Any partnership suffers when expectations are not being met.
Partnerships work when all partners focus on the same business goals, while also working toward their own personal goals. Each partner uses his strengths to build and support the business. Each feels that his personal expectations are met, and is accountable for meeting agreements with the other partners.
If you don’t already know, find out what your partner expects from you. Share your expectations as well. Have a plan for when personal or business circumstances or interests change so, when needed, expectations can be readdressed.
It’s important for each partner to know his own motivation, to know and be clear about what he expects from each partner and from the partnership overall. While the vision for the business should be the same for all partners, expectations may be quite different for each partner. When expectations are not met, it’s a set up for negative feelings. The earlier communication can take place, the sooner the issue can be resolved.
We all know that not every business partnership works out in the end. No matter how enterprising the idea or business, there are times when business plans and partnerships do fail. Making a partnership work requires tenacity, dedication and creativity.
Regular meetings to discuss business are the ideal way to keep the lines of communication open. Meetings focused on plans, strategies, expectations, reporting and accountability may not be the most glamorous part of business; but they will keep you focused on what’s important for success. Even after months or years of success, such meetings need to continue to make sure timely communication takes place and disagreements do not become the basis for a partnership failure.
Above all, know when to ask for help. Asking for help isn’t a sign of weakness; it IS a sign of your commitment to your business and your customers. When failing isn’t an option, but you are uncertain on what to do next, I’m here to help.