Kwaraloaded Exclusive: 5 Ways to handle conflict with your Business partners
Even if two business partners are well aligned, there may be times when they don’t see eye to eye, especially when circumstances are rough. A business conflict can quickly escalate into an emotional attack or even a lawsuit if left unchecked. Business partners also run the risk of making decisions – or no decision at all – that will hurt the business over time.
Consider these five things if you have a disagreement with a business partner that might affect your company’s future:
1. Review any legal agreement or partnership deal
If a conflict develops, examine any legal agreements you have with the opposing party, such as a partnership agreement or a shareholders agreement. Check for any dispute resolution methods and any agreement pertaining to the situation at hand. It may be possible to find a settlement by relying on the initial agreement.
What if you don’t have any legal agreement? Then check for any informal agreement that existed when your partnership began. Any form of correspondence such as emails, messages, or even notes may hold the key. Look through them for any information that may help resolve the dispute between you and your partner.
2. Talk it out
When it comes to resolving conflicts, communication is crucial. Before taking any aggressive action, each party should objectively (without emotions) listen to and accept the other’s concern courteously, then work to find a solution that benefits all parties. Misunderstanding or confusion is the root of many business disagreements. Therefore, make an effort to clear up any disagreement. This might assist you in resolving the issue much more swiftly and efficiently.
Furthermore, keep a written record of the issues covered and any additional concerns mentioned or recommended outcomes.
3. Use a mediator
If neither party is prepared to compromise, bringing in an outsider in the form of a mediator might help resolve the disagreement.
Just like a marriage counselor helps salvage failing relationships, going to a coach (who is like a business therapist) together may offer each party an opportunity to vent their viewpoint and have their opinions recognized. Unlike litigation, this is a less expensive and time-consuming method of resolving conflicts. Most of the time, partners just want to be heard, and everyone wants what’s best for the business’s success.
Additionally, a coach counsels business partners on their professional relationships and business operations.
4. Clear your mind
Keep your cool and do something enjoyable. Get a wonderful meal, play a game that you enjoy, or engage in any fun activity. This can help relieve any pent-up tension or stress that may be preventing each partner from listening to the other’s views. A business talk at the end of the day or the following day might help clear disputes after everyone is calm.
5. Seek legal guidance
If you can’t resolve the dispute on your own or with the assistance of a coach, seek legal guidance. A lawyer can clarify your rights and responsibilities in the disagreement and offer assistance to prevent taking the matter to court.
