Is partnership in business Good??
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| Why partnership business fails mostly? |
A business which is run by more than one owner is called as partnership business. Partnership means dividing business management in partners. Dividing business related works among partners and running business smoothly then dividing profit in pre decided ratio.
Partnerships in big size businesses are run successfully because there are employees to handle it properly. Everything is well managed so there is transparency which keeps partnership healthy. And hence business runs smoothly.
While as in small size businesses, it is seen that if it's in partnership then most of businesses are closed or partnerships are broken due to disputes. After beginning , such businesses run well for some period then disputes starts for workload sharing, profit sharing etc etc.
So is it possible to run a business well in partnership?
why partnership business fails
why partnership business fails
why do partnership businesses
fail
Why do partnership businesses fails in india
why partnership firm is not a legal entity
what happens if a business partnership fails
What are reasons behind failure of business in partnership?
Why partnership businesses fails mostly?
What cares should be taken while starting a business in partnership?
How to manage partnership business?
Let's discuss all this briefly here.
First of all , it should be clear between partners that all works related to business will be shared equally. Everyone will share work load equally. No one will think that he/her is only owner of the business. All partners must work as employee. Ownership attitude can kill bonding between partners.
Most important thing here to discuss is that, all partners must understand and respect each others knowledge level. No one among partners should ever think that I have knowledge then I am the boss of business. Partners must use their knowledge to correct mistakes of other partners, to improve knowledge of other partners. & Partner with less knowledge must keep learning from other partners. This will help to improve bonding between partners. Hence will lead business to a good direction.
Mistakes are done by people who do something. So this must clear to every partner that mistakes will happen. Partners duty is to correct it and make it sure that mistakes will not happen again. If a partner is doing mistakes then other partner must prevent it. Partnership must work as mistake preventing system. No one should get angry among partners for mistakes of anyone in business.
Everything should be properly well written. Means records must be maintained. All bills, invoices, expenses must be recorded transparently. All activities related to business should be known to other partners.
Weekly or monthly review meetings should be taken there. Meetings must be private between partners only. All things should be discussed in meeting. Next plannings, responsibilities sharing to be done.
A family get together of partners can help to make strong bond between partners. Partners must involve in sorrows,happy moments of partners. Problems of partners must be solved.
Overall saying is that transparency must be maintained between partners.
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