Business partnerships can be the linchpin of success, but they need to withstand plenty of pressure. Fortunately, even when relationships fray, taking deliberate actions can help you keep your partnership blossoming.
Shared values, clear roles, regular communication, honesty and seeking objective perspectives are powerful ways to enhance the way you work together. Here, we share some real-world examples of small New Zealand business partnerships that are thriving, with the support of Business Mentors.
Start with the values you share
Shared values provide a strong foundation so partners can find their footing even in the most unsteady times. When you agree on your driving values, you have a compass to help you navigate decisions, opportunities and conflicts that arise.
Clearly defining your values is powerful. It’s one of the reasons Business Mentors spend time ensuring you have these clearly articulated when you start your mentoring journey.
The Cookie Project’s co-founders Eric Chuah and Graeme Haddon, say coming together with common values and purpose has been essential in their success. In fact, these were the main things that bought the pair together.
Eric says when they first started the business, everyone thought they were crazy.
“Graeme’s family would say to him, ‘how well do you know this guy called Eric?’ and the same thing for me as well – ‘you’re crazy, you don’t even know Graeme’. So two crazy people decided to give it a go,” he laughs.
Their Business Mentor, Maree helped them build on their mutual values and goals as the business grew. Her support was especially beneficial in a turbulent business environment.
“Maree is the perfect Mentor because she was able to see things in the best interest from our perspective and was able to provide some amazing strategic insights from outside perspectives,” says Eric.
“Maree has been there, done that, so she was able to share a lot of her experience in the starting phase, skilling-up phase and the super growth phase as well.”
Define your individual roles
A good partnership is one where people’s skills are complementary. Defining your individual roles within a business partnership helps avoid friction and create synergy. Part of the benefit of having a Mentor is that they can become a sounding board to help you reflect on how you’re working: they can help you spot your abilities and leverage them.
Seumas, who mentors Stephanie at tech innovator Hikotron recalls being impressed by the team's readiness in this regard.
"They're very clear about what they want to do next. And they also have a clear demarcation between their roles. I really love how they have really figured out where they are and who they are together and as a company. With three of them, you've actually got people you can lean on to get things done."
Another business partnership that has benefited from mentoring is the duo behind Egg & Spoon and Wild Fennel. Founders Dan and Jo are clear about what each of them brings to the partnership.
Dan knows he’s the brains behind the spices, but he says he could not do it without Jo, who he describes as the ‘wizard of our brand’ and keeps some of his crazy ideas in check.
Dan and Jo’s Business Mentor, Irene, knew from the moment they met that they were a good fit and could hold an honest conversation together.
“They are a young couple with really high levels of enthusiasm and knowledge and vision. It’s been great to meet and work with them – it certainly hasn’t been hard work for me.”
Commit to regular communication
Regular communication is essential to a business partnership – particularly when it’s under pressure. It’s valuable to set a schedule and structure that ensures you’ll always have an opportunity to discuss important issues.
Dan explains from Egg & Spoon explains, “It was more about keeping that conversation alive because it’s quite easy to bury your head in the sand, keep working and not come up for air and really get caught up in the business.”
He says that when couple meets with their Business Mentor, it forces them to take time out of their busy schedule to self-reflect, have a chat, “maybe receive a few pearls of wisdom”, and generally reflect on what and how they are doing.
Stephanie from Hikatron agrees. She says making space for the three partners to talk has been critical in their business growing so fast.
“I think what's most valuable is having that time in which to have those discussions.”
Prioritise honesty
Honesty is a further ingredient in strengthening a business partnership – even if it’s difficult. Problems can swell if you avoid raising an issue to save face or protect feelings. You may miss the opportunity to address a problem constructive or while its small if you just hope it will go away.
Business Mentors are both insightful and understanding when it comes to the human side of your business relationships.
Mentor Maree loved being able to get to know the team at The Cookie Project and share what she’s learnt in business. She says, “ I know what it’s like to be entrepreneurial and go on that journey and come up with something quite different.
I can provide some empathy and guidance. I don’t have all the answers, and every situation is different, but I do have the learning from my own entrepreneurial journey.”
Bring in an objective perspective
As a business partner, you’re deeply invested in everything that happens, meaning emotions can run high. A Business Mentor brings unique objectivity. They have no vested interest beyond wanting you to succeed. Yet, they do bring relevant experience and business insights that can help you avoid pitfalls and keep your attention where it matters.
Dan says, “Over the course of time, the business took on a life of its own which we’ve naturally grown with. We felt more confident in ourselves following guidance from Irene. There were a lot of conflicting ideas about what we wanted to do with our business, so it was really good to have a third party to almost navigate the conversation between Jo and me.”
Stephanie says Mentor Seamus also brought a vital outside view.
“As three co-founders, having that external voice of a Business Mentor does act almost like a moderator — someone who's challenging your questions and giving you a different perspective.”
Like any relationship, business partnerships can take some work so you can reap the full rewards. The dynamics and challenges you’ll face together can be complex, so it’s worth remembering your ‘why’ and the values you share. Playing to your strengths with clear roles, committing to regular communication and honesty are steps that can help you towards success.
Finally, the objective perspective, support and insight of a Mentor can help you get the balance right. If you're on a quest to strengthen your business partnership and your business itself, consider making the most of a Business Mentor by applying today.
