The Power of Partnerships

Today’s post is by Randy Russon, founder of TOPCFOS

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So, why do people form partnerships when they go into business? I think there are many reasons why they do this, but I would say one of the biggest reasons is because they have others to share the workload with. I believe other reasons are friendship reasons and having others onboard helps to remove that awful feeling of loneliness. When you’re by yourself, it’s a tough world out there. Another reason why people form partnerships is because people bring different talents and resources to the table. When partners combine the workload, they can get twice as much done.

This is one of the most common reasons why people form partnerships in business. Tremendous strength comes from partnerships when those in the partnership lean on each other. If you’re working hard, and you look up to see your partners working just as hard, it’s really inspiring and helps to build enthusiasm and unity in the group. Compare this to the lone entrepreneur. The lone entrepreneur has to carry the entire load and wear several hats to accomplish the same thing. The next reason why people form partnerships is for friendship reasons.

Friends like to do things together. This is why it’s so common for friends to go into business together. Friends already enjoy being together, so why not augment this by running a business together? The running of a business is so challenging, because there are so many aspects to it. When people already have a strong friendship this can really help them work through the many issues that need to be dealt with. The next reason why partnerships are so helpful is because it really helps to avoid loneliness.

When entrepreneurs are on their own without partners, it’s very lonely at times. In those initial stages of a business, when you’re the only one running the business it can be very overwhelming at times. By having partners, the friendship and comradery pushes loneliness out the door. The last reason why partnerships are so powerful is because partners bring many different talents and resources to the table.

When partners get together, you might have one partner who is weak in keeping track of the details, and another partner who is strong in this area. And, the same is true with resources. Partners bring different resources to the table when they form a partnership. One partner might have more assets to invest in the business than others. This can bring a lot of strength to the partnership when this happens. As can be seen from the forgoing, there is power in partnerships and this is why partnerships in business are formed all the time.

We hope you’ve enjoyed our Blog today. Please remember, TOP CFOS offers the finest CFO services to companies anywhere in the world and would love to be a part of your team. Feel free to reach out to us anytime. Your feedback is most welcome, and we invite you to share this post with friends and associates. Our contact information can easily be found here on our website, so give us a call today! Our next post will come from the Strategy category on our website and is entitled Business Plans. And, thank you for joining us!