Jame’s Obrien’s article, What your small business can learn from a rock bank caught my attention for a short while. I thought he would report more then some basic business legal advice. So, playing in rock bands my whole life, and practicing as a CPA business consultant, I will take a shot at it.
- Your business partnership and rock bands are marriages: Like in any marriage, don’t focus on what the other person can’t (or won’t) do for you. Instead, focus on the things that compliment you. It is not important that one person is successful, only the sum of the parties.
- Don’t be afraid to use the standard SWOT analysis for each partner: Strengths, Weaknesses, Opportunities, and Threats of each partner can bolster a strategy when confronted up front. Each person realizing their limitations will help other partners to fill in the gaps.
- Find the business ‘s rhythm: My jazz piano son and I agree, people who clap their hands on the 1st and 3rd beats of a song are annoying. Clapping on the 2nd and 4th count drives the song. Likewise, every business has its rhythm, and every partner has to stay in sync.
- Everyone should agree when the song will end: I remember watching an opening act for Boston in the 1980s. It took me two songs to figure out that the musicians did not know when the song was end until the lead singer-guitarist jumped up in the air coming down on the last beat of the song. In partnerships, there should always be a documented plan of what will happen to the business if certain events happen–like a partner dying.
- A new instrument will not necessarily make you play better, if you haven’t mastered the old one: Too many businesses capitalize with unnecessary assets. Look critically at everything from office space to equipment, to insurance.
As as CPA business consultant, I have seen many partnerships fail in theory before they get started. Like a marriage or rock band, some of the best music is made years after the beginning.