105 Questions to Ask Your Business Partner

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.

Values and Vision Alignment

  1. How do you envision the future of our business?
  2. What is your ultimate goal for our business in the next five years?
  3. How do you define success for our business?
  4. What are the non-negotiable principles you believe we should uphold?
  5. What impact do you want our business to have on our community?
  6. How do you see our business adapting to changes in the market?
  7. What legacy do you want to build with this business?
  8. How should our business contribute to social responsibility?
  9. What are your personal goals, and how do they align with our business?
  10. What are your thoughts on company culture, and how should we shape it?
  11. How do you balance short-term gains with long-term vision?
  12. How do you feel about taking risks to achieve our vision?
  13. What is your vision for our customer relationships and brand reputation?
  14. How do you stay inspired and motivated to reach our business goals?
  15. How often should we revisit and possibly revise our business values?

Roles, Responsibilities, and Expectations

  1. How do you propose we divide responsibilities?
  2. What expectations do you have of me as your business partner?
  3. How often should we review our roles and responsibilities?
  4. What skills do you bring to this partnership?
  5. What accountability mechanisms should we establish?
  6. Who will handle day-to-day management tasks?
  7. How should we handle overlapping responsibilities?
  8. What is your policy on delegating tasks?
  9. How do we handle it if one partner cannot fulfill their responsibilities?
  10. How will we make decisions if our roles lead to differing opinions?
  11. What are your expectations for my involvement in operational tasks?
  12. How should we communicate our roles to our team?
  13. What happens if we need to change or swap roles?
  14. What contingency plans should we have if one partner steps down?
  15. What are your thoughts on succession planning within our roles?

Communication and Decision-Making

  1. How often should we schedule formal meetings to discuss business progress?
  2. What is your preferred method for resolving disagreements?
  3. What is your approach to making difficult decisions?
  4. How do you balance logic and intuition in decision-making?
  5. How do you prefer to receive and give constructive criticism?
  6. What is your approach to involving team members in decision-making?
  7. How do you prioritize decisions that need immediate attention?
  8. What is your approach to long-term strategic decisions?
  9. How do you document and track the decisions we make?
  10. How do you handle the pressure of making high-stakes decisions?

Strategic Planning and Growth Goals

  1. What key milestones do we aim to achieve in the next year?
  2. What is your vision for scaling the business?
  3. How should we approach market expansion?
  4. What are our targets for revenue and profitability in the next five years?
  5. What industries or markets are you interested in exploring?
  6. What investments do we need to make to support our growth objectives?
  7. How often should we update our business plan?
  8. What is your approach to risk in strategic planning?
  9. How do we ensure our growth plans are sustainable?
  10. How do we maintain competitive advantage as we grow?
  11. What is your approach to international expansion?
  12. How do you plan to leverage technology for business growth?
  13. What are your thoughts on mergers, acquisitions, or partnerships for growth?
  14. How do you plan to maintain quality while scaling the business?
  15. What are your thoughts on diversifying our business offerings?

Financial Management and Investment

  1. What is your approach to budgeting and financial planning?
  2. How do you prioritize spending and investment in the business?
  3. What are your thoughts on taking loans or seeking external funding?
  4. How do you plan to manage and minimize financial risks?
  5. What is your approach to profit distribution and reinvestment?
  6. How do you handle financial setbacks or unexpected expenses?
  7. How do you approach financial transparency between us?
  8. What are your thoughts on investing in new technologies or innovations?
  9. What is your approach to setting financial goals and milestones?
  10. How do you handle financial disagreements or differences in opinion?
  11. What is your plan for managing tax obligations and compliance?
  12. How do you approach financial negotiations with clients or suppliers?
  13. What is your strategy for maintaining financial stability during downturns?
  14. How do you plan to secure and manage our business’s financial future?
  15. How should we approach cost-cutting if necessary?

Conflict Resolution and Problem-Solving

  1. What steps should we take if we find ourselves in a conflict of interest?
  2. How do we ensure conflicts do not affect our business operations?
  3. How should we handle conflicts with external stakeholders?
  4. What are some preventive measures we can take to avoid conflicts?
  5. How do we maintain professionalism during disagreements?
  6. What role do third parties play in our conflict resolution strategy?
  7. How do we ensure fair treatment in resolving conflicts?
  8. What are the most common sources of conflict in business partnerships, and how can we preempt them?
  9. How do we handle conflicts that involve ethical dilemmas?
  10. How do you ensure that problem-solving is proactive rather than reactive?

Risk Management and Contingency Planning

  1. How do you prioritize risks that need immediate attention?
  2. What is your strategy for managing financial risks?
  3. How do you plan to mitigate operational risks in our business?
  4. What is your approach to managing market-related risks?
  5. How do you manage risks related to employee turnover or talent shortages?
  6. How do you assess and manage risks related to supplier or vendor dependencies?
  7. How do we assess the risk of new investments or expansions?
  8. How do we train our staff to handle emergency situations?
  9. How do we communicate risks and their management to stakeholders?
  10. What insurance policies do we need to consider?

Legal and Compliance Issues

  1. What legal structure is best suited for our partnership?
  2. How do we stay updated on relevant business laws and regulations?
  3. What legal protections should we put in place for our intellectual property?
  4. How do we handle contracts and agreements?
  5. What is our approach to maintaining compliance with industry standards?
  6. How should we prepare for legal audits or inspections?
  7. What are the legal implications of expanding our business?
  8. How do we manage legal disputes with third parties?
  9. What is our policy on handling sensitive customer data?
  10. How do we ensure compliance with employment laws?
  11. What legal advice do we need for our current business operations?
  12. How do we handle changes in partnership agreements?
  13. What are the consequences of legal non-compliance for our business?
  14. How do we document our legal processes and decisions?
  15. What are our responsibilities in reporting financial activities?

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Bea is an editor and writer with a passion for literature and self-improvement. Her ability to combine these two interests enables her to write informative and thought-provoking articles that positively impact society. She enjoys reading stories and listening to music in her spare time.