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Attract and Retain Top Talent
HOW TO ATTRACT AND RETAIN TOP TALENT: BUILDING AN ATTRACTIVE COMPANY CULTURE (reprinted from Technology Digest, June, 1998) How do you attract, and then keep, your most talented people committed, loyal and motivated? The question has frustrated...
How Joint Ventures Can Catapult You to Success
Substantial opportunities for increased sales and profits are missed by not seeking out and implementing joint ventures. Strategic alliances also create value for the customer and save money and build future relationships for the partners. ...
Lone Wolf -- Lead Wolf
Copyright 2005 Rick Johnson Lone Wolf----Lead Wolf “The Evolution of Leadership” Privately held companies range in size form very small “Mom & Pop” operations with revenue as low as $100,000 or less, to huge multi- million dollar...
Profit - The Goal and More Than Margins!
Small business owners, executives, and managers are always being challenged to maximize performance. Yet so many strive for the all important increasing sales without considering the best way to achieve what keeps all companies in business . . ....
The Business Autopsy: A Fact Of Life
Last week we discussed the importance of performing an autopsy on a dead business. No, I haven't been watching too many of those wonderfully graphic, TV forensic investigation shows. The reason I recommend you do a business autopsy is to uncover the...
 
The Do's and Dont's of Creating Business Partnerships

The Art of Strategic Alliance

I run a small meeting, event and conference planning company based in the New York City area. As an entrepeneur and small business owner with a limited advertising and marketing budget, developing business partnerships has been really helped me to get the word out about the services that I offer. For example, I have aligned myself with a DJ company as the preferred planner for their clients and am actively receiving business and referrals from this source. Also, due to my partnership with a travel agency, I am now handling meetings, conferences and events for inbound corporate groups from abroad. Forming strategic alliances has been and will continue to be a significant part of my long term business plan and model for exponential growth.

I have practiced the proverbial "art" of building non-competitive alliances with like minded companies, not just as a new entrepeneur, but also as a business building tool in all of my previous positions. While, on the whole, this strategy has yielded very positive results and significant revenue, there have been some negative consequences. So, I would like to share with you a very basic list of "do's and dont's" for creating successful business partnerships.

-Do seek out companies where your services would be a natural addition to the resources currently offered. For example, if you are a catering service specializing in healthy cuisine, you might want to partner with health club to offer special incentives to gym goers.

-Do choose organizations whose business ethic and overall image are at least generally compatible with yours. The last thing you want is to be associated with an organization who has questionable business practices. Although you may financially gain from such a partnership in the short term, that type of "bad business karma" can only affect you negatively in the long term.

-Do determine beforehand whether you will be operating under the aegis of your own company or your partner's organization. If you are ABC company and your partner is XYZ corporation, will you be marketed seperately as ABC company or an extension of your partner XYZ Inc.? Are you looking strictly for access to new clientele or for an opportunity for exposure as ABC company?

-Do specify how referrals will be passed to you. Will clients be contacting you directly or will the initial inquiry pass


through your partner?

-Do specify your payment structure in writing. Will you paid directly by clients that come to you or will the billing process take place through your partner's organization? If you are not being paid directly, what is the billing and payment cycle through your partner's company? What percentage of commission, if any, will you owe to your partner for business that comes in through their company?

-Don't dismiss partnerships with companies, organizations or individuals with whom you don't have an immediate and obvious synergy. Be open! Be creative! Explore! For example, I am in the process of working with several business coaches to create seminars on how to host successful product launches for home based businesses.

-Don't neglect to do your research. Ideally, partner with an organization that you are familiar with and whose services you have either used personally or in a business setting. (Or, get at least three referrals from others familiar with your potential partner's services and business style.)

-Don't accept verbal assurances, particularly where commission and payment structure is concerned. Even if you know and trust your partner, having a formal written agreement is insurance against misunderstanding.

-Don't hesitate to question a partnership that is not living up to your expectations. Strategic alliances are a two way street. If your counterpart is following your business agreement, politely remind them of their reponsibilities.

-Don't reveal any information, resources, benefits etc. that make your value proposition unique until you are 100% sure how that information will be used and presented by your business partner.

In short, strategic alliances can be an effective method of marketing, advertising and sharing resources. Whatever form your business partnership will take, be sure that expectations are clearly defined on both sides.


About the Author

Andrea has over ten years of experience in the events and hospitality industry. She is currently an entrepeneur and small business owner.

Andrea's company, Eleganza Meetings, Events & Conferences Inc., offers a full range of planning resources and services. She will also be launching allaboutsmallbiz.com, a website geared for fellow small business owners.

Andrea may be contacted via Eleganza's website http://eleganzaevents.tripod.com

 

Strategic Planning (in nonprofit or for-profit organizations)
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Strategic Planning Society: Strategy Development and Implementation.
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Strategic Planning in Smaller Nonprofit Organizations ... In short, as a result of a strategic planning process, an organization will have a clearer idea of ...
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STRATEGIC PLANNING MANUAL
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BPubs.com: Strategic Planning & Business Planning Articles
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Strategic Planning Tools
Strategic Planning is a method for positioning an organization to take ... A strategic planning process incorporates an in-depth planning model that takes ...
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Center for Simplified Strategic Planning, Inc.
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