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Surviving As A Couple In Business
When Bob and his wife Prudence decided to start a business together, they jumped right in. They thought it would be fun to work together. Unfortunately, this kind of strategy and lack of planning can cause a couple to kill their romance or even end their relationship.
Bob and Prudence didn't give a lot of time or thought into the mechanics of how they would work together. The problem they ran into was the same one many couples realize when opening a shared business - they may know how to manufacture or sell a product or service, but few have the experience needed to run a thriving business.
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sponsored by:
SIERRA PACIFIC
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TOP SHELF TIP NO. 66
"Coming together is a beginning. Keeping together is progress. Working together is success."
Henry Ford, founder of Ford Motor Company, 1863-1947 | |
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Today and Friday Promotional Consultant Today will explore ways married couples and families can succeed and even prosper in business together.
Goal Setting
Every business should have a written business plan. In the beginning it might be only one or two pages. As the business grows, the plan can be tweaked.
There are basic items a plan must convey to avoid future conflict among married couples. First, it should state the overall goals that you want to accomplish -- this is the main element of the plan. Perhaps you want to grow your company from a local to a statewide company.
Ask how you plan to let customers know you are open? What will you do to advertise and market your goods or services? These are two basic elements of the business plan.
Also, it should cover all the responsibilities necessary to make the company successful, and it should describe who is in charge of each responsibility -- including sales, marketing, expenditures, and finances.
Next, it's time to sit down together to determine a budget. Discuss how much money you will need to accomplish all the goals you have placed in the business plan.
Responsibilities
Your business plan should clearly state the different responsibilities needed to run your business. Together, you should determine who is best to accomplish each of the responsibilities.
Is your spouse better at finance and numbers? Let the stronger one be in charge of fiscal responsibilities. The spouse who is in charge of the financials should also be responsible for government reporting and all functions relating to accounting.
Once a job function is designated to someone, respect him or her to make the right decisions. As the company grows, make sure the appropriate person continues to handle his or her responsibilities. Talk with one another about responsibilities on a regular basis.
Communicate Effectively
Everyone has a different style of hearing and learning--of communicating. Stop and listen to how you speak to one another. Some people hear what you say but they need a little time to process what was said. Learn how each other hears and be patient.
When there is a disagreement, never voice those concerns in front of others. Always go behind closed doors or go to a nearby café to discuss the issues.
Nobody likes being told what to do by his or her spouse. Avoid acting or appearing as if you are the boss. Let each person state their opinion and if possible, go back to the written business plan as a reference guide.
Tomorrow we'll discuss Egos, Meetings and your Board of Advisors.
Source: Zelda Fraden is a consultant, speaker and entrepreneur. She is the former president of Women Business Owners of North Florida and a past recipient of the regional SBA Family-Owned Business of the Year Award. | |
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