Differing Viewpoints

• Assess your partner's plans and objectives for your company before you make the partnership official. As the head of your business, your opinion matters to the welfare of your company. However, if your new business partner has other ideas of how the business should be run, you may encounter unnecessary problems. Not seeing each other's point of view could breed situations leading to communication breakdowns, dividing lines in the company and even legal action.
  
  

Security Risks

• Alliances might require sharing highly confidential information between companies or partners. Have all your partners execute confidentiality agreements to help secure your company's information. Also, consider installing security programs to monitor who has access to your sensitive data.
  
  

Cultural Differences

• If your company involves international customers, vendors or partners, being culturally savvy can be good for business. The converse is also true. Some cultures yell, cry, exhibit anger and other feelings openly. Other cultures may suppress their feelings and express only factual information. These differences can put important negotiations at risk. Recognize any cultural differences and adapt your approach.
  
  

Embezzling

• Etiquette says that you should trust your partner. Good business says you should make your partner earn your trust. Many small businesses do not implement internal controls to monitor employees and partners, which can result in profit bleeding. Use measures such as dual signatures and spontaneous reviews to catch potential thieves.