Trust is one of the bedrocks of any successful relationship, but when it comes to intertwining finances and business, the stakes get even higher.
The complexities of doing business using a partner's bank account and the level of trust that should exist before that can happen were explored on Nigeria Info’s Sunny Side. A cross-section of callers believes that while blending personal and business finances might seem convenient, it requires a high level of trust and clear communication.
One caller stressed the importance of a strong foundation before doing business using the bank account of your partner. He said some partners might lack the financial acumen needed to manage business funds effectively, adding that it is often wiser to open a separate business account.
“From my observation, some of our partners don't even know how to manage resources, they don't know how to manage funds, so if you have such partner, how will you trust that partner with your business funds?” he asked.
Another caller shared a personal story. His wife temporarily used his bank account for her business, but every night, she would demand her money back, all of it!
A female caller brought another perspective to the conversation, noting that financial management skills often vary. She argued that some men might struggle with keeping detailed financial records, whereas some women might be more meticulous and accountable. She advised listeners to "test" their partner's financial know-how with some "careless questions" before entrusting them with business funds.
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