And What To Do If Your Business Partnership Is On The Rocks
Great News! Did you know that people that grow a business with a partner tend to be far more financially successful?
According to a 2008 studyÂ by the IRS and Small Business Administration, average revenues for partnerships grew 157% while sole proprietors sank by 7% over a thirty year period.
So if youâ€™re in a business with a partner, congratulations for making a good decision.
Here are 3 more great decisions that will build an even more rewarding and profitable companyâ€¦
Oh, waitâ€¦ youâ€™re in a business partnership but all is not rosy, productive or rewarding?
Thatâ€™s the other big truth about business partnershipsâ€¦ they can be frustrating, stressful and soul-destroying when you feel controlled by your partnerâ€¦ endless turbulence.
Whether they do too muchâ€¦ too littleâ€¦ the wrong thingâ€¦ or try and be the hero on every decision, you two have to live with the fallout, day in and day out.Â Watch this video to discover the hidden and eye-opening truth about how and why partnerships cause friction and the questions that help you decide to stay in it or get out.
Even if you both work through it most of the time, all the time spent processing, challenging and debating can suck the life out of you some days.
SECRET 1 â€“ Sick of Arguing? Use This Strategy To Stopâ€¦
If you hate the constant arguing part of partnerships, the video will help you discover how to stop.
Itâ€™s sounds counter intuitive, but you actually need toÂ gain power WITH your partner, not fight for control OVER, or be controlled BY your partner. Neither role is fun or productive on the receiving end. Trying to control someone is where the crazy making stuff startsâ€¦
You need to stop playing the control game and start getting in the driverâ€™s seat in a way that doesnâ€™t start the crazy making all over againâ€¦
Thatâ€™s the secret strategy youâ€™ll get when you tune in for theÂ training.
While youâ€™re waiting for the webinar, consider adopting either of the following 2 secrets might make life even better for you both:
SECRET #2 Does One Partner Have To Trump The Other? Try This Insteadâ€¦
If youâ€™ve got a good shareholder agreement, your lawyer would have made one of you the 49% owner and the other the 51% owner. This split is essential so that the business never is at risk in a stalemate.
So if itâ€™s so good for partners, why does managing a business get so hard under this â€˜majority rulesâ€™ situation?
49/51 is useful for a shareholder agreement. But it doesnâ€™t have to be the way you decide to lead a business. Change your perspective, change your life.
Are you in the 49% spot? Ask yourself if you feel controlled by your partner, at every turn where you have a difference of opinion. Do you see your partner listening to your concerns and ideas in a way that works?
If youâ€™re in the 51% spot, you probably feel the burden of making the right decision, because you believe itâ€™s all on your shoulders. Do you see your partner understanding what itâ€™s like to be in your position?
Neither position feels like much of a â€˜partnershipâ€™ does it? Whereâ€™s the fairness, the collaboration, the coming together of great minds to build something that really makes a difference?
If you donâ€™t want to continue running your company this way with this constant fall-out and recovery,Â and you want more power, profits and real control, then adopt these 2 steps:
1.Â Promote Yourselves to the Board
As shareholders, you are actually the board of directors. Your job is to decide what direction and vision you want the company to take. You then hand the goals and expectations over to the company president to implement.
Dump your functional role hat for this exerciseâ€¦
Working together as board members, brainstorm your vision, and goals. Then brainstorm the skill set your ideal leader should have to grow your company to the next level. Do either of you have that full skill set?
Would you win the job in an interview?Â As board members your responsibility is to make the right choice to pick a leader who can realize these goals, and then hold him or her accountable.
Decideâ€™s whatâ€™s more important: one of you as the president; or you as the co-owners of a profitable company.
2. Learn the Art of TheÂ Hassle-Free Conversation
If you canâ€™t have that kind of discussion described above without haggling and blame,Â then get this free video and answer 10 questions about your partnership that reveals the true source of your friction, so that you can talk about what really matters.
To remove the hassle, you have toÂ stop hoping your partner will see the light.
Waiting kills partnerships and your investment in your business. Instead, make this training videoÂ your first move.
Youâ€™ll discover exactly how to stop playing the control game which means your partner canâ€™t play anymore eitherâ€¦ even if he or she doesnâ€™t watch the video.
SECRET #3 Not Feeling Appreciated? Start This Dietâ€¦
Do you feel your partner watches every move you make? Do you make a mental note when your partner fails in your eyes. Do you love to point out each otherâ€™s mistakes, â€˜say I told you soâ€™ or roll your eyes at each otherâ€™s ideas?
All these dynamicsÂ make one of you feel incapable and incompetent and the other feel like they have to be the work police. It doesnâ€™t feel good in either case. MaybeÂ you play these rolesÂ occasionally, maybe itâ€™s grown to be the norm.
Did you know that when you hear or feel criticism, your brain shuts downâ€¦ When you feel overwhelmed and you mutter â€˜why botherâ€™, itâ€™s a sign your brain has taken a vacation.
When you watch over someone, measuring every move, all youâ€™re conveying is your distrust, which is perceived as criticism.
No trust, no performance.
This is the crazy making hamster wheel: you have both become reaction machines.
So if you want a partner with a fully engaged brain, itâ€™s time to go on an appreciation diet. Itâ€™s called the 5/2â€¦ the same as the other diet where you eat 500 calories 2 days of the week and eat normally the rest of the week.
In the appreciation diet, you notice and express your appreciation, admiration, thanks and acknowledgement for everything your partner doesâ€¦ on two days of the week. Go back to normal on the other days.
Thatâ€™s right youâ€™re training yourself to have a new appetite for seeing whatâ€™s good, not whatâ€™s wrong with your partnerâ€¦ and letting him or her know in a genuinely appreciative tone of voice.
So if you are sick and tired of arguing with your business partner and you want more control, more power and more stress-relief, without putting your business at risk, try these 3 secrets, andÂ watch the videoÂ so you can get back in the driverâ€™s seat.
Got other tips that worked in your partnership? Share them in the comments section.