Working together with one or more business partners can be profitable but is not always an easy thing to do. Business partners are human, after all, and will have different ideas on how to operate the company. You may all have habits that get on each other’s nerves as well. That is nothing unusual. We offer a few tips below to help you and your partners enjoy maximum success in operating your company.
Create a Company Mission Statement
Before you open your doors to the public or go live online, we recommend taking the time to develop a mission statement for your company. If you didn’t create a mission statement when you first started your business, it’s not too late to do it now.
An effective mission statement should be short, not more than one or two sentences. Its purpose is to describe why the company exists, who it serves, and what it does. Having a mission statement in place helps to guide your decisions, much like the United States Constitution but on a much smaller scale. Your company mission statement can also motivate and encourage you to keep going despite any current challenges.
Develop Goals Together While Dividing Responsibilities
While the mission statement acts as an overarching guide for business operations, creating and writing down actionable goals helps ensure that you always stay on track with your mission statement. Be sure to include both short-term and long-term goals on the list and prioritize them as you see fit. You will also want to include action steps you need to take to reach your goals and criteria for knowing when to remove a goal because you and your business partners have reached it.
This is also a good time for business partners to decide who is going to take responsibility for each goal. Since each person brings different strengths and abilities to the business arrangement, it’s a good idea to select duties based upon that. Don’t forget to check in with each other regularly to monitor progress.
Do you need additional guidance about business partnerships or information about alternative sources of funding? Magis Funding is here for you. Please contact us today.