Managing your business partners takes a lot of patience and understanding. However, you have to realize that you cannot push through with your plans without the help of these people. So, just learn to adjust with them and do all the precautionary measures which will be given below. Be a partner and a friend at the same time.
You should first let an outsider see the compatibility that you have with these individuals. Their money is only a small factor of joint venture project funding. If they seem to have a short temper, they are not suited for the kind of peaceful life which you wish to have. You need patient and hard working people in the field.
Do not let problems become bigger when you still have the time to personally attend to them. So, go to the bank and be certain that all of you have access to the funds but will be alerted for every withdrawal. Do not include the new investors since you still have to build a circle of trust.
Issues are to be addressed as a group. Side conversations are discouraged especially when it is about an issue that everybody needs to know about. You are not the most knowledgeable person in the group and sometimes, you require a set of fresh eyes for you to come up with a more ideal solution.
Make sure that everybody would have a respective role to play. In that way, the profit would be equally divided without qualms. This would also keep everybody busy without minding whether the other party is doing their job or not. This can also speed things up for the promotional campaign.
Have weekly meetings regardless of how busy everybody can get. A progress report should be submitted by every member for you to know where you are with your time line. This can also give you an idea on which individuals to constantly check on being the leader of the group and keeper of records.
You should always be respectful of opinions coming from other people. They may be voiced out from mere observation but it can help strengthen your strategy. Make everybody feel valued in the group for them not to think of investing their money in something else.
End the day with all of your problems solved. If you need to hire a lawyer to end the dispute, so be it. What is essential is that you will still be able to function well during meetings. Be more professional since you are not emotionally invested in these people in the first place.
Let business be as pure as it is. Only let those people who have the background in the field be your partners. Your family can stay as the beneficiary of your hard work. Have them create their own company if they want to. Do not risk an outlet which has potential just because your relatives are pulling you down.
You should first let an outsider see the compatibility that you have with these individuals. Their money is only a small factor of joint venture project funding. If they seem to have a short temper, they are not suited for the kind of peaceful life which you wish to have. You need patient and hard working people in the field.
Do not let problems become bigger when you still have the time to personally attend to them. So, go to the bank and be certain that all of you have access to the funds but will be alerted for every withdrawal. Do not include the new investors since you still have to build a circle of trust.
Issues are to be addressed as a group. Side conversations are discouraged especially when it is about an issue that everybody needs to know about. You are not the most knowledgeable person in the group and sometimes, you require a set of fresh eyes for you to come up with a more ideal solution.
Make sure that everybody would have a respective role to play. In that way, the profit would be equally divided without qualms. This would also keep everybody busy without minding whether the other party is doing their job or not. This can also speed things up for the promotional campaign.
Have weekly meetings regardless of how busy everybody can get. A progress report should be submitted by every member for you to know where you are with your time line. This can also give you an idea on which individuals to constantly check on being the leader of the group and keeper of records.
You should always be respectful of opinions coming from other people. They may be voiced out from mere observation but it can help strengthen your strategy. Make everybody feel valued in the group for them not to think of investing their money in something else.
End the day with all of your problems solved. If you need to hire a lawyer to end the dispute, so be it. What is essential is that you will still be able to function well during meetings. Be more professional since you are not emotionally invested in these people in the first place.
Let business be as pure as it is. Only let those people who have the background in the field be your partners. Your family can stay as the beneficiary of your hard work. Have them create their own company if they want to. Do not risk an outlet which has potential just because your relatives are pulling you down.
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