3 Rules for Handling Conflicts With Your Business Partner
In any business partnership, a conflict will happen. It’s just a given. It is so easy to get emotional, especially when you have money and time invested in a business. But a conflict shouldn’t mean the end of a business relationship. There are steps that you should take to make sure that each partner feels heard and respected. These rules will also help you to find a resolution all while leaving your business relationship intact.
1. Predefine the roles and duties of each partner to prevent fights from occurring.
The most common issue in a partnership is that one partner may feel like they are doing all of the work or contributing more to the business than the other partner. Topics like this should be memorialized in the partnership agreement that you should’ve drafted when forming your partnership. Laying out the specific duties and responsibilities of each partner in your partnership agreement can cut out problems before they happen.
2. Don’t Take Everything So Personal
The decisions of your business tend to feel very personal, especially when you’ve given your all to the business. When your partner disagrees with you on a business issue that you may be passionate about, it can feel like first nature to want to attack. But taking time to see things and consider things from your partner’s point of view may sometimes determine how quickly an issue is resolved.
Think about it like this: You guys had to have agreed on many points before you got to this place in your business. You shared the same vision for your business and it brought you this far. If you respect your partner, you should respect their views as well, regardless of whether you feel it is the right view.
3. Hire a third-party unbiased mediator.
No, you don’t need another friend or one of your parents to weigh in. Sometimes an unbiased third-party individual is ALL you need. A mediator will allow you to handle disputes fast and clean. This way, no one feels as if they were slighted
Conflicts are bound to happen, but the ultimate goal should always be to resolve matters peacefully so that you and your partner can continue growing your business together.
