Partnerships offer businesses numerous benefits, including more capital, shared expertise, support and greater borrowing capacity. Nonetheless, problems can arise between business partners due to several factors. If this is your case, you will need to have a conversation with your partner. Undoubtedly, it can be challenging and uncomfortable, but it’s necessary
Here are three tips to help you handle such a conversation:
1. Plan ahead
It may not be wise to start a serious conversation with your partner without planning. You may say things you didn’t plan to or make hasty decisions. Thus, inform them of the meeting, time and agenda early. This allows each party to plan, saving you from rushing to judgments. It can also reduce anxiety.
2. Listen to your partner
Even if you believe your partner made a mistake, you should listen to them. It will be best to understand their actions and any suggestions they have. Go to the meeting with an open mind to reach a mutually agreeable outcome. The chances are good that you researched your business partner carefully. Unless you have reason to distrust them now, it’s always smart to assume they have been acting in good faith — so give them a fair hearing.
3. Be very careful about your tone
Blaming happens in business partnerships during difficult times. However, it’s harmful. When having a conversation with your partner, avoid blaming them for the root concern or using an accusatory tone. Instead, use neutral language that shows you are willing to work together to take the business in the right direction.
Difficult conversations are part of business partnerships. At some point, you and your partner will need to sit down and talk about an uncomfortable matter. If this leads to a dispute, you should get legal help to protect the business.