Business partners must count on each other to keep the company running smoothly. When the partners disagree about something, it can have a negative impact on the entire company. Partners should always try to resolve things between each other so they can protect the company.
It isn’t always easy to work things out with a partner. Using these five tips may help make the resolution process easier.
#1: Discuss the problem privately
It’s usually a good idea to discuss the dispute behind closed doors. Employees who learn of the dispute may relay information to others. There’s a chance the information could be incorrect or incomplete. Their statements may raise doubts about the stability of the company.
#2: Check the partnership agreement
The partnership agreement may provide information about the specific area that you have the dispute in. It could also outline what should happen when there’s a dispute. Following the terms of the partnership agreement is necessary.
#3: Be open to all solutions
Some situations in business require solutions that aren’t common. Thinking outside of the box and determining how each solution can impact the business may help you determine the best way to resolve the dispute.
#4: Consider the expertise
Each partner likely has specific things they’re good at, so consider that information when trying to determine what needs to happen. If the area is something that your partner is an expert in, consider the reasoning behind their position on the matter.
#5: Get outside help
Mediation can sometimes help to resolve a dispute. In some cases, calling in experts for evaluations of the issue at the heart of the dispute is also beneficial. Who you get help from depends on what type of assistance you and your partner need.
Working things out with your business partner can help the business to continue running smoothly. There are times when it isn’t possible to do this. One example is if the partner is suspected of embezzling. Be sure you review your options for handling these matters so you can determine how to proceed. Your goal should be protecting the company.