Signs of a Bad Business Partner
Sound too good to be true? Than it most likely is.
I want you to think about that for a second. How many times in your life have you looked at an opportunity and thought “Wow, this can’t be real!” Now consider why you’re looking at that opportunity. Have they verbalised your ideas and they promise to make it happen? Is it because you have never had that kind of opportunity?
Whether it is a new contractor, a partnership or joint collaboration, just remember listen to your inner voice.
Be aware of the signs.
You have an offer to go into business, a partnership for a joint collaboration.
Be even more wary if they say: “trust me, hand on my heart, I 100% believe in what you do, I would never do anything to jeopardise your business”. That in itself should send warning bells.
With the current business climate, there are plenty out there to try a quick dollar or two. Seek independant advice. Reach out to the office of The Australian Small Business and Family Enterprise Ombudsman.
I want to remind you of this:
- Stay true to yourself and your core values
- Don’t get tempted with bright shiny objects
- They have business “skeletons” in the closet, and always an excuse why.
- They won’t sign an agreement. – true indication that they have something to hide or have ways to manipulate the situation.
As an entrepreneur, your reputation is everything.. Depending on what the issues are, a bad partnership could lead to loss of clients, a toxic work environment and an inability to find ways to increase profits. Which in turn, can affect your health and welfare.
If your partner is unethical or engaging in fraudulent behaviour, it could even mean fines or legal action against your company. Yet they seem to escape – how do they not get caught?
Bad business partners/contractors come in all shapes and sizes, from complainers to reluctant communicators to outright liars. While it’s sometimes obvious that you have chosen badly, most of the time the signs are subtle and progressive. Read more from Tony Robbins with his article – Seven Signs of a Bad Business Partner.