It may not always be possible to look after your business interests on your own. As a result, you might take the decision to enlist the help of a business partner.
Choosing the right business partner is a vital decision that could either boost the profitability of your company or bring about financial hardship. There are numerous factors to consider before entering a new partnership. Outlined below are three important traits to look out for in a business partner.
1. Skills in conflict resolution
Even the most successful business partners will not see eye to eye all of the time. Building a successful business generally takes a lot of time and financial investment. The less prolonged a dispute is, the less damaging it may be for your business. Having a business partner that knows how to de-escalate tensions quickly and continue with the task in hand could be in your best interests.
2. Strong networking skills
Building new business relationships as well as maintaining existing ones could be fundamental to the success of your business. For example, when expanding, you may need to seek out new investors. Having a business partner that gives off both a positive personal and professional impression could make your business proposals seem much more attractive. It’s natural that networking will result in opportunities for your business.
3. Fiscal responsibility & understanding
Ultimately, the aim of any business is to turn a profit. Although you may not necessarily need a trained accountant or specialist, it could be helpful to enlist a business partner who is financially savvy. Taking ownership and understanding your business finances can come in many different forms, but in general, the underlying assumption with the term “ownership” is that you do it in a smart way. In a responsible way. Make sure you understand your company’s budget and terms such as income (money coming in), expenses (money going out) and savings (money left over).
The above skills may not only increase the profitability of your business, but they could also reduce the potential for business litigation. However, if you do find yourself in a dispute as a business owner, it is important to remember that you are legally protected.
If you feel you have a legal issue arise in your company and potentially need a business litigation attorney, feel free to contact one the attorneys at Hart Kienle Pentecost. We have nearly 40 years representing public corporations, midsized businesses, and entrepreneurs in a variety of business-related disputes. We’d be happy to help.