Basic HTML Version
HBApdx.org
|
JANUAry, 2013
|
bUildiNg yOUR bUSiNESS
|
HBA HOME BUILDING NEWS
|
15
As every small business owner
can attest, wearing all the hats
can be exhausting! Most entre-
preneurs have a natural ability
to multi-task, because this skill is
essential to our success. yet, there
always seems to be more to do
than we can effectively accom-
plish on our own.
Finding and forming strategic
partnerships is the single best
way to extend your reach and ac-
complish more as a small business
owner.
Start with knowing who makes
a good partner.
An effective strategic partner-
ship – or SP – is not based upon
personal chemistry or common
interests and values, though
these are important factors to
consider. There is, however, one
critically important factor that is
absolutely essential in an effec-
tive SP: both parties must serve
the same client. What service or
product does your business pro-
vide, and to whom? Who else
provides a service or product or
service to that same client? For
example, if your target client is a
small business in the construction
industry, think about other busi-
nesses who serve the same client.
These are your potential SPs.
Look in all the likely places.
Most often, you will meet your
potential SPs through referrals
from people (clients or vendors,
perhaps) who have worked with
them and can vouch for their
work ethic, creditability, service
delivery and reliability. Another
way to connect with potential SPs
is to show up in the places they
are likely to be, such as network-
ing events, trade organization
events, or online referral sites. As
a rule, the more you trust the re-
ferral source the shorter your pe-
riod of “vetting” will be.
Synergy breeds success.
Selecting SPs is a process of
matching more than just a target
client. It is imperative that you al-
so have a match in values, beliefs,
personality and commitment
with those of another.
you may already know business
owners with whom you share a
connection or likely referral net-
work. In other words, you share
some of the same kinds of clients,
which provide an obvious and
mutual benefit for your working
together. But even more impor-
tant than those obvious connec-
tions, is the question of synergy.
Sharing the same client is one
thing, but do you share the same
ethical values and commitment to
best practices? Do you share the
same standard of conduct? Do
you share common goals? How
do you match in personality?
Credibility trumps credentials
every time.
For an SP to be truly effective
long term, each partner should
have a solid understanding of the
other’s goals and objectives…
and be able to wholeheartedly
support them. The best and most
effective SPs merge the personal
credibility of each partner with
the goals of each company and
the resources to make things
happen.
Don’t settle for less than you
are willing to offer.
As entrepreneurs, most of us
are intensely passionate about
our businesses. We hold a vision
of where we want to go, and we
don’t want to compromise our
values to get there. Therefore,
we must approach the process
of selecting an SP with cautious
optimism. Not everyone will be a
fit, in fact; the majority of people
whom you meet will not become
a SP, even if you share the same
client. The best SPs take time to
develop. Choose wisely. Think of
it as a business-mate for life.
Start – Familiarize - Commit –
Plan - Measure
As in any successful personal
or professional partnership, the
need for mutual commitment
toward continued improvement
never ends. Once you find the
right partner, the real work has
just begun. Here are a few steps
to keep inmind as you enter into a
strategic partner relationship.
• Take time to get to know each
other well before you decide to
recommend the other.
• Work together for a while before
you decide to endorse them.
• Formalize your commitment to
each other. Be clear on your ex-
pectations and be sure they are
clear on yours. Share your goals
for working together.
• Be in regular communication.
Offer feedback. Share ideas.
• Plan together. Once you are cer-
tain of your desire to have a long
term relationship and you are
comfortable that you can en-
dorse their, then begin to plan
together. Annual planning is a
minimum.
• Measure results and make ad-
justments.
Don’t go it alone.
you are the expert in your field
and there is not anyone better to
make the key decisions involving
your company. Likewise, when
finding and forming SPs, it pays
to employ the expert guidance of
someone who specializes in the
formation of such alliances. This
is where an experienced business
or executive coach comes in. They
will save you time, money and re-
duce the stress of mistakes you
may make by missing key compo-
nents in deciding on who to part-
ner with and how.
For over 20 years, Sherry Jordan
has been coaching high perfor-
mance executives, small business
owners, solo entrepreneurs, and
teams to realize goals and increase
results. A highly sought after expert
and presenter in the field of change
and change management, Sherry
is the founder of The Northwest
Coaching Group, Inc. Learnmore at
SherryJordanCoach.com
Build your business through strategic partnerships
Sherry Jordan,
The Northwest Coaching Group, Inc.
cOAcHES
cORNER