10 Best Ways to Find A Reliable Business Partner
There are different ways in which businesses are conceived and formulated. At times, college buddies get together to kick start a venture as partners, at other times corporate deals are signed when two business partner get together.
In any case, finding a partner that is both adept at their role as well as reliable can seem to be a mountain of a task. Whether you are looking to merge with another company or perhaps get someone onboard for an addition to your business aperture, finding the right fit can be a tricky affair.
While there are several agreements, and legal compliances to be kept in mind before chalking out a contract, a certain reliability factor is much-required! In such an arrangement, there is usually an alliance established either on a service basis or a set profit percentage of the sales made. The deal is desired to be set in an environment where both partners can have a transparent idea of what their roles and shares are.
While it might seem very convenient to get a friend as a partner on board there are a lot of other factors that need to be considered. You need to make sure that your partner is not only reliable as an individual but also proves to be reliable for the business and all future ventures for your company.
Here are some points that you must check off your list to find the most reliable business partner for your company. Check out these top 10!
Shared principles and Values
The first thing to ensure is finding a match of shared principles and values. It is no surprise that there will be several decisions to make on the way. The first and foremost important thing is to have a shared vision for your venture so you can carry out all procedures with a common principle in mind.
Find someone after a detailed background check
Many a time, you can get business proposals from someone that you aren’t familiar with. While you find their ideas and vision exciting, running a background check on them can be a good idea. You can use Nuwber to find contacts and other details of these professionals. Find out more about them before making any agreements on paper!
Make sure they aren’t held with any legal liabilities
It is important for the business to be free of any legal repercussions. Make sure your partner does not have any criminal records, past liabilities and financial liabilities that can be regressive for the business in any way. Thus, you need to do your research to find out if any legal liabilities exist for your prospective partner.
Look out for something fishy
If a deal seems too good to be true, it probably is. There are a number of fraud proposals and business proposals that may seem quite flattering at first. Don’t get carried away and certainly don’t sign any checks without proper corroboration. Get to know your partner well before jumping on your idea or investing anything in your plans, also look for everything to be handled legally, generating customizable T&C’s.
Count on your partners actual skills
You might seem to want to get a friend on board for your business, but business should typically be kept separate from your friendships. Try to find a partner who can shed some actual skills for your venture instead of someone who is going freeload their way through it.
Bank your hopes on their market experience
One thing you should definitely look out for, especially if you are new in business, is to find someone who has adequate market experience. Knowing the market well and having an understanding of the business dynamics is an excellent quality to look for in a business partner!
Rely on an individual who is open to ideas
If you’re heading towards a long term venture, make sure you’re working with someone who is open to idea. While at times you’d like a partner who takes the initiative and isn’t afraid to make difficult calls, you also want someone who is ready to listen to what you have to say. A business partner who is open to your ideas and is broad minded can be much easier to work with in the longer run.
Find a complementary skill fit
It can be great to find someone who is good at something which will complement your skills. For instance, if you are good at the business technicalities, collaborate with someone who can handle the finances well. Finding a partner with a complementary skill fit can ensure that your business prospers from all aspects.
They should be responsible, accountable and honest
Other than all technical, business and market skills, it is a fundamental requirement to work with a partner that is responsible, accountable and honest. Your partner should be able to take accountability for the business ongoing and maintain transparency and honesty at all times.
Look for a healthy working tandem
Finally, walk towards an environment that is healthy and growth prone with your partner. Several businesses end up splitting due to partners who grow too far apart to work together. This ends up in financial losses and the splitting of assets which leads the business to go downhill. A long term commitment can only work if all business partners are working with each other in harmony.
Thus, a good business partner is one with a combination of reliability, skill-sets and shared principles. Try to find an individual whether well-known or established in an alien profession, who fits the required picture to help your business grow. It is important not to get carried away by friendly gestures and focus on what will actually benefit your joined business. Read this guide for more tips on business partnerships and co-selling. Good luck on finding the right fit for a long term association!