In the last year or so, I’ve written several blogs on the importance of choosing your business partners wisely. There was the tale of fashion designer Daniella Helayel who’d chosen an ill-fitting investing partner and lost her fashion label; and who could forget the devastating story of Erin Morrison Flynn being ousted from her own company just before its billion-dollar valuation? These are all devastating and true stories that must be used as lessons for upcoming entrepreneurs. However, do these stories need to end as negatively as they did? Why can’t business partners make amends and continue to pursue their dreams together? Is it even possible to do so? Hopefully this list of tips and tricks will assist many of you budding entrepreneurs (or employees) on how to mend failed or strained business relationships.

Admit What Happened

If you expect to fix your strained partnerships, you must first acknowledge that something has gone wrong in the first place. Placing blame on the other party will not solve anything; that isn’t the proper mindset to get into. You must simply take a step back from the situation, no matter how angry you may be, and realize that, somewhere along the road, an error was made. Once you’ve admitted this to yourself and your partner, then you will be able to move forward.

Acknowledge Your Mistakes

Now that you’ve acknowledged the problem, you must acknowledge that you must have, in some way, shape or form, contributed to that problem. This is usually easier said than done considering that most of us like to think that we’ve done everything right. But if you hope to progress, you must confess. Maybe you were incredibly demanding, or you micromanaged your other employees or business partner or maybe you were a tad too unorganized. Whatever the case may be, these situations are rarely ever one person’s fault. By not admitting your fault, you are then likely to resent your coworker, which can lead to belittling, which can then make the situation so much worse.

Look Ahead

Whatever the situation may be, forget it. Try to get over your coworker’s past mistakes and focus on your work or the company’s best interest. Make your grievances known (in a polite manner) and ask that your coworker try to work with you on addressing these concerns. Develop a strategy for handling the problem together in order to put this in the past and move forward. If you continue to dwell on it, it will never get better

It’s a new year. It’s a chance for new beginnings and new potential. Make a resolution to start fresh and work out any problems. Resenting or avoiding your coworkers or business partners will only lead to failure. If it means you must be the bigger person in the situation, so be it. Just get the ball  to recovery rolling so that you can roll that ball towards success.