10 tips on partnerships

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  1. Treat the business as a separate person and be fair.
  2. Spend time with your partner working on your combined goals.
  3. Don’t play the blame game with partners. Agree on a decision and implement it. If that decision is wrong, fix it.
  4. Have outside directors on your board as an external checking measure. 
  5. Values in business and in life are the same. Long-term business success comes when a culture of ethics, innovation, respect and imagination, exists between all involved – executive, staff, associates, clients and the target market.
  6. You will only know the truth about your business partners when times are very good or very bad.
  7. Greed or fear will inevitably sour the best business partnership. There is no alternative to implementing a well-constructed partnership or shareholders agreement before the business commences trading.
  8. It’s all about relationships. Good relationship building with customers, employees and suppliers helps grow your business through referrals, staff retention and effective purchasing.
  9. Be loyal to those who help you succeed.
  10. If you get cold feet when entering into an arrangement with a partner, listen to your gut and pull the plug.

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