Don’t Be A “Silent Partner”
Having taken the bold and daring plunge into the entrepreneurial pool a good few times, one of the biggest lessons I’ve learned is managing my expectations and those of my business partners’ and growing team. This is a crucial element to ensure ultimate productivity, and naturally, it all comes down to communication.
When starting a new business, there is always superhuman powerhouse passion, energy and excitement which drives you to accelerate forward. Whether you start up with one or more partners, sharing the load is ideal but not always well managed. You may be the perfectionist of the party who takes on more than you can handle; building up to a work load of responsibilities that is impossible for you to maintain. This could result in your partners feeling unsure of their role and value added in your budding new business, or oblivious to the unrealistic pressures you have taken on. There are vast varieties of the one “you may be” which is why it is vital to discuss and manage each others’ expectations in the embryonic stage of building your business.
Always meet your partners or your team in a neutral space while getting off the ground.
People are generally more confident in their own homes, and tend to be less assertive in others’. A coffee shop will ensure that you all speak freely in a comfortable setting that is neutral to all parties.
Be honest and critical about your vision for the business and what you can offer.
Outline your strengths and experience with confidence, and offer security in your knowledge and skill sets. Be genuine about your weaknesses and your humble commitment to learning from your team to develop these areas. Actively listen to others while they share their views and opinions. Ask questions and take notes at each meeting which should be recorded and followed up with accordingly.
Establish job roles and responsibilities as early as possible.
Discuss this in detail and set realistic but challenging deadlines for each of you to report back with on a weekly and monthly basis. Feedback and progress, even in the earliest stages in the simplest form, should be recorded and filed.
Although managing finances can be tricky in the beginning, it’s worth opening a separate business account.
Every single transaction needs to be clearly referenced and accounted for and monitored, with open access to all financial records for all partners. Finance meetings are a crucial communication element, so be sure to discuss the money pot in detail and as often as possible.
Aim to rent or set up a work space as soon as financially viable, where you all commit to fair working hours. A register record system will establish equality, consistency and effective time management for all. This will ensure that you maintain a healthy balanced routine and work ethic, and further allow for and encourage continuous communication.
So don’t be a “silent partner”… manage expectations with consistent communication! Contact the team at Simply Graphic to get brainstorming on the building blocks for your booming new business.