In order for a business partnership to work, a lot of conditions need to be met. First, partners must trust each other and honor mutual agreements, regardless if they were made formally or not. Second, they need to show respect for their partner and their abilities, even in instances where they’re doing all the work. By constantly showing to your partner that you could do without them, you’ll make them feel unneeded, which might make them reconsider the decision to team up with you in the first place. To avoid this, you can start showing some appreciation for your business partner on a regular basis and here are a couple of tips on how to do so with a gift.
1. Consult the corporate policy
Some companies try to establish an egalitarian in-office system, which is why they limit the maximum amount of money that employees are allowed to spend on gifts for one another. Now, depending on your relationship with your partner, you might decide to honor this policy and make this gift into something symbolic. You see, if you’re co-owners of the business, you can also consider yourselves to be co-workers, meaning that this policy should more than apply in your case.
2. Something you know they’ll value
The most important thing you need to consider about the present is its subjective value for the recipient. For example, buying someone an expensive watch generally sounds like a good idea, however, what if the person in question never actually wears watches (this is particularly common amongst millennials and generation Z). Instead, you need to pick something that your partner will value and cherish. For instance, if they’re a golfing enthusiast, you should definitely consider getting them a set of golf clubs or, better yet, an advanced golf swing training, since they probably own the clubs and know the basics. Even more powerful and fruitful gifts could be arranging a shore excursion or a cruise for both, your partner and you.
3. Research the local culture and etiquette
The next important thing for you to focus on is the local culture and its etiquette if your partner is a foreigner. In the world of international business, such a thing will be a real probability. Therefore, you’ll never know when a gift that you intend to give to your business partner is inappropriate or sends the wrong message. When it comes to specific dos and don’ts, you need to find a specific guide, seeing as how something that sounds like a great gift in one country may end up being outright insulting someplace else.
4. Quality and price don’t necessarily align
Keep in mind that a gift to a business partner doesn’t necessarily have to be expensive, it does, however, need to be of the highest quality possible. Remember that a gift is a matter of good will and that no one can compel you to look towards something you can’t afford. As a matter of fact, by getting something too expensive, you’ll put the emphasis on the price tag of the present, which is not something you’re aiming to do. You can also put your partner in an awkward spot, where they’re unsure whether they should accept, seeing as how it’s A) a big commitment and B) usually a scenario that implies that they are expected to return the favor at one point.
By adhering to these four simple tips alone, you can ensure that the gift that you pick for your partner is much more adequate and effective. You can also ensure that it sends the message that you’ve intended to deliver all along and that it doesn’t pose a risk of misinterpretation in any way. All in all, choosing a gift for your business partner is an art, as well as a skill that you’re bound to use again and again.