A business partnership is important for any business which is looking forward to an expansion. It is said that together with a business partner you can find solutions of many problems easily. However, there are some pros and cons of business partnership which everyone should know about before getting into the legal formalities.
Anura Perera Kenya is a business consultant. He has been working with aspiring business owners for a long time. He has seen many partnerships to crumble under the demand of business. He has seen partners to split when hard time hits. This is a reality he does not want you to face. He says that partners when chosen right can achieve height if success no matter what the path brings. However, when chosen wrong the partnership can ruin everything.
What is a Strategic Business Partnership
A business partnership is formed when two or more businesses come together for the fulfillment of business objectives. The businesses that collaborate are usually not in any type of conflict. Instead these businesses usually share similar objectives and vision. In fact it is important that these businesses share similar visions and objectives.
Why go for a Partnership
Why face the challenges alone when you can share it with someone? Yes, this is one of the reasons why business owners go for business partnership. Anura Leslie Perera says that every business comes to a point after which everything seems bleak and dark. This is the time when people feel the need for a partner. Most of the businesses look for a partnership to avoid such a situation.
Running a business is a difficult task. It takes a lot of effort to do everything alone. From staff management to file management and client coordination, everything cannot be done without someone’s help. This is one of the reason, why you should look for someone or a business organization to partner with you.
Money is a major factor in any business. There comes a time when businesses run out of money. They find it difficult to make the ends meet. This is a time when every business needs the support of another business. This is one of the reasons why you must look for a partner.
People look for partnership for another important reason. They look for partnership because of diversity. To acquire success, you need to have different types of talents and skill set in your company. What you lack might your partner’s strength. This is a type of partnership which will help you grow.
What you should be careful of
However, there are some drawbacks of partnership as well. Anura Perera Kenya wants everyone to know about these, so that these could be avoided.
If you end up with a partner who does not share your views, you two will be heading towards a split. Moreover, regular conflict between the partners can be demotivating for the others.
A partnership might make the process of decision making slower. Two partner might argue on some point which might make the decision come slower.