Starting a business with a partner is an important decision, requiring open communication and shared goals to ensure success.
I’ll take you through a selection of important questions designed to thoroughly explore your potential business partnership.
Whether you’re setting roles or planning for the future, getting these answers early on can lead to a more cohesive and successful partnership.
Table of Contents
Values and Vision Alignment
- How do you envision the future of our business?
- What is your ultimate goal for our business in the next five years?
- How do you define success for our business?
- What are the non-negotiable principles you believe we should uphold?
- What impact do you want our business to have on our community?
- How do you see our business adapting to changes in the market?
- What legacy do you want to build with this business?
- How should our business contribute to social responsibility?
- What are your personal goals, and how do they align with our business?
- What are your thoughts on company culture, and how should we shape it?
- How do you balance short-term gains with long-term vision?
- How do you feel about taking risks to achieve our vision?
- What is your vision for our customer relationships and brand reputation?
- How do you stay inspired and motivated to reach our business goals?
- How often should we revisit and possibly revise our business values?
Roles, Responsibilities, and Expectations
- How do you propose we divide responsibilities?
- What expectations do you have of me as your business partner?
- How often should we review our roles and responsibilities?
- What skills do you bring to this partnership?
- What accountability mechanisms should we establish?
- Who will handle day-to-day management tasks?
- How should we handle overlapping responsibilities?
- What is your policy on delegating tasks?
- How do we handle it if one partner cannot fulfill their responsibilities?
- How will we make decisions if our roles lead to differing opinions?
- What are your expectations for my involvement in operational tasks?
- How should we communicate our roles to our team?
- What happens if we need to change or swap roles?
- What contingency plans should we have if one partner steps down?
- What are your thoughts on succession planning within our roles?
Communication and Decision-Making
- How often should we schedule formal meetings to discuss business progress?
- What is your preferred method for resolving disagreements?
- What is your approach to making difficult decisions?
- How do you balance logic and intuition in decision-making?
- How do you prefer to receive and give constructive criticism?
- What is your approach to involving team members in decision-making?
- How do you prioritize decisions that need immediate attention?
- What is your approach to long-term strategic decisions?
- How do you document and track the decisions we make?
- How do you handle the pressure of making high-stakes decisions?
Strategic Planning and Growth Goals
- What key milestones do we aim to achieve in the next year?
- What is your vision for scaling the business?
- How should we approach market expansion?
- What are our targets for revenue and profitability in the next five years?
- What industries or markets are you interested in exploring?
- What investments do we need to make to support our growth objectives?
- How often should we update our business plan?
- What is your approach to risk in strategic planning?
- How do we ensure our growth plans are sustainable?
- How do we maintain competitive advantage as we grow?
- What is your approach to international expansion?
- How do you plan to leverage technology for business growth?
- What are your thoughts on mergers, acquisitions, or partnerships for growth?
- How do you plan to maintain quality while scaling the business?
- What are your thoughts on diversifying our business offerings?
Financial Management and Investment
- What is your approach to budgeting and financial planning?
- How do you prioritize spending and investment in the business?
- What are your thoughts on taking loans or seeking external funding?
- How do you plan to manage and minimize financial risks?
- What is your approach to profit distribution and reinvestment?
- How do you handle financial setbacks or unexpected expenses?
- How do you approach financial transparency between us?
- What are your thoughts on investing in new technologies or innovations?
- What is your approach to setting financial goals and milestones?
- How do you handle financial disagreements or differences in opinion?
- What is your plan for managing tax obligations and compliance?
- How do you approach financial negotiations with clients or suppliers?
- What is your strategy for maintaining financial stability during downturns?
- How do you plan to secure and manage our business’s financial future?
- How should we approach cost-cutting if necessary?
Conflict Resolution and Problem-Solving
- What steps should we take if we find ourselves in a conflict of interest?
- How do we ensure conflicts do not affect our business operations?
- How should we handle conflicts with external stakeholders?
- What are some preventive measures we can take to avoid conflicts?
- How do we maintain professionalism during disagreements?
- What role do third parties play in our conflict resolution strategy?
- How do we ensure fair treatment in resolving conflicts?
- What are the most common sources of conflict in business partnerships, and how can we preempt them?
- How do we handle conflicts that involve ethical dilemmas?
- How do you ensure that problem-solving is proactive rather than reactive?
Risk Management and Contingency Planning
- How do you prioritize risks that need immediate attention?
- What is your strategy for managing financial risks?
- How do you plan to mitigate operational risks in our business?
- What is your approach to managing market-related risks?
- How do you manage risks related to employee turnover or talent shortages?
- How do you assess and manage risks related to supplier or vendor dependencies?
- How do we assess the risk of new investments or expansions?
- How do we train our staff to handle emergency situations?
- How do we communicate risks and their management to stakeholders?
- What insurance policies do we need to consider?
Legal and Compliance Issues
- What legal structure is best suited for our partnership?
- How do we stay updated on relevant business laws and regulations?
- What legal protections should we put in place for our intellectual property?
- How do we handle contracts and agreements?
- What is our approach to maintaining compliance with industry standards?
- How should we prepare for legal audits or inspections?
- What are the legal implications of expanding our business?
- How do we manage legal disputes with third parties?
- What is our policy on handling sensitive customer data?
- How do we ensure compliance with employment laws?
- What legal advice do we need for our current business operations?
- How do we handle changes in partnership agreements?
- What are the consequences of legal non-compliance for our business?
- How do we document our legal processes and decisions?
- What are our responsibilities in reporting financial activities?