There are over 32 million small businesses in the United States. With so much competition in virtually every industry, making the right business decisions is crucial when it comes to long-term success. One of the most important is choosing the right business partner.
This choice alone will have a substantial impact on how your company performs. Let's explore key information to consider when choosing business partners.
Conduct a Personal Assessment
This is one of the most important steps to take when searching for the right partner. No matter how knowledgeable or brilliant they are, you might not get the results you want if you don't work well with them on a personal level.
When conducting your assessment, you should consider how communicative they are, how agile they are when adapting to new responsibilities, and their level of trustworthiness. Ideally, they should also come with unique skills and specialized knowledge.
You can get a good understanding of their communication style and motivations with a DiSC assessment. As explained in this sample report, “DISC is a simple, practical, easy to remember and universally applicable model. It focuses on individual patterns of external, observable behaviors and measures the intensity of characteristics using scales of directness and openness for each of the four styles:
- Dominance,
- Influence,
- Steadiness, and
- Conscientiousness.
The results give you reliable guidance on how you respond to challenges and how well you work with others.
Combined with an assessment that measures motivations, you will have a solid picture of the reasons a person acts, their value system, and their mindset.
People can be different in an interview than they are as a partner, so know who they really are and if they will be a good fit before you make them a partner.
Establish a Concrete Role
To fully leverage your business partner's capabilities, you'll need to establish a concrete role for them. Clearly outline the responsibilities they will have at your organization. This is also the time to determine if they will have decision-making authority.
Have your response ready if your partner decides to leave the business or wants to assume a bigger role. This level of foresight allows you to avoid many issues you may have otherwise encountered. From here, you can ensure your partnership goes smoothly.
Determine Their Goals and Values
People work best together when their goals align. You should assess your prospective partners’ personal and professional goals. Ask them about their desired compensation and what they can contribute to the business overall.
For instance, a partner might have an abundance of cash, business assets, or equipment. Don't be afraid to negotiate.
There are many situations where you may encounter a business partner that your company can't afford at first. Negotiation can help bring your vision to reality.
Establish a Partnership Agreement
Finally, it's time to establish an agreement that outlines key information. For example, certain contractual terms may come into effect if the partner leaves the organization.
This is also when you officially define their role and responsibilities. You should also come up with key performance indicators (KPIs).
Doing so will help you assess your partner's impact on the company. Just be sure you have a way to consistently measure them.
Choosing a Business Partner
This process doesn't have to be complicated. Although it can seem overwhelming at first, finding the right business partner is a matter of assessing your needs and looking for specific criteria. As long as you do your due diligence, you'll be able to make the best decision for your company's growth.
Avoid a Costly Mistake: Get Help Making Right Choice
As professional business coaches, we are experts at the use of DISC, Motivators, and many other assessments to improve business performance.
Simply get in touch to learn more about how our assessments and business services can help you select the right partners, hire the right person for a job, improve managers’ skills, train your sales team so they sell more, develop great leaders, and resolve partner problems you may have now in your business.
Want to explore further? Have questions about using DISC in your business? Get in touch and let's set up a time to talk. We’re DISC experts. Brian Tracy USA: 877.433.6225 Email Me feedback@focalpointcoaching.com
