This is my 12 point checklist for business partnership success. #businessmanagement #businesstips #smallbusinesstip #smallbusinessadvice #smallbusinessowner #smallbusinessowner #smallbusinessadvice #SmallBusiness #businessexpert

Business partnerships usually fail because they are not stress tested at the beginning. This is my 12-point checklist that I advise my clients and I use myself when entering into a business partnership. Hi, my name is Dwarf, I'm a business coach, you can solve by doing this for a couple of decades. This is what I know and I've learned and I think you can benefit from it. Number one is decision-making and conflict resolution. One, a decision is to be made, who's going to be making it, and if there is a conflict, what that decision, how will it be resolved? Number two is understand each other's communication styles, work preferences, and habits. Number three is goals and values. This is the long-term vision of the company, the mission, and the values of the company. Number four is financial transparency. Number five is understand each other's risk tolerances. Number six is financial contributions, who's putting what in in terms of capital. Number seven is communication styles, preferred methods, and frequency. Number eight is crisis management, simulate crisis on how both of you are going to react to them. Number nine is having a legal agreement that outlines the responsibilities, the rights, and what is expected of both of you. You also want to mention here on their legal agreement your exit strategies. Number ten is succession planning. If one of you decides to leave the company or retires, what's going to happen, what's the plan then? Number eleven is growth plans. Make sure that you are aligning your long-term goal plans together so that you are not creating an environment of conflict. Number twelve is compatibility. Discuss personal values, boundaries, and stress coping techniques. If you do all these twelve things that I just mentioned as part of getting into a business partnership, the chances of that partnership lasting long-term is going to increase substantially. Most people never think about doing this, but I hope that you do. I hope you like this kind of content, and if you do please follow me, otherwise we'll see you tomorrow.