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.
The first step is to ask for the perspective of another person. This individual should not have anything to do with the joint venture project funding. Just let this person tell you whether you and your partners are capable of reaching a compromise. Most of the times, personalities get in the way of being business minded.
Be mindful of problems before they manifest. Pay for them ahead of time so that you would be able to greatly focus on the actual operations. There are a lot of things that are needed to be done especially when you do not yet have a supplier to count on. Always start with the minor issues.
Let every issue be out when everybody is around. You should stop the habit of just talking about your concerns with your closest investor. As a mature individual, you need to hear the opinion of other people for you to have an assessment on whether your plan will work or not. Let the experts advise you on this one.
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.
Meetings must be a place for opinion and data. Require progress reports so that everybody will really make an effort to do their part. This can also serve as an inspiration for the team to tackle in more aspects especially when they have all the time to spare. Inside connections are the best way for you to keep everything intact.
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.
Never end the day without solving the problem. Someone should serve as a mediator for all of you. With the presence of that person, everybody would learn how to calm down and set aside their difference. If the money is in the lack of funds, you can always get some additional investors by offering them a seat in the board.
Just maintain the basic level of friendship with all of these people. Try not to put relatives and loved ones in this loop. That would only cause you to have stress in your life since these people would think that they can always tell you to do what they want. Anything that is personal to you should be far away from your life as a business man.
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