Most people spend forty hours or more per week at work. During that span of time, relationships must be formed and maintained within most occupations in order for groups to work together. No small business relationship is more delicate and vital to its survival than the relationships between business partners, joint venturers, etc. This blog is all about typical problems and some quick tips for healthier business relationships!

You’d be best served to view your business partnerships like all the other relationships in your life. They all require dedication, sharing of responsibilities, finances and coming together despite different personalities, beliefs, etc. Relationships aren’t like crock pots—you don’t “set it and forget it!” Because people evolve, have difficulties, strengths, preferences and other things that all may change over time, the relationship must be fostered by strong communication, oversight and adjustments when necessary. 

Business partners often have similar problems to other relationships. Often, a difference in personality in addressing problems with the business/partnership when they come up can be a major contributor. For example, maybe one partner prefers communicating openly to discuss issues, whereas the other is more avoidant. As money habits (spending, taking salary, business expenses, etc.) and money hardships can strain other relationships, they strain business relationships as well—arguably more, since that is the primary goal of the relationship for many. Feelings about unequal efforts put toward the business can create major resentments in business partnerships. Likewise, different opinions about business and marketing strategies, as well as motivations for being in the business, and so much more can make for disharmony in business partnerships. 

In order to better maintain these relationships, it is important to have regular meetings to update everyone on status, come to important decisions on action items and prioritize next steps with clients, business development, etc. Business owners who practice this regularly always notice the importance of the routine when a few meetings get skipped—make time for it! It always helps keep people on the same page and forms a better foundation for making important business decisions. 

In regard to finances, since they are such an important aspect of the business, all partners must be in agreement about how dollars are being spent, as well as how much and how often everyone is getting paid. In new businesses, there will likely be a learning curve with the finances for many owners. It wouldn’t be a bad idea to take some courses, get educated about business finances together, or hire a professional to help you better understand a good business finance plan. Investing in a competent professional in this area is a must—never stick around for a bookkeeper who won’t explain anything to you or disappears, as these can be red flags!

When it comes to delegating duties between one another, I believe the most important thing to remember is that you don’t have to split duties exactly down the middle if that doesn’t work for everyone. My primary reason for saying that is because people are less effective at the things they don’t enjoy doing. Therefore, if one partner is better at managing the business and the other prefers to be with the customers, then don’t force a change for the sake of splitting duties. For the things that nobody is good at or likes doing, consider splitting those duties fairly or delegating them to a trusted third party or employee. 

Now, it is important to remember that life can change for people, things can happen outside of the workplace that may affect a partner’s ability to contribute to the business in the way they originally planned. Instead of expecting exactly the same of them and holding resentment when they can’t fully perform their duties, ask for ways you can make changes to address their needs, that doesn’t leave yourself in a difficult position with workload, sharing of profits, etc. In general, becoming angry or spending too much time assigning blame is not time well spent. Time is better spent focusing on solving the immediate problem first, no matter how it started. Rational conversations about how to prevent particular events from happening in the future can come later—priorities!

All in all, you must be happy doing what you’re doing if you own a business with others. If not, what’s the point of taking on all that risk otherwise?! It has to work for you. If you can’t find the right balance with a current business structure after significant efforts (even group therapy if necessary), it doesn’t mean you aren’t cut out for it at all. It could be a sign you should give it a try on your own, or do things differently somehow. I know many successful business owners who have on again, off again had business partners. Many of them seem to overall be happier on their own. It’s certainly a bummer when things don’t work out. However, those events also give us information that we can use to our advantage to shape something different and better for us in the future, whatever that looks like. You deserve some happiness in your work, since it takes up a good portion of your life. So, you can’t ever sell yourself short on the possibilities of growth and sustainability of your business, whether in business with partners or going it alone.