How to Handle Conflicts with Your Business Partner
While working with a business partner is great and allows you to run the business more efficiently, it also comes with certain challenges. Like any relationship in life, it might be wrong to assume that everything will get along well. There are times when business partners develop conflicts. When both parties are rigid, getting professional help for business conflict resolution is a great way as it allows you to solve things without having to go through the troubles of filing and fighting a case in the court.
In this blog, we will share what you should do to resolve conflicts with your business partner.
- Plan Upfront and Stop Fights Before They Start
If you know there is something that will likely start a disagreement or fight, try to avoid such things in the first place. Two of the most common conflicts among business partners are related to how much effort they are putting in to run the business and how much they are investing in the business or getting from profits. Create work responsibilities and financial policies right from the start to avoid any questions about the division of work or money.
- Don’t Judge At Once
Especially in cases of small businesses, any decision may seem large and deeply personal. It can be very easy for you to start a fight when your partner disagrees with you, or vice-versa. What you should do is to take some time, remember why you entered into this partnership, grasp what they are saying, and consider your partner’s position. This can be of great help in preventing a business conflict.
- Have an “Active Listening” Session
This is a common tactic where each person sits and listens to the partner’s opinion without speaking or reacting for a set duration of time. It can be remarkably useful to cool temper and give each side an opportunity to present their views and listen to the other partner. However, if one or both of you refuse to communicate and resolve directly, you should first take the help of a business mediator. They are experts in business conflict resolution and their mediation assistance can help ease ongoing tensions and make each side feel heard.
- Get Professional Help
As said above, there are some times when a neutral third party is required to resolve a dispute. The entire field of business mediation exists for this very reason. Business mediators are trained to resolve conflicts of all kinds, including the financial ones. They can help you lead a cleaner dispute, a faster resolution, and an outcome that is favorable for both parties. Even if the outcome is a compromise, a business mediator makes sure that each side is giving up the fair amount and no one on the negotiation table feels ripped off.
Sometimes, business conflicts cannot be avoided no matter how harder you try. Thus, staying connected with the business mediator allows business partners to get more compatible with the mediator over time, which in turn, results in smoother and less-tensed business conflict resolution sessions in the future.