This is a recommendation to you.
Are you into business? What type of business venture are you into? Is it a Sole proprietorship, partnership, or limited liability firm?
If you are into a partnership like this I have two basic pieces of advice for you but before I go on the advice. I would like to give you the fundamentals before you enter or start any partnership.
#1 Study your prospective partner.
Don't just choose a business partner because of likeability without any reason. If you are thinking about choosing your partner. Study him or her to ascertain his or her interests, likes, dislikes. There should be a common interest among both parties. You should be on a common goal.
When you inform your business partner about a new idea you hope to start. Check the response, the reaction, and effort towards your idea. Their eagerness to work with you is key. The first time you introduce a business idea to your partner. What was the first reaction when you introduced your new idea? His or her reaction towards the idea was it good? What was their readiness for your business? An example is you introduce an app you want to develop to your trusted friends. The motive of the app is to make work schedules easier for businesses. After you introduce it, your friends showed interest in it and told you they are ready to support you. You noticed something, their eagerness to support you build and make the business work was not too convincing. They weren't ready to start with you. The partners were not eager to work with you. You should rethink the partnership because their eagerness and readiness to start and push the business or project up are low.
If you refuse to assess their interest, likes, dislikes, enthusiasm and immediately commence the business with them as your partners. As time goes on they can lose interest in pushing the business high and start moving out of place against the common goals and values set. Take your time and do it. Ensure you bring on board people who understand the mission and vision of your business and will bring value to you and the business.
#2 Proper planning
Most partners don't plan together. The whole business rest on one person. The other partner is not included in the planning and development of the business. Just execute a new initiative without the knowledge of the other partner. There should be proper communication between both partners. Set the foundation right from the onset. Engage every activity together and the mission and vision of the company or business should be at heart.
#3 Refusing to let the partners know the full details of the partnership.
Most partnerships never disclose the full details of the partnership whether the other partner is 100% or quasi partner. The roles, resources, skills to be added to the business is unclear. Just begin the partnership and contract because you trust them; the party has the resources without paving the road smooth for both parties.
#4 There should be legally binding document.
Most partnerships are agreed on word of mouth and that is it. There is no written document or audio or video recording of the agreement to support the partnership. The legal document should detail the role of each party or partner, resources and one would engage in, the do and don't of the partnership. I know you are thinking of a contract. The legal binding document is needed in the contract but it is also needed when starting a business with a partner in a partnership type of business.
These are some of a few to mention.
Now, the recommendation towards this question.
First of all, it might be that there was no proper planning of the business, mission and vision were not established together, policies and approaches of doing things were not clear in the business from the beginning. Everyone is doing what deem fit in their eyes.
The best solution to curb this problem is to speak to the other partner and start afresh. Help the partner understand the culture and policies you have set, and if both of you didn't set any policies and culture in the organization, then, it is time to bring your heads together to develop common goals and approaches of doing work in the business including how to deal with customers, distribution approaches, financials. Every department of the organization needs a clear policy to govern it so that each partner be abreast with the principles in the business. These policies established will move to employees and then run through the whole organization.
The other reason is that one partner did not study the other partner enough before the business was commenced. One partner must study the other partner to know if he or she suit their interest and future of the business. Re-assess the behavior of the partners. Critically Assess how they behave in the organization and make a final decision if the behavior towards the mission and vision is not working. Then, Advise yourself as to whether you have to continue the partnership or settle your partner and let him or her leave so that you can start the business fresh. The decision is yours.
Are you facing a similar issue like this one? Then I would you like to re-build the business again.
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Brigitte Adofo Agyapong is a Business Coach, Business Consultant, and an Author. Her passion for consulting made her assist businesses to solve problems backed with tools and models.
Visit www.brigitteaagyapongwrites.com to learn more about her books, projects, and a lot more