Partnership Problem: Planning

Strategy:  Make it a joint effort.

In any business planning takes place as a result of decisions made after information is gathered. When it’s a partnership input needs to come from all partners. Call upon the strengths of each partner to bring important facts and options to the planning table.

Gather all pertinent information, come up with your thoughts and sit down with your partner to compare notes. By having all information available, you will be able to make informed decisions. There will be fewer surprises down the road. Making decisions on timely, pertinent information is the key to a successful outcome.

Make sure your plan specifies who will carry out what actions and by what time. That way there’s no confusion about who was responsible for what. A plan isn’t complete until you assess the results at the end of the period originally specified. Your plan is your framework for action. After taking the planned action, you want to know if it produced the desired results. If it did, you may want to continue doing what you’ve been doing or take the next step. If it did not, you’ll probably want to change your plan, and perhaps your strategy as well.

Include in your plan, or make it a policy, how you will handle partnership issues when they arise, so that addressing them will seem less daunting. If you do not currently have such a plan in place, speak to your business partner about creating one.  For simple problem resolution and decision making this will suffice.  For more complex issues that may affect the structure of the company, positions held, or share ownership you will want to discuss the formation of a plan with a good business attorney.

Whether you are just starting out or been in business for years, don’t put it off any longer.  Plan to plan and plan to review and update your plan based on what you learn from your post plan assessment.  For more details and a list of some plans you may need, you can check out my Business Success Articles.