The fact is that not all deals or partnerships might work effectively as imagined to be. Some might not just formalize due to extraneous factors that could affect the agreement. Similarly, a lack of flexible approaches or goals or Communication Issues might impact your partnership business. Hence, leaders should look out for some signs that could indicate the partner chosen was the wrong one.
8 signs of business partner chosen is a wrong one
1. Unaligned Vision and Mission:
Your vision and mission should stay aligned always be it while working with your partner. In any of the partners chooses a different route, all partners will be following different paths. It will lead to mismanagement and chaos in the organization.
2. Poor communication:
Lack of proper communication can be a sign of the partnership falling apart. If responses are not prompt or communication is unclear, then it reveals that the partnership will not work out. Upfront communication indicates the kind of relationship and work you will enjoy with your vendor or partner in the future. You cannot expect communication to become better later on in such cases.
3. Vague answers:
Financial Mismanagement can cause partnership businesses to face loss and subsequently wind up. You may ask your partner a vital question on finance or other crucial aspect related to your business. But you find that the answers provided are not satisfactory as certain parts of the question have been avoided. Something is not just right. Your partner should give direct answers and not beat around the bush. In such conditions, the partner could be dishonest or secretive.
Inconsistencies are considered to be a major warning sign you need to look out for while assessing a prospective vendor, partner, or Business mentor. At times, vendors might be disingenuous as circumstances could change that are outside their control. Look closely at how they tackle such changes. Are they satisfied with you taking the hit or sacrifice personally?
5. Lack of responsibility:
The truth is no person is 100% perfect all the time. At times, people tend to make mistakes. But if your Business Mentors, vendor, or partner fails to admit being wrong and simply point fingers at others, it can be a serious issue. They should be accountable as it can help your business to grow and achieve success.
Dealing with partnerships these days has to be a win-win situation for both the concerned parties. Working with an inflexible partner or vendor who offers no or little assurance or guarantee can invite trouble in your business. Since you are the customer, your vendor should accommodate reasonable requests possible.
7. Lack of respect for your time:
It is undoubtedly the biggest red flag that you should be aware of. If your partner misses a call, is late, or reschedules the meeting at the last minute, then he/she is unfit. Not adhering to a specified timeframe will mean not respecting your values or not caring about your urgent needs. If you are on time and respect your partner expect the same from him/her. Also, handle Financial Mismanagement
8. Trash-talking others:
Your prospective vendor or partner might trash-talk most of the time about their former clients or competition. It indicates that the partnership will collapse soon. Such people can also be difficult to work with and you are likely to get the same treatment.
The above indications clearly show that your prospective business partner is not worth the choice. If you get the above warnings, simply move on to find another partner who can fit your requirements perfectly. The right partner can make a huge difference to your business and derive positive effects.