Personal Finance

5 Traits of a Good Business Partner

Many small business owners eventually find themselves in need of a business partner that can help them manage and expand the business. A good business partner can be a tremendous asset as you support each other in your endeavors. On the other hand, a bad business partner can be a big headache and may even put you out of business. Fortunately, there are some traits of a good business partner that are easy to recognize. If you find yourself in need of a business partner, here are some traits that you should look for.

1. They are someone you can rely on

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One of the best traits of a good business partner is reliability. You want to know that if they say they are going to do something or be somewhere, they are going to keep their word or let you know well in advance why they can’t. A business partner that isn’t reliable will cause frustration and may cause you to lose business with their actions.

2. They are someone that is passionate about what the business is about

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Self-satisfied and proud caucasian young man looks forward showing with index fingers on himself

Another trait to look for in a business partner is passion and dedication to the goals and aspirations you have for the business. For example, if one of the pillars of your business is to be eco-friendly, you want your business partner to be just as passionate about sustainability and ways to make the business eco-friendly as you are. Business partners that aren’t on the same page when it comes to the business can result in tension, friction, and missed opportunities.

3. They are someone that can build relationships

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In the course of running a business, you and your business partner will most likely end up interacting with people from all walks of life. You will want a business partner that is good at building relationships, whether that is with employees, suppliers, or customers. Building relationships is an important part of growing a business, so having someone by your side that is good at relationship building is a great asset.

4. They are open to ideas

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Another of the most important traits of a good business partner is being open to ideas. As business partners, you will need to collaborate on many different aspects of the business and someone who is set in their ways may not have the ability to make the changes that are best for the company. If they are unable to think outside of the box, how will they help you innovate new ideas for your company?

5. They help fill in gaps in knowledge and/or experience

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Some of the best business partnerships are between people that make up “two halves of a whole.” For example, if you are good at marketing but lack financial knowledge, a good business partner for you would be someone that has the financial knowledge you lack, even if they aren’t as good at marketing. This way, you have both areas of the business covered without stepping on anyone’s toes.

These are just some of the traits of a good business partner that are important. Depending on the type of business you are running, creativity, problem solving, conflict resolution, or risk tolerance may be just as important as the other traits listed above. Look for what you need to make your business successful and choose accordingly.

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