Saturday, June 28, 2008

The first time someone mentions the idea of a strategic partner, I would bet you kind of roll it around in your head, but don’t give it much thought – it feels like giving up part of your business, and that is the LAST thing you want to do. A quick segue – don’t let your ego cause your business to fail. By thinking you can do it all yourself, and that everything that has to be done can only be done by yourself will minimize both your capabilities – the abilities to get work done, and your capacity – the amount of work you can complete in a given time period.

Let me define a strategic partner. A strategic partner is a person or organization with similar values and beliefs to your own business, that has a specific complementary expertise that will manage a specific aspect or your business using their expertise for a fee. The short version is this person or organization will be your organization’s spouse. As long as you share a vision, are honest and respectful to each other and meet each other’s expectations (financial or service-related), you may have a long-term relationship.

Some things a partner won’t do would be to take you for granted, do something that would compromise your organization, not communicate with you and look out for its own self interest to the detriment of your organization. What makes it a partnership is that the honor and respect is reciprocal.

The quick and dirty – looking for a partner for your organization:

• Know your business – start with a business assessment. Make sure you have an understanding of how the role you seek to fill impacts your business – cost, personal service, intimacy with your business, etc.
• Know the role you wish to fill – qualifications, requirements, industry understanding, education, experience, etc.
• Know your business beliefs – what does your organization stand for?
• Know how much you can afford to invest or spend. While measuring the cost/benefit is often rather easy to do – strategic partners often save you much more money than you will spend, measure the actual cost in terms of actual dollars you can spend.
• When looking for an organization, look for one that you can have a relationship, rather than one that will simply add you in its long list of clients. Remember, while you might like the sales person, most people change jobs every four years or so. The person you started with will probably only be with the organization for so long.
• Keep your organization’s values in mind, and make sure that your partner’s values are similar.
• Be clear on exactly what role you want filled. Neither party will benefit if both parties don’t have full understanding of expectations.
• Have a statement of understanding or contract so that both parties will have clear understanding of what is expected. This is not in lieu of a handshake, if that is your standard operating procedures. The statement of understanding simply spells out what you expect of each other and serves as a point of reference as your organizations grow.
  Try to find an organization that is your “equal.” Remember, you want to be able to serve each other and understand each other’s needs and wants.
• Understand that barter (trade) and cash are viable assets. Recommending each other’s products and services serve to strengthen relationships and strengthen the relationship. Communication should be often and ongoing. Remember, you are working in each others’ best interest.

Choosing a strategic partner should be taken no less likely then choosing an internal partner for your organization, or a spouse. If you chose wisely, both of your organizations can grow together. As Colin Powell once said, “None of us is as strong as all of us.”

At Aepiphanni Business Solutions, we are dedicated to serving the needs of small business owners. We specialize in helping you develop strategies for your organization, and are committed to your success. If you have further questions about creating your strategy or developing your vision, please give me, Rick Meekins, a call at 678-265-3908, or email us at info@aepiphanni.com.

Labels: Business Growth Strategies, Business Path, Strategic Partnerships

Thursday, June 26, 2008

It’s interesting, when I look at Olympic hopefuls, I can’t help buy consider what it takes to be one. If you were to see many of them, just walking down the street, you might not be able to pick them out of a crowd. Sure, there are those who have had wonderful opportunities to represent certain companies, but for the most part, they go on faceless and nameless. Yet, they are among the best in the world.

While many business owners don’t envision themselves as being the best in the world, I suspect most aren’t living up to their potential. When I look at many of the largest companies in the world, they started out like many of the Olympic athletes but they, like many of the athletes, did something to set them apart.

Consider this, if you will:

• Self Assessment: While it probably took a bit of trial and error, especially early in life, to learn what they were good at, at some point, it kicked in. Whether it was gymnastics or volleyball or basketball, they found something they loved, could do very well and could be passionate about.
• Focus: Once they discovered that passion, they poured their energies into it. The gymnasts didn’t spend half their time playing football; the swimmers didn’t play ice hockey on the side. They remained focus on their given sport.
• Specialized: My wife, a former track star, tells me about her training. Her specialties were hurdles and relays. That is what she did and that’s what she did well. When she was asked to run races that were outside of her specialty, she didn’t perform nearly as well. When her substitute trainer had her run distances, her performance suffered. However, when her coach had her focused on the exercises that would make her stronger and better at what she was great at, she excelled.
• Vision: Every Olympic hopeful started off with a vision. Now, it may have started off that they wanted to be the best in their school, or in their club, but it started off with motivation to be the best at in their particular sphere.
• Plan: As with anything you do well, they plan to get better. Think about Olympic bodybuilders who have to train a certain way every day.
• A Coach: While athletes often have natural gifts, a coach can spot the imperfections in technique, provide motivation and help the athlete reach far beyond where they could have achieved on their own.
• Discipline: Outside of the presence of their coach and everyone else in the world, the discipline to do the right things right is the key to achieving desired goals
• Going the Distance: Getting started is often easy. Sometimes giving up when things get rough is easier. In order to reach the goal, to attain the vision, going the distance requires all of these attributes.

While this list isn’t conclusive, it is easy to see how applying these attributes to yourself and your business can give you something to shoot for. Admittedly, no one can do it all themselves. While it takes all of these attributes to be successful, having a coach or a mentor is what will make the difference between an amateur and a professional.

At Aepiphanni Business Solutions, we are dedicated to serving the needs of small business owners. We specialize in helping you develop strategies for your organization, and are committed to your success. If you have further questions about creating your strategy or developing your vision, please give me, Rick Meekins, a call at 678-265-3908, or email us at info@aepiphanni.com.

Labels: Business Growth Strategies, Business Startup