot your answers down and sift accordingly.
2. Shared Passion
There’s nothing more discouraging than when someone isn’t as invested as you are. When there’s a lack of shared passion, it opens the door to conflict and stunted growth. Your potential business partners must have a deep understanding of what you’re trying to achieve and be just as devoted to making it happen as you are. With that comes tangible expressions of that passion — exemplifying commitment in any task and showing excitement for the business. They must believe in the company’s mission and share your desire to see it flourish.
3. A Person Who Fills in the Gaps
Value diversity in all areas, including diversity in your business partners. Find someone with a collection of skills that lies outside of your own strengths. You don’t want partners who are all good at the same things. You need people who can complement one another and who specialize in different areas so your company is well-rounded and well-managed with as little unnecessary overlap as possible.
4. An Equal Commitment to the Business
This is different from shared passion, though the two go hand-in-hand. An unequal amount of commitment and passion for the company’s success can lead to inequality of workload. When searching for your next partner, look for a hard worker who doesn’t cut corners. They should have an incredible work ethic and always be ready to support you when you need an extra hand. Look for someone who’s demonstrated a team-player attitude in their past projects and who isn’t afraid to wear multiple hats to get the job done.
Work ethic, passion, personality compatibility and strong skillsets are all important, but in such a fast-paced industry, your business partner has to be able to problem solve quickly and efficiently too. They have to stay up to date with industry trends and learn new skills to help ensure your business stays competitive. Without industry knowledge, adaptability and a desired to learn, your business partner could hold your business back and cause it to fall behind. Find people who will help you stay ahead of the competition.
6. Creative Bravery
There’s a time to play it safe and a time to take risks, which is why it’s important to find someone who isn’t afraid to think outside the box and speak up for something different from the norm. History has shown that some of the most successful business leaders took incredible risks that helped catapult them to success. At the same time, these leaders also showed resilience. So should your partners. They should understand the positive value — and the cost — of failure but know how to bounce back and not shy away from trying something new. They should bring fresh ideas to the table and execute them with confidence, helping you stand out from the crowd.
Story By: Kris Martins