You have a great idea for a business, and you know it will be a success if you can only make it come to fruition. There are many elements you will need to make your dream a reality.
A new company will need seed money. You will also require contracts and legal advice from a lawyer who deals with small businesses similar to yours. You must advertise your services, and you might need help providing those services.
Starting a business means creating relationships with new people. Conflicts often happen among business partners, investors, and vendors that can prevent the company from getting off the ground.
Learning to resolve conflict is an important part of starting a successful business. There are a few tips for de-escalation that conflict management professionals recommend to entrepreneurs.
Start With a Written Business Plan
Putting things in writing can resolve a multitude of conflicts. If you have business partners or investors, you should start with a written business plan detailing how to handle every element of the business.
It is best to have the assistance of a professional attorney when you write this plan. A business attorney or a consultant will be well-versed in the issues partners and investors must consider when creating a start-up.
One of the most important things you should include in a business plan is who will be in charge of what in your organization. Delegating responsibilities will help to avoid conflict by giving specific individuals the final say over certain decisions.
For example, if you are trying to decide what marketing company to hire, you should certainly have a meeting about it with your coworkers. However, if you discuss it, take a vote, and are still unable to agree, the person in charge of marketing should have the final say.
Deal With Conflict When It Happens
When people work with each other, they often do things to annoy each other. They might not want to say anything to one another because they do not want to start conflicts. This is especially true when friends start a business together. They do not want to ruin their relationship, so they put their feelings aside.
Unfortunately, small conflicts often escalate into large ones when people do not say how they feel. But dealing with conflict head-on is easier said than done. Most people will have problems doing so. Fortunately, some companies train people in professional conflict management. Some of the world’s biggest companies have their managers undergo conflict management training.
You will learn to understand the psychological components of conflict, how to respond rather than react, and engage in conversations respectfully yet firmly.
Create a Solution Together
Pulling rank should only be used as a last resort if you are an entrepreneur. It is always best to listen to everyone on your start-up team. The attorneys, advertisers, and computer programmers you work with will do a better job if they have input on how situations will be handled.
When you have a conflict, the first thing you should do is find out why everyone feels the way they do. Explore the possible outcomes of everyone’s solution to a problem. If you see potential roadblocks with a certain person’s solution to a problem, find out how they would deal with that issue. This will make them think about your concerns without making them feel disrespected.
Be Open to Change
It is important to have regular meetings with your partners and investors. Although you should have a written business plan going in, you should be open to changes. You may do things according to your plan, only to find that not everything about that plan works.
If you feel something about your initial plan doesn’t work, you can bring it up at the next team meeting. You may find that you need a bigger budget or that you need to take on more investors. There is nothing wrong with modifying a business plan.
Running a new business is a learning experience, and there will be some mistakes along the way. If you plan well and have a system for dealing with conflict, your business will be successful.