A great challenge and one that can be achieved through the following steps

: Review and discuss the long term view with everyone involved
: Gather information and listen
: Initiate difficult conversations/brick walls are occasionally raised by those reluctant to change
: Consider all aspects and listen again
: Objectively assess the priorities of the changes required
: Ensure the team is engaged with the changes
: Proceed slowly but confidently
: Take it one step at a time….and continue to return to the plan

Not easy but it can be compared to the gradual changes you make to your own fitness and health, either make small changes resulting in improved long term habits or not bother at all…..an easy choice to make but one that needs objectivity, perspective and good communication, and of course, pro-active planning.

Something as simple as a regular meeting to check that business goals are on track and everyone still wants to be involved in the same way can be a critical part of managing partnership relationships, says business consultant Charlotte Rimmer.

Having an objective outsider in the room to help work through some of the thorny issues is a tried and true method of mediation which the director of Aide de MD says can significantly help small to medium enterprises with strategic growth and business planning.

With no hidden agendas, Rimmer says she is able to bring to the table a fresh perspective on why things might not be going as well as planned, suggest a way forward if things get stuck or out of control and address “the elephant in the room”.

“One of the most difficult challenges for a lot of businesses is the treadmill of work,” she says. “People who start their own businesses are often entrepreneurial with a lot of passion and commitment but they don’t often sit back and ask why isn’t the business going as well as it should? Or what happened to my lifestyle?

“One solution is to make sure you have critical milestones and smart goals and then meet regularly to ensure those milestones are being met,” she adds. Other critical aspects of success include a partnership agreement, complete with what do if one partner wants out.

At the direction of Rimmer, Derma Aesthetics partners Reika Roberts and Simone Vescio meet weekly – often by Skype due to one partner being interstate – to discuss their successes and challenges.

The business partners, who have worked together for three years, also meet face to face monthly to review their strategy and targets, and discuss issues within the business.

Having an independent person to help with the partnership agreement and business plan, then talk through the challenges on a regular basis, has been critical to the success of the skin-care specialists, says Roberts.

“If there is a conflict we have guidelines in place to work it out and to problem solve,” she says.

“It is easy to get emotionally tied to what’s going on. We don’t always agree with each other’s ideas but we have a process to assess things and see things differently.

“As business partners we work well on pushing each other to do the best we can but having someone independent helps bring the balance that’s required. It is easy to work hard and lose sight of our life outside of the business,” Roberts says.

Rimmer encourages business partners to talk about the company name rather than refer to it as “our business”.

“Talking about company XYZ doing something removes some of the emotion and makes it easier for those involved in the partnership to manage,” says Rimmer.

She says that qualifying the accountability of each business partner at every meeting is also important. “It is easy for someone to put their hand up to do something but then it is important to make sure it is done and within the time frame specified.”

Rimmer says every partner needs a job specification beyond “director”, which might form part of a partnership agreement.

Partnership and buy-sell agreements come in standard structures, which are adapted to include whatever the partners want to cover, says Marc Romaldi, a partner in Kelly & Co Lawyers.

Drawn up between the individuals and entities, they are legally binding and set in place a process to deal with changes in circumstances, he says.

While a partnership of individuals may just dissolve if one partner dies or is permanently disabled, if it is a company or a trust structure then the holding flows to the estate.

“It could end up being the original partner and their ex-business partner’s family running the business. To deal with that you might have a buy-sell agreement,” Romaldi says.

Without documentation, he says, there are rarely winners where issues of succession, or what to do when circumstances change, arise.

“Without timelines or guidelines around price or payment terms if someone wants out, negotiations can go back and forward,” Romaldi says.

“Very quickly the focus shifts away from running the business and generally nobody wants that.”

Bina Brown

The Australian Financial Review

Objectivity allows you freedom from a presumed behaviour, defensive response or invisible walls which can restrict your strategic thought process.

Be brave, keep objective and maintain perspective.

This is particularly challenging when it is your own or a shared business. The confidence to delegate and know that he/she will communicate strongly with you when necessary is often misunderstood. It is up to you as the “delegator” to set the lines of communication, check-in points and deadlines – don’t presume that your partner/colleagues will manage up or sideways. You may have always done this but they may not. Remember that it was you, after all, who left your job to set up your own company so that you didn’t have to manage up anymore and to enable you to enjoy managing your own business…and presumably you have chosen to work with these people as they have strengths to support your weaknesses.

How well do you enable others? How do you know?

I would recommend a business check-in plan; call it what you like, a business review or a partnership appraisal. Set a specific time to allow open discussion about your own role within the business. As companies grow and change, so do the duties. All your staff may have a job spec but how often do you consider your own? Are you the best person to be responsible for that division/role/project or could it comfortably be delegated? This also leads into succession planning and allowing yourself time away from the business…a whole new chapter!

Aide de MD continues to grow and my commitment to the business grows in parallel to clients requirements. A new perspective is key, I look forward to the next 6 years plus!

This is a great time to take a breath and consider your business
world, is it working for you or does it need tweaking? As a business owner, it
is difficult to make the time to re-consider your own goals within the business
and whether the direction you are taking is because it will take too much
energy to change or because it is what you really want.

Grab a coffee, find a sunny spot on your own and review your
goals…if you’re on track, celebrate and if you’re not, ring someone who can
help you gain perspective.

Act immediately, don’t put it in the “too hard” folder,
this is your business and you should be enjoying it!

In order for your staff to feel safe and secure and
therefore work at their optimum level, they require communication, trust and a
mutual recognition of values. There is so much to explore and it is a never
ending field of interest for me…I could read at least a book a day, and attend
one lecture a day and still learn….I am lucky I can do this (well, some of it)
while working on my business.

Do you enjoy your work and opportunities to learn and guide
every day?

I understand that you have to run the business in order  to employ people,  but you also started this business for a reason.

What was it and is it still relevant?  Can you click off the monitor, take a walk around the
office and listen to the people around you? Why did you hire them? What benefit
are they to the business? Are they receiving a genuine return in kind apart
from a salary? Are they engaged and if not, why not and how will that impact
you? What thoughts do they have and what interviews with other businesses are they considering
attending?

Worth a break? I think so….

It is very easy to search Google, bing, ask or  yahoo to find answers to questions on the
internet, but, do you really need to? There are a myriad of business tools,
advice and strategies available, fantastic for those “challenging, slow
days” but don’t forget about your own skills. What about just taking the
time to think about the question and you may already know the answer…all on
your own.

What should be done next? It could be the answer on your formulaic
business process, but what about, “What should I do next?” If you’re
running a business, you already have entrepreneurial skills and a certain
amount of business acumen, trust yourself and use it.

Take a walk, look out of the window and think for a moment, more
often than not, the answer is there but your head is just too busy to hear it!