When it comes to entering into a new business partnership, it is extremely vital to know who you are getting in bed with for the rest of your life (if things go well.) While most things may seem great and you may click with your partner right away, you can never be a 100 % sure of the other person. Knowing how difficult it is to make a decision like this, we have a list of questions you could ask before entering a new partnership!
1. “What is your goal?”
People who are setting out on their own often know what they want from life. While you may know who the other person is, it is important to know what makes them tick. Like Jonathan Mead from Playboy said, “If you’re going to do business with anyone, you need to get clear on the why. Knowing where you’re going is great, but if you don’t know why you’re both going there, then you’re screwed. Always start with why, and let the circle expand from there.” Almost 32 % of CEOs say most of their partnerships failed because they did not do a thorough research about who their partners were. When you know what your partner’s goals are, you know how far they can go to achieve them. Make sure you understand everything about your future partner’s ideas, dreams and passions.
2. “What are you looking for from this partnership?”
One of the primary reasons you are looking for someone with whom you can partner is because they have a different perspective on things. While you do need someone who is similar to you in most ways, you also need someone who can bring new ideas to the table. When you are looking for a new partner, understand the other person’s strengths and ask them for what they are looking from this partnership. Maybe you have the strengths they do not have. One of the primary things which you should consider before forming a partnership is, your potential partner and you have a shared goal. Your ideas and thought processes have to be aligned and you have to have see the same end goal together. Only if your ideas match, can you start working toward the bigger picture.
3. “How are you placed financially?”
Financial stability is extremely important when it comes to entering a new business deal. Get a clear understanding about the kind of financial commitments your partner has and make sure you have a clear picture of how much they can put into the business. While it may be tough to ask this question upfront, it is extremely important to get to know these details from the very beginning.
4. “How much time can you put into the business?”
Business partners come in different forms. There are certain partners who are hands on and completely involved and there are others who are only part of the deal financially. In order to get clarity about your partnership, ask your partner for what kind of partnership your partner is looking. Moreover, apart from knowing the kind of partnership you are looking at having with your partner, it is important to know how much time they can put into the business. Whether it is full time or part time, getting clarity about these things is extremely vital. Asking this question in the beginning helps you avoid confusions later on during the journey.
5. “What is your long term plan?”
There are several reasons as to why people enter into a partnership. While some may be motivated money wise, others are pushed forward for different reasons. However, while they may enter the deal with a certain idea in mind, they almost always have an exit strategy in place. Make sure you ask the person for how long they want to be in the partnership and what they seem to get out of the deal. Talking about this will help you get a clear idea about not just the business you are getting into at this point, but during the later years as well!
When it comes to partnering with a new person, there are several things you can do in order to have a fruitful and long partnership. If you think we missed out on any other questions like these, comment and let us know!
How To Streamline Your Work Through Crisis Management
In the very basic sense of the term, crisis management is defined as the process by which a company handles a stressful work situation. In order to streamline your everyday working process and to reduce the amount of pressure on your crisis management team, here are a few tips you could follow!
1. Have a plan
While the steps to solve every problem may not be the same, the principle around the solution follows similar guidelines. In order to be on top of at least the basic steps, it is important to always have a plan in hand. The moment you have the basic outline ready, filling in the details isn’t that hard. Remember when you were a kid and you were taught to colour only on the outside and then start inside? This plan works really well for your solving critical situations as well!
2. Let your employees know about the situation
Sometimes, when you are neck deep in problems, it is important to keep the door open to as much help as you can get. Let your employees know what’s happening and keep them informed about the seriousness of the issue. There are two advantages to this. Not only are you being open and clear as a manager, you are also letting in new ideas about how to solve the problem. Talk about a win win situation!
3. Communicate the action which needs to be taken
In extremely critical situations, it is important for you, as a leader, to take complete charge. This is not really a plan but an important step in the process of solving the problem. Give direct orders to those who can get things done and make sure you delegate as much as possible. Avoid leaving things open ended and have your pointers mentioned directly.
4. Create a crisis management team
One of the best ways to deal with a crisis situation head on is by creating a crisis management team. With senior executives, business leads and your public relations team, your crisis management team should include every member who is equipped with the skills to solve a problem from the very word go. Once you get your team in place, you can start working on delegating and then turn your attention to more pressing matters.
5. Be accessible
When in a situation which needs your attention completely, it is important to let your employees know you are available no matter what. Sometimes, even though you have given direct orders, people are faced with sudden questions and it is your job to get everything clarified. Have all your documents open and accessible so people know, even at times like this, you care most about honesty.
Solving a crisis takes time and effort. It takes a lot of dedication and hard work and when you have all your employees together, you know you’ll come out bright and shining. If you think we missed out on any other ways to solve a critical situation, comment and let us know!
Why A Good Company Culture Is Important For Positive Growth
Company culture is important to foster the overall growth of one’s company. Since you spend over half your day at the place you work, it is vital to work at a place where not only you, but your talents are appreciated as well. In order to develop a good working environment, here is how you can make your work a fun and entertaining place!
1. Keep empowering and encouraging
One of the ways to ensure your company has a strong work culture is if your employees feel motivated into doing their daily tasks. Empower and push your employees into believing what they are doing. You have to make sure your team don’t just have to do their job, but are invested in it so much, they want to do it really well. With empowerment, people are pushed to do their very best and with that, you get the added joy of seeing a task done really well. One of the ways to empower your team is by looking at how you can encourage them to do better, no matter what.
2. Empathise with your team members
When you don’t care and do not empathise, your work culture suffers. Often times, you don’t realise that different people have different ways of dealing with situations. While you may be okay with communicating things in a certain manner, the other person might look at it as obtrusive, loud or even rude. When you realise something bothers another person in your team, talk to them. Ask them what is bothering them and have a clear understanding about what you can do to make their life better at work.
3. Be inclusive in your activities
One of the best ways to improve the company culture is to be inclusive in all your activities. Sometimes, you end up leaving people out of your group activities because you either don’t converse with them on a regular basis or because you just forget. This leads to the other person thinking that you don’t like them, leading to a lowered morale. In order to avoid situations like this, make sure you include your team members in all your activities. Little things like asking everyone if they want to order lunch with you or asking them if they want coffee as a part of your meal makes a lot of difference in the overall work environment.
4. Be open to new ideas from everyone
In every team, every role is clearly defined for each person in the team. However, over a period of time, different team members express the need to explore other areas in the same team. One of the ways to improve the kind of morale your team has is to be open to any and every new idea people throw at you. Not only does this broaden your horizons as a leader, it also instills a positive environment and increases the personal growth levels of every member in the team!
5. Humour is always a good cure
Humour is an extremely positive motivator. One of the foundations for having a good place to work at is if you have a happy, laughing environment. Remember that no matter how stressed things are at work, a little laughter and joking around can always make the world a better place!
6. Let your team know your door is always open
There are always times when you as a leader tend to lower your strong exterior. Realise that when you have a team working for you, everything can’t always be peachy happy. Make sure you are always available for your team, no matter what happens. Even if there are issues which end up affecting the work, a good talking through always helps in resolving them.
One of the key responsibilities of being a leader is to ensure your work culture is such that people want to come to work, rather than avoid work. If you think we missed any other reasons as to how you can create a good work environment, comment and let us know!
How To Resign With Your Grace In Place
Every job has an expiry date. Whether you want to do something on your own or you get a better job offer, there comes a time when you have no choice but to quit. However, if you have worked in the same company for a really long time, quitting becomes a hard task. When it comes to quitting, there is a time and place to do what you know has to be done. Here is how you can resign and still work on all the relationships you built at work:
1. Give a clear reason for your resignation
When it comes to resigning, the best way to avoid any confusion is to give a clear reason about why you are quitting. Even if those reasons are related to your work environment, let your boss know. Furthermore, the more transparent you are, the better your chances of leaving without any bad connotations. On a side note, make sure you don’t complain to your colleagues about your job. The more dirty laundry you air in public, the bigger the impact on your professional life.
2. Be public about your resignation
Office politics are hard to avoid when you are resigning. People like to talk and if they have an issue with you, the discussions become all the more negative. When you decide to quit, make sure you tell all the people who need to know. This helps in clearing the air about your resignation and gives people the chance to come to terms with your choice. Be clear, vocal and direct.
3. Have your notice period mapped out
The notice period is the period of time when you start finding and preparing your replacement with all the things you have been doing. Your notice period begins the day you hand in your resignation. Start by documenting the things you do on a daily basis and have a detailed breakdown of how long it will take to finish your pending projects. Organize the different tasks you have on your roster and make sure you finish as many pending projects as you can before your last day. Your notice period also helps in giving your colleagues time to process your resignation, so make sure for however long you are on your notice period, everything is in place.
4. Mend all your broken bridges
When you do make the decision to quit, fix all your broken bridges and make sure you leave on a positive note. The relationships you build at work are extremely important, so do not let go of them too quickly. Who knows? The people you worked with in your past, can help you grow in your future!
5. Offer to help
Often times, even after you give a notice period and quit, finding a replacement can be extremely difficult. One of the best ways to leave with all your senses in place is by letting your boss know that you can help whenever needed and possible. By doing this, you are letting your former employer know that no matter what, you value your relationship with him and your ex colleagues!
Quitting your job is not an easy task. However, if done right, you ensure you don’t leave too many broken bridges in your wake. If you think we missed out on any other ways to quit your job gracefully, comment and let us know!
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