I’m sure you’ve heard the old saying you can’t mix friendship and business but this isn’t necessarily the case. First of all it depends on the type of friendship (see future blog) then it depends on the parameters you place in effect (see below). Friendship and Business are a hard combination but when they work you can find true success not just in your business life but personal life as well.
1) Be clear and precise on what you expect step by step and the consequences of achieving such goals or missing them. You might bend these achievement goals a bit but if you bend them to far your friendship as well might bend to the point cracks.
(2) Step of command on which decisions you will make, which they make and which you will decide together.
(3) Understand and discuss each others strengths and weaknesses and work within those boundaries.
(4) Set an exit strategy that allows either one of you to move away from the business but keep the friendship going if certain circumstances occur.
(5) Keep your word/commitment and if you’re negligent take responsibility and accept the consequences.