How do I deal with a 50% business partner who can’t hold up his promises?
Today’s question came from a busy entrepreneur – but this issue occurs for both small business owners and corporate employees.
Right now I own 50% of a technology startup aimed at real estate agents. I am responsible for developing and maintaining the upkeep of all the software associated with our business. The other partner is in charge of selling the product, however, he gets way too distracted with other life things such as his real estate work. Although he makes promises and tries to motivate me to keep working on our business because he will “sell the crap out of it”, I still don’t feel a solid effort on his part. Should I try to find a way to kick him out or continue to engage him to sell our product? Thanks.
Whether you are a small business owner or an employee of a large company, you probably have had experience working with partners or co-workers that you feel are not pulling their weight.
Business Owners with partners:
If you have not done this already – take up the time to document a business plan with roles and responsibilities for each partners. The business plan should include some SMART goals for each partner (specific, measurable, achievable, relevant to your business, and timely/time-bound). Your business plan needs to include consequences (what happens when the SMART goals are not met or delivered).
Including SMART goals (milestones on when you both agree that the goals will be met) – you will have a better footing on whether he is making a solid effort. If/when those milestones or deadlines are not met – then you follow-through on your “consequences” –or next steps that you both agreed to upfront.
Taking the time upfront to map this out – saves you a lot of anxiety in the future.
Employee with project partner:
This may seem like a totally different situation, but it’s not. As an employee, (if you haven’t done this already) write out your Personal Business Commitment (PBC) plan. This document has YOUR business commitments, roles and responsibilities. It outlines what you expect from your manager as well as what they can expect from you. It also includes “consequences” such as rewards for making quotas, etc.
After you have these plan outlines and approved by your manager – you have frequent one-on-one meetings with your manager to continually review your performance against your PBC.
Taking the time upfront to map this out – saves you a lot of anxiety in the future.
If you need help with your next steps on this – feel free to contact me and let me know what you decide to do.