5 Ways to Resolve a Business Partnership Dispute
Business disputes are extremely common. They can occur even between the most amicable business partners working together in an otherwise healthy work environment. Whatever the source of conflict may be, you need to resolve it before things escalate.
Here’s how you can restore order and save your business partnership.
You’d be surprised to know how effective active listening can be in resolving business conflicts. The mere act of actually listening to the other person and trying to understand their perspective can work wonders. It can also help prevent or clear any misunderstandings between the two parties.
When you engage in active listening, you opt to listen to the opposing point of view instead of immediately challenging everything they say with your own arguments. This includes nonverbal cues as well, such as their body language. You should also listen to the tone in which they’re narrating their perspective as it can help you assess the situation better.
Don’t Rush to Judgment
As a business owner, you may be tempted to react to every statement made regarding your business. However, it’s important that you make informed and calculated decisions instead of rushing into one. Just because you didn’t like hearing what your partner had to say doesn’t mean you should go into battle mode and prepare to terminate your partnership. Instead, take some time to mull over things and view from every angle possible.
You need to think practically and rationally instead of letting your emotions get the best of you. This will help you make a better judgement and allow you to focus on the bigger picture.
Focus on the Solution
The key is to focus on the solutions, not on the problem. Whatever the issue at hand may be, the whole point of business dispute resolution is to get past it, not keep coming back to it.
Fretting over an issue won’t solve anything, but actually working together to devise a solution can definitely help you both put the matter behind you.
Of course, active listening alone doesn’t always work. Even if you have a good understanding of your business partner’s argument, you may not agree to it. Similarly, they may not agree with your perspective after you’ve explained it to them.
In this case, you can choose to negotiate with them and prioritise your needs and wants. The goal is to reach a compromise and negotiate an outcome you’re both willing to work with moving forward.
Want to avoid courts altogether? Mediation is the way to go!
The mediation process is similar to arbitration in that here too both parties get to make their arguments. However, unlike arbitration, this is an informal and candid process that doesn’t involve the court. Moreover, the mediator is an unbiased individual who merely facilitates the conversations and negotiations, without giving their own views on the matter. They also do not have the authority to make a decision. The results of a mediation process are non-binding, and the participants may choose to withdraw from the session at any point.
Want to settle your business disputes easily? An experienced mediator can help you with this.