It Takes Two To Tango, But Is Your Partner Starting To Cost You Money?
When it comes to business, two is often better than one. Investing with someone you know and trust is a fantastic option for creating your first startup for less. What’s more, going in with someone ensures double the earning ability, and a shoulder to cry on if all goes wrong. Hard to see why you wouldn’t want to start a business partnership, isn’t it?
That is, of course, unless it all goes wrong. Many a partnership has ended in tears and so much lost money that those savings no longer seem worthwhile. The ways this happens does vary, but letting issues go unchecked is always dangerous. In extreme cases, it’s even be necessary to take legal action and get a business valuation to ensure the correct compensation. And, you can be sure that’ll be the end of your business. But, you can stop that from happening by noticing these warning signs and taking action before you pay for them.
They’re benefiting without effort
Sadly, going in for even stakes is the best way to make partnerships work. But, it can get difficult if your partner doesn’t do anything. In that case, you could realistically have kept all that money to yourself for the same effort. In this instance, make sure you are doing all the work. Is your partner doing something you can’t see on the surface? The last thing you want is to accuse when they’re actually doing a lot. If you can’t find any evidence, sit them down and communicate your fears. It won’t be easy, but talking is the only real way work through. You could even use this as a chance to broach buying them out. If they aren’t enjoying the job, they may well take you up on the offer.
They’re spending where they shouldn’t
Business spending is always tricky, especially when you’re sharing. If your partner spends where they shouldn’t, it can get really difficult. Again, take a step back and make absolutely sure their purchases are unnecessary. You can even ask about them if you don’t understand the logic. If you still think they’re making a mistake, be subtle but assertive. Go through the accounts together and point out concerns. You don’t even need to accuse. You can keep it blame-free and still get your point across.
They’re building a bad reputation
As a newcomer to the market, every little thing you do has long lasting impact. And, you can be sure you’ll struggle to breakthrough with a bad reputation. So, what do you do if your partner’s annoying the wrong people and upsetting customers? For the most part, you should try your best to limit the damage. In extreme cases, you’ll need to come out and confront about this. It’s too important an issue to ignore. What’s more, your partner may not even notice the impact of their actions. Hopefully, things will improve once you’ve had it out. At the very least, you can take over in areas your partner struggles with.