6 Tips to Manage Your Business after Loosing Partner!

manage business after partnership endsBusinesses that are born in result of partnerships always experience a continuous threat of partnership been dissolved for some reason or the other.If you are an entrepreneur and started your business, sharing the idea and the profit with a partner and recently experiencing ups and downs in your partnership, you need to learn how to carry on in case the partnership comes to an end. Do not forget that your business is what actually matters, therefore, the following tips would really help you in keeping your game going on!

1)Follow the transactions

When working with a spouse, it’s difficult to get informed mainly in case of transductions made, because you worked in collaboration and prefer to divide the work rather than discussing every move. But working alone could occupy your mind and could create situations where you create bosses rather than keeping an eye yourself. It’s better to keep a track of cash flow, payrolls and expenses, though it may seems irritating, signing a bank draft every second, but do not forget the rule “No one could be trusted, no one is ingenuous and kind to you no matter what face explains, business is business, no hard feelings”.

2)Recall the treasure lists

It is important to note every single move you make, from holding an account to casual numbers and passwords, so in case of emergencies, other could hold of it and use it efficiently, rather than collapsing in the hard situations. You better not forget to hold evidence of important deals and policies, so in absence of the one, other could unwind himself from the strangling situations without you.

list important details

3)Get over it

“Personal life and business should always be dealt separately” well known words, but in reality, when working with spouse, we blend our business life and personal life and it’s almost seamless transition, thus it’s not only at home where we feel empty but it is everywhere. When suddenly an unplanned, accidental and shocking feeling of not being together again, and feeling of loneliness engrossed you completely and is shattering you from inside, its better to take a break and hold on unless you get over it, because emotions and instability is not good for your professionalism. Eventually things will be ok and you can come back with a fresh start and better strategies.

4)Time to change

Working in partnership, where you divide the load is totally different than working solely where your decisions are not following the honest and sincere discussions. Change the strategies, come up with batter plans, make new moves, be creative and step ahead to taste the charm of risk and experiments. There could be a possibility that your single change may exponentially elevate the profit graph of your company. It’s good to explore and make a change, rather than stick to same plans because with time situations change and with situations it’s better to adopt the change because there is going to be only survival of fittest.

time to change-think big

5)Have faith

Thinking about bringing a new staff? Forget it! You already have enough to handle, believe me you do not want to hire and explain the entire process to a new bee, because there is no room for mistakes at this critical stage. Trust on them because they are the only people you can rely with minimum worries of dissidents and problems. When you will be passing the road of crises and emotional distress, it will be them entertaining the customers well and keep you less burden because they care about you.

one day things will be all ok again

6)Time to Show up

It’s better to take a gap before you could start all again but don’t stay disappear that people actually start wondering, whether you would be able to keep the business open. Stay in touch by calling clients and reassuring them, this will definitely subsides the rumors.

Loosing a business partner is something that is one of the worst situations in the life of a business. Try to manage your professional issues well enough to avoid landing u in such a state.

Best  Wishes

2 thoughts on “6 Tips to Manage Your Business after Loosing Partner!”

  1. Nice Post, I think Sole Proprietorship is far better option than partnership, but sometime there is a need of partnership therefore you should keep options if your partnership fails for some reason

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