Business partners often have strengths in different areas that they can pull together to run the company. Even the best partnerships will sometimes have disagreements that need to be resolved.
A partnership dispute can have a negative impact on the business. It’s crucial that these matters are handled appropriately so the business doesn’t suffer.
#1: Look at the options from all angles
Some business disputes come down to a difference in opinion. Looking at the options from all angles may help you to determine what’s best for the business. Put your opinions aside and look at things objectively.
#2: Discuss the matter calmly
A calm discussion with your business partner might be all you need to get things sorted out. Make sure you do this where employees and customers can’t hear. You don’t need anyone getting upset or passing around incorrect information so keeping the matter quiet is probably a good idea.
#3: Rely on expertise
If one business partner has expertise in the area of the dispute, they should have the ability to make their case for why they think it should be handled a specific way. Sometimes, having the reasoning behind a decision spelled out clearly may help everyone to understand.
#4: Take a break
If things are really tense regarding the dispute, it might be best to take a break from it for a while. Some urgent matters might not make this possible, but you should try to if you can. You and your partner may be able to come back and discuss the matter more calmly and come with a resolution.
#5: Get outside help
It’s sometimes necessary to use mediation, arbitration or litigation to resolve these matters. Your partnership agreement may have the terms for dispute resolution, so be sure to check that before you decide what action to take.
Business partners sometimes have to make difficult decisions in order to protect the business. Working with someone who can help you to evaluate the options that are available. It may behoove you to have someone who’s already familiar with your company.