So you’re in partnership and setting up or running a business – you should find it easy to get plenty of advice and support on how to do that. What you’ll rarely get is support on how to manage the relationship between business partners, which needs to operate effectively in order to support the business. In the same way that parents having a difficult time in their relationship can adversely affect the family as a whole, businesses can suffer when the relationship between the business partners isn’t working well. This can be particularly true of family businesses and couples, but can apply to any partnership.

Most of the clients I meet as a personal & business coach rely on their relationships with partners or other people to achieve their goals and make things happen – so how can you check if your business relationship or partnership is strong & healthy? Here are just 5 ways you can see if you’re on the same page…

1.       Are your personal goals clear? As well as having clearly defined goals for the business, are you clear about what you each want personally from the business, in terms of financial reward, lifestyle, career opportunities, experience  etc – what are your personal expectations – are they compatible with your partner(s) and with where the business is going? This can be difficult territory in family businesses where there are expectations which may never have been articulated, or are assumed, and can create tensions in the working relationship.

2.       What values do you share in life and work? – such as honesty, integrity, timeliness, flexibility, living in the moment etc. Most of these are things that we seldom think about , let alone discuss with other people. But the more you have a shared sense of values, the more likely you are to be able to work comfortably together. If there are fundamental conflicts of values, then this may lead to conflict in the future.

3.       What are each of your strengths? The reason for going into partnership in the first place is to create something that is greater than the sum of its parts. But many partnerships may be based on the obvious strengths each has, without fully assessing what each is good at, and ensure that any gaps are addressed – this can lead to things being overlooked which may be the downfall of the business. By assessing your strengths and mapping them to responsibilities within the partnership, you will get the best out of each person.

4.       Have you each planned an exit strategy, if you ever need it ? Over time, people can change and hopefully grow, their expectations change as well as their circumstances – as in any other job, the time may come when your needs are no longer being met by the role you’re in. Many businesses struggle on when one partner is reluctant to say that they don’t want to be there, but in the long run, this can really damage the business and relationships with customers. If there has been an open discussion and regular review of what the partners goals and values are, and recognition that these are no longer being met, then it makes it easier to let go, and plan for how the business can continue thereafter.

5.       How effectively do you communicate with each other? Effective communication underpins successful businesses and all relationships, so ensuring that you have a workable, timely and comprehensive communication channel in place is critical. Many large businesses struggle with communication, and you’d expect it was easier in smaller businesses, but often the left hand may not know what the right hand is doing, and this can really frustrate your customers and team members. 

All of the above are key factors in managing risk for the business; managing the risk that a poor working relationship will damage the business. Try the above checks as an exercise that each partner can do separately, perhaps rate on a scale of 1-10 where they feel they are at, and discuss the differences - it’s all about communication and I’d love to hear how you get on!  

Liz Barron, Realize Coaching – liz@realize.ie