The Retail Doctor Video Library

SEARCH OUR VIDEOS

    management practices

    More Like This

     

    "What can I do to make sure I have a great business partner ?"

    A: The one thing I think so many people miss about getting a business partner, is you think it's all going to be great, right?

    It's your best friend. She's my partner. We went to school together. Our two families love each other and all that.

    See also, How To Avoid Going Bankrupt Like Payless? It Begins With Visiting Your Competitor

    The problem is that you don't go into the agreement with specifically, "This is what you're going to do, and this is what I'm going to do."

    In fact, it's a lot like married people. A couple goes in and they just say, "We'll run the business together," and there's no clear definition of "you do this and you do this".

    The reason why that's so dangerous is invariably, especially in a successful partnership, somebody will be doing more of the work and somebody will be less. And you want to be sure that you go through and you say, "All right, we're going to re-examine this once a year or something," but it's codified in your agreement, "This is how we're going to work. This is how we're going to separate. This is how we're going to make sure we reevaluate all the way so it's an equal partnership."

    Having a business partner can make your life easier. Just make sure that, just like an employee, you're going to tell them what each one is responsible for. Because without accountability, nothing works.

    And those of you who don't hold your employees accountable for retail sales training, you don't hold them accountable for coming in on time, you don't hold them accountable for cleaning the store, you don't hold them accountable for their actions with your customers, good luck with that because you're probably settling for an awful lot of bad behavior and you're picking up the pieces and that can make you kind of angry and cranky.."

    Suggested Videos

    More Like This

    What can I do to make sure I have a great business partner?

    Video Categories