6 rules for successful business co-operation

Partnership can be different: you may lack funds to scale up the project, or you may lack a person with great experience in the industry. In the latter case, do not choose the first colleague you meet as a partner. Choose a strong specialist who will be useful in the business.

If your partner performs tasks that can be done by a salaried employee, it is better to hire a salaried person. A business partner should bring something special to the table that you can't get from an ordinary employee.

Choosing a business partner is like choosing a husband or wife. Ask how your potential partner has behaved in the past. If you find that a potential partner has failed to pay child support, defaulted on loans, had debts or problems with the courts, or ignored agreements, it is likely that he or she will do the same to you. Mafpel's Cyprus recruiters carefully analyse a candidate's CV and background before offering them a partnership.

Observe how the candidate behaves in different situations. How quickly he reacts to problems, whether he always answers the phone during working hours, whether he does not pass on responsibility to others. A person with questionable moral qualities and work ethic will be unreliable.

Take a closer look at whether your partner is willing to develop business with you, or whether his aim is to make money quickly and disappear. If the only motive for working together is to make a profit, the business may not go according to plan. Your business will only develop if your partner is not only interested in money, but also in the success of the common cause.

At the beginning of cooperation it is worth drawing up a legally binding contract in which the interests of both parties are set out. If one of the companions draws up all the documents and property for himself and the other remains a partner only in words, such cooperation will be effective until the first conflict. Any serious dispute will result in loss of investment. Documents will protect both partners in the event of difficulties or the need to divide the business.

From the beginning, agree on all the nuances of working together, distribute the responsibilities and functions of each of you. It is better to put it down on paper. Your partner may take an active part in setting up the business or simply invest money. Discuss in advance how the profits will be shared in either case. The business partnership should be mutually beneficial. During the process of working together, the partner may wish to withdraw from the project. Decide how you will share the profits. Mafpel's management specialists say that the best way to avoid misunderstandings is to have a signed plan or agreement on paper.

Talk to your partner more often about your business problems and the results you have achieved. Think about the next steps for the development of the joint business, analyse the actions of strong competitors. Continually monitor your position in the market.