One of the worst mistakes you can make when you and your partner are not on the same page is to assume that this problem exists in a vacuum. Sometimes we trick ourselves to believe that our relationship issues are only that, relationship issues, no more, no less. However, this couldn’t be farther from the truth.
The relationship between business partners is second only to marriage. Most likely, you will spend more waking hours with your business partner then you will your significant other. If this relationship is out of sync, it carries serious personal, professional, and emotional ramifications.
Imagine you have a glass of water and you put a drop of food coloring in it. The discoloration of the water will seem localized at first. However, as time goes on, the die slowly spreads and eventually discolors the whole glass of water.
That’s how it is when you have a poor relationship with your business partner. The stress and frustration slowly expands and has a deleterious effect on every other aspect of your life.
So ask yourself, what is your poor relationship costing you?
- Money: Communication issues between business partners decrease the growth potential and economic efficiency of your business. This hurts the bottom line and the stunted economic growth affects you, your family, and your employees.
- Health: When you are stressed, it permeates every aspect of your life. If you are stressed out at work, it still has an effect on you at home. You carry it with you. Chronic stress has been shown to contribute to cardiovascular problems, elevated levels of stress hormones, tension headaches, muscle tension, respiratory issues, and decreased libido (YIKES).
- Dreams: When you ask yourself to envision the perfect life, do you see constant stress and frustration being a part of it? No. By failing to address these issues between you and your business partner, you are jeopardizing the life you want to live. YOU DESERVE TO BE HAPPY!
Ask yourself this question: how much would I be willing to pay to eliminate this negativity from my life and get back on track with my partner? The number you come up with represents the hidden cost of a broken relationship with your partner.
So what are the costs that are unhidden? If you are unable to get back on track with your business partner, you will likely have to dissolve the business. If this happens, it will have the following financial impact:
- You will have to walk away from your business that was providing income for you and would have continued to provide thousands, hundreds of thousands, or maybe even millions of dollars for you in the future.
- You will have to pay attorneys and accountants to dissolve the business and may potentially have to go through a lengthy and unpleasant litigation process.
The stakes are high but you can take solace in the fact that you still have options. Relationships take work and you are doing the right thing by taking this first step to improving your relationship.
Kwame Christian, Esq., M.A. Negotiation Consultant and Negotiation/Persuasion Coach
Keep listening to the podcast to learn the keys to confident communication, negotiation, influence, and persuasion.