A functional business partnership can improve your organization’s growth and success. However, if not carefully cultivated, a disintegrating relationship can take your company down with it.
Communication plays a major role in creating and maintaining business relationships that last. Implementing open and respectful dialogue with your partner can protect your partnership from falling apart.
Honesty and authenticity
The way you communicate with your partner should embody honesty and authenticity. According to Small Business Trends, poor communication is one of the reasons why partnerships fail. However, just talking things through is often not enough. You should feel comfortable expressing your honest opinions and you should allow your partner to do the same.
Individuality and authenticity will add dimension and power to your partnership. Expecting each other to think and operate the same way might breed resentment and cause power struggles.
Initiative and respect
Communication should happen in a timely and respectful manner. Do not procrastinate discussions, even if they center on uncomfortable topics. Show respect when discussing difficult situations. Sometimes, you might consider having a third party facilitate discussions you feel concerned about.
Effectively communicating with your business partner requires ongoing effort. Regularly assess each other’s efforts. Acknowledge weaknesses and update your goals. If you encounter a challenging situation where your partner is no longer willing to communicate with you, an intervention might prevent the relationship from failing completely.
The separation from a business partner can take its toll on your organization and its operations. Focusing adequate attention on your method of communicating together can make a considerable difference in the sustainability of your relationship.