5 Things to Look For In a Business Partner

Don't arm wrestle with your business partner1. Culture

I am an avid Eagles fan. Who cares right? Well our coach, Chip Kelly, is all about culture and I think he is dead on with what he is doing. Chip has been quoted multiple times saying “culture beats scheme”. Essentially what he is saying is that the whole team being on the same page is highly critical and is of utmost importance to success. This also holds true in the business world. Companies like Apple and Google have a very defined culture which directly attributes to their success. Make sure when choosing a business partner that they fit into the culture you are creating.

2. Work Ethic

Having a business partner who lacks work ethic and drive can be detrimental to the business. It is important that the leaders of the organization are setting a good example from the top. Plus, if you are out busting your behind, you don’t want your business partner kicking back on his couch and reaping the benefits from your hard work.

3. Challenges You

Having someone to bounce ideas off is crucial. However, if that person agrees with everything you say, they are most likely not going to help the business succeed. You want to partner with someone that isn’t afraid to challenge your ideas, even if they are just playing devil’s advocate. This forces you to defend and prove why your idea or view is a good one before making important decisions.

4. Value

This one seems so obvious but I can’t tell you how many times it is overlooked. Your business partner needs to bring some sort of value to the business and it needs to be very apparent. If it is not easy to see the value they bring, chances are it doesn’t exist. If your partner isn’t bringing value to the business, they are probably dragging you down.

5. Trust and Transparency

Trust in business is everything. We work with people we trust, we refer business to people we trust and we should choose our partners in the same fashion. You should be able to discuss ANYTHING with your business partner. I cannot stress enough how important transparency is in business. If you are going to worry about bringing something up to your business partner, they probably aren’t a good fit.

 

How well does your business partner fit into these guidelines?