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Small Business Insight

Running A Business With Your Life Partner? Five Tips from VMS

velocity-merchant-services-running-a-biz-with-life-partner
Running a business with your life partner can be an exciting thing, however, there are a few things to keep in mind if you want to maintain a healthy personal and business relationship. Here's what 
President, Founder & Inspirational Leader, Dema Barakat and CEO / MBA, Danoush Khairkhah, at Velocity Merchant Services | Credit Card Processing, husband and wife team, strongly suggest you do to "keep it all together."

Separate Personal Time From Business Time
One of the most important steps in running a business with your spouse or partner is to maintain a good relationship with each other. That's why it's important to separate personal time from business time. One way to do this is to avoid discussing personal matters during work hours. Instead, set aside time after work hours for your personal time.

Have the Same Goals
Without being on the same page about your business and life goals, it's difficult to operate your business effectively. Review and discuss your business goals with one another. Develop the vision for the company together so you can have a common goal and reduce potential conflicts.

Have Good Communication
Communication is key to running a successful business, especially if you're running that business with your partner, so it's important to communicate. Communication shouldn't just be limited to each other, the whole company will benefit from extending the communication to your employees. With clear communication, you can achieve the business goals you set and avoid many potential problems caused by miscommunication.

Define Your Roles
When you don't know who is responsible for specific tasks, you can easily set your business up for failure. That's why it's important to have clearly defined roles and assign these roles according to your strengths. This helps employees know who to report to or consult for specific tasks, such as making purchasing decisions. Remember, that both of you can't be the CEO if you want business operations to run smoothly. So, it's also important to understand that one partner may have more decision-making power in a specific area of the business than the other.

Be Diplomatic
Conflict is bound to arise when your working with your spouse. So, it's important to figure out how to resolve it without sacrificing your personal and business relationship by practicing diplomacy. That means sometimes you may have to give in to your partner to keep the peace. Also, involve a trusted third party to help you both make decisions that are best for the company if you can't come to an agreement. That way you can ensure you both don't slow down production or important core activities that help the business grow.

Final Thoughts
Being able to run a business with your partner calls for making a plan that works for each of you and the business. By following these tips, you can ensure your business runs effectively while maintaining a healthy relationship. 

At Velocity Merchant Services, your success is our passion. We want you to be able to envision where you want to be in the future, and then help you get there. If we can help you get started with your own business, or help your business grow, give us a call at 888-902-6227. Follow us on Facebook, Twitter, Instagram, Google+ and LinkedIn for better business insights tips, and ways to succeed in your industry.

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