Starting and growing a business is challenging for anyone, let alone business partners who are married or otherwise related. Here are 9 tips to increase your odds of success – on both sides of the time clock.
1) Make it legal – Have a neutral attorney draft the appropriate agreement for your business entity. Consider percent of ownership, decision making authority, what happens if someone leaves the company, etc.
2) Ensure you have the same (business) values – It’s critical to document and agree upon a business or strategic plan, as well as mission, vision, and company values. Do you want to offer the best product or service, the fastest, or the cheapest? Do you want to grow to 2 employees, 102, or 1,002? How do your decisions affect each other and your home life?
3) Understand roles and responsibilities – The quicker you figure this one out, the better. One partner does the books, manages inventory, and researches IT requirements, while the other answers phones, does sales and marketing, and manages the employees. Discover and harness your strengths. Don’t let confusion or ill-will bog you down.
4) Communication, Communication, Communication – Be clear when you speak, write or set expectations. Listen actively, clarify often, use respectful tones and body language, seek calm and swift resolutions to the inevitable conflicts – yes – all the hard stuff!
5) Respect My (Office) Space – Anything can work – just determine what works for you. Many prefer separate offices. We share an office, which greatly helps communication and teamwork. But we each had to learn to “zip it” when the other was concentrating. Schedule staff meetings and minimize interruptions.
6) Keep work and home separate – You may think about your business 24/7. Learn to stop it. Period. Take breaks and set boundaries – for your personal health and marriage health. And when you’re in work mode, don’t bring up in-laws, house chores, etc.
7) Create Processes and Systems – Maybe you don’t mind working long hours when your business is your baby. That could come back to bite you. A deliberate focus on efficiencies now can preserve your business and personal sanity later as you grow. Create a budget for the appropriate equipment and software packages. Analyze processes like marketing efforts, inventory, and invoicing for waste and bottlenecks – and be honest with yourself.
8) Leverage your professional team and clients in decision making – Don’t ask your CPA, attorney, or business strategist to “referee.” But do recognize the value of a neutral third party clarifying the pros and cons of a difficult decision. Customer surveys and client focus groups also provide valuable insights that can minimize partner disagreements.
9) Use the same positive habits as in your marriage – trusting, listening, respecting, complimenting, being honest, using humor, not sweating the small stuff, celebrating victories, etc. – with lots of patience!
Like your marriage or family, your business will never be perfect. These 9 keys should help you stay on track. Ask us how we know.
Edward Livesay
