Business Continuity Audit

Are you and your spouse planning to go into business together? While it would make perfect sense to some couples, it could be a path fraught with pitfalls for many others. Here, we’ve put together a list of five strategies for forming an effective partnership with your spouse:

1. You need to talk: The key to a successful marriage lies in communication. The same holds true for a business relationship. Develop an effective way to sort out differences and resolve disputes. Do not let issues fester and develop into a serious problem, especially since there is a risk of that spilling into your personal lives. While at work, leave your family problems back home and when you go back home, do exactly the opposite. This is the only strategy that can help you weather the difficult times both at work and home.

2. Split the roles: It is very important to chalk out what each of you is going to do. Divide your roles and responsibilities. Chart out an activity plan for the work day that keeps you from stepping on each other’s toes. Typically, in small businesses, one partner handles customer-centric activities, such as sales and business development or preparing proposals and job estimates. The other partner takes care of the day-to-day operations including bookkeeping, payroll management and general office administration. Major decisions such as investing money into a new project, hiring key employees or resorting to new sources of financing should be taken together.

3. Carve out your niches: Right at the start, identify the skills each of you bring to the business and take it from there. With individual domains to manage, chances of conflict are lower, and you’ll have some experiences to share at the end of the day.

4. Give each other room: It is necessary for each of you to have your own space to work in. Having separate offices is ideal, but might not be feasible if yours is a home based business. Even then, you must create separate work spaces.

5. Look ahead: While it’s hard to think about the company’s future (or closure!) before you’ve even launched it, it’s important to sit down with your spouse and decide where you want the business to be, say five years down the line. And you would be better off agreeing on how to part ways as business partners if things don’t work out as planned.

Working with your spouse isn’t impossible, and can work for the right people. If you and your spouse share a common vision on the goals for your business, it shouldn’t be difficult to start one together and build a solid foundation for greater things.

By: Akhil Shahani