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5 Tips for Balancing Friendships and Business Partnerships

Female founders Sophia Trunzo and Lior Root are no strangers to building and scaling successful businesses, but between their two start-ups and their friendship they’ve also been able to maintain a successful business partnership. Co-founders of both Paradigm Media and Loopholes, share how it’s a journey that requires dedication and care, but the rewards of shared successes, support, and the lasting bonds formed are worth every effort. While challenges may arise, the benefits of cultivating a partnership that combines professional goals with personal connection are immeasurable.

Here 5 tips for fostering a thriving partnership:

  1. Effective Communication: Open, honest, and respectful communication is the foundation of any successful partnership. We try to express our thoughts and feelings clearly, and encourage each other to do the same. Discussing your shared goals and values will strengthen your connection and give you a sense of common objectives.
  2. Adaptability: Life changes, and partnerships must adapt accordingly. Sometimes you have to pivot, but be flexible and willing to evolve together under any circumstances. We have been through our fair share of pivots and found they truly made our partnership stronger.
  3. Quality Time: Spending a lot of time together is inevitable, so why not enjoy it? We make an effort to have quality time whether it’s networking, doing a fun activity, or just grabbing lunch. We’re lucky to create meaningful memories together, while also being able to keep the balance between business partners and friends.
  4. Support: Be each other’s cheerleader and support them through challenges and successes. Encouraging your partner shows you’re there for them and you appreciate their hard work. In our industry, we’ve experienced many ups and downs but whether it’s landing a new client, or creating a new partnership with a publication, we really try to celebrate each other’s achievements, no matter how big or small.
  5. Long-term Vision: A successful partnership takes time to develop, so be patient and maintain a long-term perspective. We’ll periodically have a discussion to openly talk about our partnership to assess what’s working, what needs improvement, and how we can grow together. Remember that every partnership is unique, and there is no one-size-fits-all formula.

In the complex, and sometimes intertwined, world of business partnership and friendship it is clear that harmony can be achieved with mindfulness, communication, and flexibility. As we’ve explored the various strategies, from setting clear boundaries to fostering open dialogues and adapting to changing circumstances, it is evident that a successful balance between these two aspects of our lives is not only possible but also rewarding. Tailor these tips to suit your unique dynamic and maintain a willingness to continuously learn, evolve, and foster your partnership, be it in the realm of business or friendship.