In Business Together

In Business Together

In Business Together

Are you a couple who own a business between you, or about to start up such a venture? Lots of successful businesses are operated this way. Others unfortunately have fallen by the wayside, the personal relationships of their owners being more of a hindrance than a help.

Secrets of Business Success

So what are the secrets of those who've made a success of it? Probably the most important aspect is that you both share the same vision for your company, and both are equally passionate about what you are doing. And you must have a strategy for making decisions if you find you don't agree about something. You could take advice from someone independent of the family, whose opinions you value.

Defining the Roles

If you have structured the organisation to make the most of each other's strengths, this shouldn't happen too often. Your start-up business plan should set out clearly the roles of each person and why they are best for them. Each of you will then be aware of your own and your partner's responsibilities, where the boundaries lie, and what decisions you should be making.

If your business plan doesn't include this, it's time to review it. And while you're at it, why not brainstorm all your strengths and weaknesses and how to make the most of the strengths and overcome the weaknesses?

The Work-Life Balance

Try to keep work time separate from your personal activities. Make some rules about when you talk about the business, and stick to them. Running a business is hard work and time-consuming. If the only time you have for discussing it together is over dinner, make sure the conversation doesn't overflow into the bedroom.

Using Your Outsourced Bookkeepers

Just like in any other business, large or small, you must keep a clear picture of the finances, check your profit and loss reports regularly, and of course, your cash flow forecasts. Your experienced outsourced bookkeepers will help with that. And if you are looking for that independent person, it could also be the one who does the books and knows almost as much about your business as you do.

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