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Education

Strength in partnerships Business partners may also budget jointly. One partner
may focus on physical expenses, the other on marketing.
Collaboration improves budgetary efficiency.

Collaboration is also useful when deciding on payroll.
When it comes to recruiting, paying, and retaining
workers, two heads are better than one. How much to
budget for personnel, when to hire seasonal or full-time
workers, etc. By bouncing data and outcomes off one other,
you may gain insight and creativity, which leads to better
hiring choices.
Inventory management

Building inventory requires cash. To build a good
By Ellie Y. Katz inventory, you must plan and act carefully. While focused
on day-to-day store management, you'll be less likely to
National Retail Solutions make an error involving inventory if you have a partner
who can assume responsibility for ensuring stock levels
unning a small to midsize business can be dif- are kept in check. Ordering too much of an item wastes
ficult. In addition to managing goods, a busi- shelf and storage space. When preoccupied with other
ness owner must continuously manage capital. issues, you may order the correct products but not enough
R Also, a business owner must maintain connec- of them. You could sell out of stock, spurring dissatisfied
tions with consumers and distributors. These pressures consumers to move to a competitor. If you're constantly
can induce sleeplessness and anxiety, harming a business out of stock, you'll lose customers and income.
owner's physical and mental health, which can lead to
burnout. Community building

Business partners can help decrease this stress. Plus, A business partnership may assist in building public,
partnerships often outperform single proprietorships. manufacturer and distributor connections. One partner
Initially and through the partnership's existence, business can build relationships, meeting businesses one-on-one
partners may share responsibilities, labor and ideas. and taking part in community events like street fairs. The
other can take care of other responsibilities like budgeting.
Funding, planning Sharing your resources may help you grow your network
and receive referrals.
A merchant's ideal business, for example, needs funding to
properly budget for utilities, labor and other expenditures. This is all worthless, though, unless you work with the
Starting a new business can be costly, and doing so on a appropriate individual or company. You want someone
whim might be financially disastrous. you can trust and who is willing to work hard. Research
potential partners and seek advice. Then follow up.
It is great to have a business partner who can help minimize Examine the person's social media. Before making a
upfront costs and improve cash flow. They may be able decision, consult a trustworthy person who wants to
to help with growth, too, for it's possible your business help you succeed. You might also consult a friend or
partner will know more about running a company than family member of the potential partner. But if you choose
you do. this path, tread carefully. Arguments, egos and prior
disappointing business results may exacerbate family and
After obtaining funding, considerable planning is needed relationship problems, clouding their opinions.
to ensure a successful launch. You'll need to budget for
variables, for instance, a c-store or corner market would Choosing a partner with the highest level of ethics,
need to budget for infrastructure such as shelves, storage, business experience, tolerance and brand reputation will
kitchen items if you plan to offer hot meals, equipment inspire others to join your expanding company. Do your
and perhaps equipment upgrades.You must also budget research and select wisely to find a successful business
for client retention, advertising, and search engine partner.
marketing and optimization to compete online. Budgeting
also includes saving money for unexpected expenses like
new HVAC equipment. Ellie Y. Katz is founder, president and CEO of National Retail Solutions.
NRS is a leading provider of POS systems, NRS Pay credit card processing,
Expert business partners can help you stay under budget NRS Petro for gas stations, NRS Funding cash advance, and many addi-
and prevent problems. A store design expert may work tional products and services for small and midsize independent retailers
alongside a finance expert. Partners may assess one other's across the United States. Contact him by phone at 201-715-5179 or
budgets and provide recommendations for improvement. email at ekatz@nrsplus.com.

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