Connect with us

Entrepreneurs

How to Create a Successful Business Partnership

Published

on

Image Credit: Unsplash

The key to all success in business partnerships is communication. Without clear and consistent communication, your business will not grow and succeed. You will miss opportunities, miscalculate your partner’s expectations, and potentially move into opposite directions. It’s a blueprint for failure. Instead, follow the simple path: communicate.

That’s it. In over twenty years in business, capitalizing on our strengths in multiple income streams, culminating in Easier Accounting and Real Business Owners, Kale Goodman and I have found communication to be the key to make or break our day-to-day operations and our long-term success. 

Let’s look at several scenarios in partnerships to see how this plays out. As you read, picture your own business in these situations, and grab keys to avoid major mistakes and create wins.

Situation 1: Partners who “get each other” too well

Maybe you’ve worked together for years, like Kale and I. Or maybe you’ve been friends for a long time before teaming up. Either way, you now take each other for granted. You are both too busy making the business run. You don’t communicate the same way as you used to. At the beginning, it was easy. Maybe you are like us in our early days. You spend 90% of the time making deals and having fun, and 10% of the time doing the hard-knuckled decisions. Now, you just don’t have the same time anymore. 

Or, maybe it’s a step further. Maybe you trust each other too much. There’s a disconnect because there is so much trust between two people. You may think that whatever he’s doing, it’s going to be good. You figure you can read your partner’s mind. You stop asking questions and checking in with each other. 

But, the best intentions don’t guarantee the best results. A partnership should become a camaraderie where two people knowingly divide and conquer. It can’t be that the left hand doesn’t know what the right hand is doing. The best results come from clear communication.

One specific problem that can come from this familiarity is overcommitment. Overextending leads to disappointment. You start making decisions independently, assuming you can make it all happen because there is more than one of you. You just keep saying yes. You’ll run out of steam for all of those yesses. Then everyone is frustrated, and no one wins. 

Success does not allow for such imbalance. Partnerships have to establish a flow of communication that sets up boundaries for what one can and cannot take on, so that no one leaves disappointed.

Situation 2: Partners who have “too many” ideas running wild

You have tons of ideas, but haven’t spent the time either sitting down to implement them or deciding who is going to run with them. Partnerships are usually forged by two individuals who are like iron sharpening iron. They make each other better. Often, they think a lot alike, but they may have different perspectives on the ideas, how to implement them, or where to go with them.

The question, then, becomes: who runs with a new idea? How does it shake out? If it is going to be successful, these questions must be answered before the idea begins to fly, not on the fly. Otherwise, it could end in a lot of disagreement and wasted time. Since time is money in our world, communication must happen first to succeed.

“The best partnerships aren’t dependent on a mere common goal but on a shared path of equality, desire, and no small amount of passion” – Sarah MacLean

Situation 3: Partners who make assumptions about their vision

Let’s say the present or the future is in jeopardy. What if the vision is changing for one of the partners? You can’t win the game if one player decides to peace out and jump to another game altogether. What if he or she wants another end result?

The partners begin drifting apart. It may not even be a conscious decision to go different directions. The currency of life could make a drift happen. But perhaps they do want to throw in the towel. 

You’ve got to come back together and agree to the same goal, the same North Star. Do you have the same goal for the next year? The next 3 years? The next 5? What is the vision for expansion and growth? How do you want to disrupt the industry? If you fail to communicate, each party might start to wonder if the other partner is really on the same page. 

That uncertainty creates friction. Frustration builds up, seeps into relationships and decision-making. It sucks the life out of the partnership. Communication is king. So communicate. It’s not complicated.

Situation 4:  Partners who run on autopilot, without auditing for success

One must communicate to keep the business strong. Once you get to a certain level, it’s easy to start making assumptions and let the company coast a bit. It’s not exactly being lazy. It’s just being comfortable with the systems you put in place. The problem is you might find areas that just aren’t working anymore, and yet no one is taking the time to communicate about how to get rid of them. It only takes a moment to speak with your business partner to assess what parts of the business are working, and what parts are holding it back. 

Often, it’s time to cut the fat. You’ve got to learn to serve at the highest level for the highest good of your clients. Ultimately, that serves both your clients and your business best. It serves you best. That means you and your partner must communicate to streamline. Outsource. Eliminate. 

Often this requires humility. Partnership is not about ego. It’s actually about continual refinement and willingness to grow. You can’t be a lone wolf in a business and expect to lead the pack. Leaders are servers, and often the best leaders communicate in a way that encourages others to speak up so that they don’t miss something important in the day-to-day operations. 

I want to know if there’s something I could do better that I’m not doing, even as an 7-figure earner and owner of a busines that does 8 figures in revenue. Simple solutions can be chosen in a matter of minutes if you talk with your partner with the goal to succeed.

In the end, all business and non-business partnerships boil down to a few simple questions. If we narrow down our vision, clarify and sync up, we can be the best of the best in our field, regardless of the economy or market trends. Sit down and have a conversation. Ask each other: what are your intentions? Why do you have those intentions? Why is this project or goal a priority? When you communicate the answers to those questions, you can understand perspectives and move forward together. A business partnership leads to success by knowing each others’ strengths, sharing a vision, cutting the fat, and most of all, clearly communicating

Trevor Cowley is a 37-year-old serial entrepreneur, investor, and co-owner of Easier Accounting, 60 Day Credit Repair, and an Everbowl franchise. He’s also the co-host of a business podcast that's ranked in the top 1% in the world called, Real Business Owners with his business partner Kale. The Real Business Owners Instagram page has grown to over 130k followers in just two short years and continues to grow day after day. Trevor's mission is to make a positive impact in the entrepreneur space by giving advice to those who are going through the struggles of owning a business. Trevor is passionate about entrepreneurship and plans to continue seeking opportunities that will make a positive impact on his life and others.

Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

The Entrepreneur’s Reading List That Transforms Ideas Into Empires

These must-read titles and writing insights reveal how entrepreneurs turn bold ideas into empire-level success.

Published

on

top entrepreneurship books for business growth
Image Credit: Midjourney

Entrepreneurship is powered by stories—of accomplishment, failure, and decision moments that define businesses. Books are maps, providing insight from individuals who’ve traversed the road ahead. (more…)

Continue Reading

Entrepreneurs

The Leadership Shift Every Company Needs in 2025

Struggling to keep your team engaged? Here’s how leaders can turn frustrated employees into loyal advocates.

Published

on

Bridging the gap between employees and employers
Image Credit: Midjourney

In workplaces around the world, there’s a growing gap between employers and employees and between superiors and their teams. It’s a common refrain: “People don’t leave companies, they leave bad bosses.”

While there are, of course, cases where management could do better, this isn’t just a “bad boss” problem. The relationship between leaders and employees is complex. Instead of assigning blame, we should explore practical solutions to build stronger, healthier workplaces where everyone thrives.

Why This Gap Exists

Every workplace needs someone to guide, supervise, and provide feedback. That’s essential for productivity and performance. But because there are usually far more employees than managers, dissatisfaction, fair or not, spreads quickly.

What if, instead of focusing on blame, we focused on building trust, empathy, and communication? This is where modern leadership and human-centered management can make a difference.

Tools and Techniques to Bridge the Gap

Here are proven strategies leaders and employees can use to foster stronger relationships and create a workplace where people actually want to stay.

1. Practice Mutual Empathy

Both managers and employees need to recognize they are ultimately on the same team. Leaders have to balance people and performance, and often face intense pressure to hit targets. Employees who understand this reality are more likely to cooperate and problem-solve collaboratively.

2. Maintain Professional Boundaries

Superiors should separate personal issues from professional decision-making. Consistency, fairness, and integrity build trust, and trust is the foundation of a motivated team.

3. Follow the Golden Rule

Treat people how you would like to be treated. This simple principle encourages compassion and respect, two qualities every effective leader must demonstrate.

4. Avoid Micromanagement

Micromanaging stifles creativity and damages morale. Great leaders see themselves as partners, not just bosses, and treat their teams as collaborators working toward a shared goal.

5. Empower Employees to Grow

Empowerment means giving employees responsibility that matches their capacity, and then trusting them to deliver. Encourage them to take calculated risks, learn from mistakes, and problem-solve independently. If something goes wrong, turn it into a learning opportunity, not a reprimand.

6. Communicate in All Directions

Communication shouldn’t just be top-down. Invite feedback, create open channels for suggestions, and genuinely listen to what your people have to say. Healthy upward communication closes gaps before they become conflicts.

7. Overcome Insecurities

Many leaders secretly fear being outshone by younger, more tech-savvy employees. Instead of resisting, embrace the chance to learn from them. Humility earns respect and helps the team innovate faster.

8. Invest in Coaching and Mentorship

True leaders grow other leaders. Provide mentorship, career guidance, and stretch opportunities so employees can develop new skills. Leadership is learned through experience, but guided experience is even more powerful.

9. Eliminate Favoritism

Avoid cliques and office politics. Decisions should be based on facts and fairness, not gossip. Objective, transparent decision-making builds credibility.

10. Recognize Efforts Promptly

Recognition often matters more than rewards. Publicly appreciate employees’ contributions and do so consistently and fairly. A timely “thank you” can be more motivating than a quarterly bonus.

11. Conduct Thoughtful Exit Interviews

When employees leave, treat it as an opportunity to learn. Keep interviews confidential and use the insights to improve management practices and culture.

12. Provide Leadership Development

Train managers to lead, not just supervise. Leadership development programs help shift mindsets from “command and control” to “coach and empower.” This transformation has a direct impact on morale and retention.

13. Adopt Soft Leadership Principles

Today’s workforce, largely millennials and Gen Z, value collaboration over hierarchy. Soft leadership focuses on partnership, mutual respect, and shared purpose, rather than rigid top-down control.

The Bigger Picture: HR’s Role

Mercer’s global research highlights five key priorities for organizations:

  • Build diverse talent pipelines

  • Embrace flexible work models

  • Design compelling career paths

  • Simplify HR processes

  • Redefine the value HR brings

The challenge? Employers and employees often view these priorities differently. Bridging that perception gap is just as important as bridging the relational gap between leaders and staff.

Treat Employees Like Associates, Not Just Staff

When you treat employees like partners, they bring their best selves to work. HR leaders must develop strategies to keep talent engaged, empowered, and prepared for the future.

Organizational success starts with people, always. Build the relationship with your team first, and the results will follow.

Continue Reading

Entrepreneurs

What Makes an Entrepreneurial Leader? Traits of the World’s Best Innovators

Inside the mindset of entrepreneurial leaders who transform risk, passion, and vision into world-changing results.

Published

on

entrepreneurial leadership skills and traits
Image Credit: Midjourney

When you think of Richard Branson (Virgin Group), Bill Gates (Microsoft), Steve Jobs (Apple), Rupert Murdoch (News Corporation), and Ted Turner (CNN), one thing becomes clear: they are not just entrepreneurs, they are entrepreneurial leaders. (more…)

Continue Reading

Entrepreneurs

Building a Business Empire: Lessons from the World’s Boldest Entrepreneurs

Learn essential lessons, success strategies, and mindset shifts every aspiring entrepreneur needs to overcome challenges and build a thriving business.

Published

on

how to build a business empire
Image Credit: Midjourney

Back in July 2017, I attended a business seminar on entrepreneurship in India. With my appetite for learning and meeting new people, I wanted to explore the latest developments in the entrepreneurial world. (more…)

Continue Reading

Trending