(Newswire.net — February 8, 2017) — The vision you and your partner shared together before starting your small business had a lot of heart. Neither of you wanted to found another run-of-the-mill business. You both wanted to make a difference and inspire change. Having met and worked at the same dead-end job where it seemed the boss was always confused and avoided employees, the two of you wanted to take your expertise and create a space for professionals where they would be seen, heard and taken seriously.
After finding success, things at your new business began to change. Suddenly, you and your partner weren’t on the same page and everything seemed to be about the bottom line. It wasn’t about the staff or clients anymore; it was about making a profit. CEO coach Lex Sisney explains that being in a business partnership is a lot like being married. Unless you are investing the “time and energy” necessary to make the partnership work, it’ll fall apart fast.
Poor communication, conflicts of interest and different managerial styles can leave a company dead in the water. Take for example the failed startup NewsTilt. NewsTilt was developed as a social media platform to help journalists build an online brand by connecting them with their readership. According to the founders, there were problems from the very beginning. “Following the launch, everything started going to ****, and a huge number of challenges to the success of the company had arisen. The biggest of these were the lack of traction from launch, that we had lost the faith of our journalists, and because there were communication issues. [This] also killed our motivation.” The company shutdown after only eight months of business.
Starting a small business and keeping it moving is not an easy thing to do. 8 out of 10 startups fail just after celebrating their first year of business. If you and your business partner are not on the same page about the direction the company should be taking, you are keeping the company from having any shot at success. Do you want to end the business with a bitter taste in your mouth, or do you want to watch it come into its own and evolve into a thriving, healthy and strong company? To maintain a healthy business partnership, speak openly and clearly. Here’s how:
Maintain an honest communication approach: It’s understandable if your wish is to avoid conflict in the workplace. It’s not easy telling your business partner if you are unhappy that they come to work late or aren’t prepared enough in meetings. You don’t want to come off as judgmental or as a micromanager and you don’t want to hurt their feelings. Running a business takes strength, and that means you will have to speak your mind when you believe certain actions are hurting the company. If you think the company needs a change, voice it, respectfully of course. Let your business partner know of your concerns and discuss how the both of you can right the course of the company.
Be open to new ideas: Your business partner might think the company’s mission is misguided and that it’s time to head in a new direction, listen to their ideas with an open mind. Small businesses can’t grow to become successful companies if a founder refuses to accept that things need to change. If you have questions or thoughts about the suggested changes, ask. You don’t have to say ‘yes’ to every new idea, all you have to do is listen.
Value the input of your staff: Don’t keep closed doors between yourselves and the staff. If your employees are worried about the business, you both must listen, even if it’s hard to hear. Allow your employees to give constructive feedback on management and company policy. For example, if their worried about the safety the warehouse your offices are stationed or what will happen if they’re hurt on the job, let them know you have commercial insurance to cover it and that you won’t put them in danger. If they come to you to discuss confidentially that they are having issues with you or your partner’s managerial style, listen, and act accordingly.
Running a business takes a professional and trusting partnership. If your business doesn’t have that, it’s time to make changes.