| Business partnerships in retail businesses need to | | | | Retail business partners tend to work well when |
| be created and managed with care and a close | | | | they each have a different area of the business |
| attention to detail. | | | | for which they are responsible. If you take this |
| A poor partnership can kill a retail store whereas | | | | approach it means trusting the other partner |
| a good partnership can help the business soar | | | | implicitly. |
| beyond expectations. | | | | Specialization by partners also unlocks additional |
| So how do you create a good business | | | | management resources for the business. This can |
| partnership? Here are five foundations to a good | | | | strengthen its operation and give it greater |
| partnership as experience by many others. | | | | flexibility. |
| Share a common goal. | | | | Support each other. |
| That is, goals for the retail store in terms of what | | | | Business partners can easily undermine each other |
| you want from the business. Business partners | | | | with a comment to employees here or there. The |
| need to have aligned business goals. This will guide | | | | business does not benefit from such gossip. |
| better decisions, facilitate fewer disagreements | | | | Business partners must put their partnership |
| and help create a more focused overall operation. | | | | ahead of all other relationships. |
| The goals of the owners / partners will guide | | | | Support can be enhanced through regular business |
| almost all key management and operational | | | | partner catch ups. |
| decisions. If, for example, the goal is to start the | | | | Document the relationship |
| business and achieve certain sales and then sell | | | | This is the most important aspect of a retail |
| the business then the decisions will reflect this. If, | | | | partnership. Get a lawyer involved and develop a |
| on the other hand, the goal of one partner is to | | | | written partnership agreement documenting the |
| create a job for themselves then their exit | | | | financial, management and operational relationships. |
| strategy is completely different. | | | | Also, ensure that the exit strategy for the |
| Communicate well, openly and honestly. | | | | business as well as for any partner in the business |
| Business partners need to be close to each other, | | | | is properly documented to the satisfaction of the |
| communicating regularly and honestly. This allows | | | | partners. |
| them to build trust and develop a better | | | | A good business partnership can make a retail |
| understanding for each other. | | | | business great. Invest time and money long |
| It is vitally important that potential partners work | | | | before you go into a business with a partner to |
| at this level of relationship before they are | | | | get the relationship right and you will find that the |
| actually in business with each other. | | | | business life is more enjoyable and success for all |
| Specialize. | | | | involved. |