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Casual Articles - Beware of Partnering Promises: Validate Why and Who To Engage With Before Forming Business Alliances
Being in a quandary prevents you from moving forward in developing and marketing your business. When we’re in a quandary, we are in a state of perplexity and doubt. We don’t know how to move forward to accomplish those things that are crucial to attracting clients and growing our business. One of the first things we need to recognize about being in a quandary is that we are, in fact, in one! There are a number of easy, simple things that you can start doing today to get yourself out of that place of being stuck.1. Craft a business plan and review it quarterly. A business plan is your strategy for guiding your business towards the success you envision. It is a roadmap. It will serve to guide you from where you are today to where you want to be. It includes important items like defining your business niche and target market, your marketing plan, financial projections,
2. Short-term Objectives and Long-term Goals – What is their corporate strategy? What is their partnering strategy? What will they gain by partnering with you?
3. Performance Rating – Is their organization efficient? Is it flexible? Is it focused? Do they have other partners? How well have these alliances performed? How well have they performed in the past? Regarding: quality of goods or services, speed of delivery, pricing and management response to solving problems.
4. Capabilities and Innovations – What are their capabilities: past, present and future? How committed are they to investing in capabilities that would benefit your business? How creative are they? Are they unique and innovative?
5. Financial Considerations – What is their credit standing? Are they profitable - as measured by EBITDA (Earnings Before Inte
However good your skills are in negotiating and selling real estate, any marketing professional will tell you that they are not enough to retain your clients. Communication is vital to winning and keeping clients for your business – building rapport and earning respect are vital. Clients do not just buy your services; they buy your continuous support and that means maintaining that important element of human contact.Without that human touch, your business will lose clients. With it, not only will you retain clients but you will gain referrals. Statistics show that it is less expensive to keep a client than gain a new one. Most of us know the 80/20 rule - that 80 % of business comes from current clients and 20 % from new ones. But were you aware that according to the Harvard Business Review it costs up to 8 times more to gain a new customer than retain an old one (“Zero Defectio
Don’t be swayed by promises your partner may not be able to keep. Don’t be sucked into deals offering revenue you may never see. First, you must define your own partnering goals. Second, find a compatible ally. Before you start negotiating with anyone, conduct the appropriate due diligence to be sure they are actually capable of delivering up their end of the bargain.
The First Step in A Thousand Partnerships
Whether your business generates profits directly or indirectly, markets or makes products or services, sells via the Web or a sales force, offers parts or end-to-end solutions, operates locally or globally, you cannot afford to ignore the partnering opportunities available to you right now for growing revenue, innovation and brand equity.
But before you begin to engage potential partners, think about how far you want this journey to take you. Chinese philosopher Lao-tzu is quoted as saying, “A journey of a thousand miles begins with the first step.” On its surface the statement seems to say the obvious. After all, even if the journey is only two steps long, it begins with a first step. So what did he really mean? Your level of commitment and resolution to reach your destination is encapsulated in how you begin. Very little determination is required in taking two steps. But one who embarks on a thousand mile walk must summon a whole lot of tenacity and purpose into that first step.
Starting down the path of partnership is similar. Don’t take it lightly. View your first partnering initiative as the first of many – the first step in a thousand partnerships. Fail to start out right and nothing of consequence can follow. Start with the right reason and a good understanding of the path before you and you're on your way to reaching your goal.
Before You Begin: Choose A Powerful Reason To Start With
Before you engage in the partnering process, be sure to have a clear plan. First, decide on the best reasons to pursue alliances.
Your first alliance should be a strong one. Have a reason powerful enough to launch your enterprise on its way to future partnerships -- able to take you as far as you can foresee.
Here are ten solid reasons for engaging in partnerships:
1. Customer Access – Two marketers exchanging access to compatible
customers.
2. Sales Initiatives – Producer or marketer working in tandem with a sales
force organization, retailer or Web store to increase sales.
3. Market Expansion – Partnership aimed at penetrating new or niche
markets.
4. Unique Value Alliance – Marketer with strong customer base partners
with innovative supplier adding unique value to the marketer’s offering and
increased sales for the supplier.
5. Building Scale - Partnership formed to achieve economies of scale.
6. Innovation and Specialization – Public, education or private enterprises
combine financial and knowledge resources to research and develop innovative or
specialty products, services or solutions.
7. Supply Chain Stability – Marketers trade exclusivity with suppliers in
exchange for investment in quality, cost reduction, and priority speed to market;
The supplier is able to make long-term commitments at stable levels and pass on
the benefits to the marketer.
8. Distributor Partnering – An alliance between manufacturers and
distributors to provide access to new markets, domestic or foreign, or strengthen a
position in existing markets.
9. Parts Manufacturing Partnership - Two or more manufacturers of
component parts pool their resources to produce a better product.
10. Licensing Agreements – Alliances providing license to proprietary
products, support services or technology.
Before You Engage: Learn About the Road You Will Be Taking
You may be motivated to go the thousand miles until you discover it’s all uphill. So before you start on your way, be sure you know what’s in front of you. Six of ten alliances collapse at some point down the road, because one or more of the partners failed to do their due diligence. Before you engage a partner, learn the following:
1. Management Strength and Integrity – Who runs the company - senior
officers and board of directors? Are these people dealing from strength or
weakness? Do they deal with integrity or are they the kind to cut corners or look the
other way? Do they have a litigation history?
2. Short-term Objectives and Long-term Goals – What is their corporate
strategy? What is their partnering strategy? What will they gain by partnering with
you?
3. Performance Rating – Is their organization efficient? Is it flexible? Is it
focused? Do they have other partners? How well have these alliances performed?
How well have they performed in the past? Regarding: quality of goods or services,
speed of delivery, pricing and management response to solving problems.
4. Capabilities and Innovations – What are their capabilities: past, present
and future? How committed are they to investing in capabilities that would benefit
your business? How creative are they? Are they unique and innovative?
5. Financial Considerations – What is their credit standing? Are they
profitable - as measured by EBITDA (Earnings Before Inte
With in the past few months more and more people have tempted their fate with hopes to win big at gambling. It seems as though everyone has jumped on the band wagon to capitalize on those that seek fame and fortune through gambling. Everywhere you go from your local department stores, radio advertisement, television commercials and highway billboards you have now been exposed. This effective advertisement has enticed people to take a chance to win big.For the novice gambler, playing around a card table for minimal bets is exciting and rewarding. As time goes on these same people advance in their gambling addiction to scratch offs and lottery. These are convenient to buy, there seems to be one vendor per block. Even the local malls have set up booths to sell scratch off tickets and lottery. Its big business nowadays and people want to cash in one way or another. There seems
But before you begin to engage potential partners, think about how far you want this journey to take you. Chinese philosopher Lao-tzu is quoted as saying, “A journey of a thousand miles begins with the first step.” On its surface the statement seems to say the obvious. After all, even if the journey is only two steps long, it begins with a first step. So what did he really mean? Your level of commitment and resolution to reach your destination is encapsulated in how you begin. Very little determination is required in taking two steps. But one who embarks on a thousand mile walk must summon a whole lot of tenacity and purpose into that first step.
Starting down the path of partnership is similar. Don’t take it lightly. View your first partnering initiative as the first of many – the first step in a thousand partnerships. Fail to start out right and nothing of consequence can follow. Start with the right reason and a good understanding of the path before you and you're on your way to reaching your goal.
Before You Begin: Choose A Powerful Reason To Start With
Before you engage in the partnering process, be sure to have a clear plan. First, decide on the best reasons to pursue alliances.
Your first alliance should be a strong one. Have a reason powerful enough to launch your enterprise on its way to future partnerships -- able to take you as far as you can foresee.
Here are ten solid reasons for engaging in partnerships:
1. Customer Access – Two marketers exchanging access to compatible
customers.
2. Sales Initiatives – Producer or marketer working in tandem with a sales
force organization, retailer or Web store to increase sales.
3. Market Expansion – Partnership aimed at penetrating new or niche
markets.
4. Unique Value Alliance – Marketer with strong customer base partners
with innovative supplier adding unique value to the marketer’s offering and
increased sales for the supplier.
5. Building Scale - Partnership formed to achieve economies of scale.
6. Innovation and Specialization – Public, education or private enterprises
combine financial and knowledge resources to research and develop innovative or
specialty products, services or solutions.
7. Supply Chain Stability – Marketers trade exclusivity with suppliers in
exchange for investment in quality, cost reduction, and priority speed to market;
The supplier is able to make long-term commitments at stable levels and pass on
the benefits to the marketer.
8. Distributor Partnering – An alliance between manufacturers and
distributors to provide access to new markets, domestic or foreign, or strengthen a
position in existing markets.
9. Parts Manufacturing Partnership - Two or more manufacturers of
component parts pool their resources to produce a better product.
10. Licensing Agreements – Alliances providing license to proprietary
products, support services or technology.
Before You Engage: Learn About the Road You Will Be Taking
You may be motivated to go the thousand miles until you discover it’s all uphill. So before you start on your way, be sure you know what’s in front of you. Six of ten alliances collapse at some point down the road, because one or more of the partners failed to do their due diligence. Before you engage a partner, learn the following:
1. Management Strength and Integrity – Who runs the company - senior
officers and board of directors? Are these people dealing from strength or
weakness? Do they deal with integrity or are they the kind to cut corners or look the
other way? Do they have a litigation history?
2. Short-term Objectives and Long-term Goals – What is their corporate
strategy? What is their partnering strategy? What will they gain by partnering with
you?
3. Performance Rating – Is their organization efficient? Is it flexible? Is it
focused? Do they have other partners? How well have these alliances performed?
How well have they performed in the past? Regarding: quality of goods or services,
speed of delivery, pricing and management response to solving problems.
4. Capabilities and Innovations – What are their capabilities: past, present
and future? How committed are they to investing in capabilities that would benefit
your business? How creative are they? Are they unique and innovative?
5. Financial Considerations – What is their credit standing? Are they
profitable - as measured by EBITDA (Earnings Before Inte
A recent movie starring Richard Dreyfus and Bill Murray tells the story of a man desperately trying to be included as a member of his psychiatrist's family. Whenever the doctor attempted to exclude him, his family would respond by asking, "What about Bob?"In the midst of all the work relating to diversity in the workplace, one group often gets excluded. When affirmative action categories are closely examined, we find that nearly everyone is covered in some way except this group. In discussions of equity, this group is excluded. As we struggle with ways to break through the glass ceiling, they are the ones on the other side. In our quest to value differences, we often fail to account for and honor their differences. I speak of course of the non-immigrant, non-Hispanic, able-bodied, heterosexual, white male. (Isn't it interesting that I had to list so many qualifiers to
Your first alliance should be a strong one. Have a reason powerful enough to launch your enterprise on its way to future partnerships -- able to take you as far as you can foresee.
Here are ten solid reasons for engaging in partnerships:
1. Customer Access – Two marketers exchanging access to compatible
customers.
2. Sales Initiatives – Producer or marketer working in tandem with a sales
force organization, retailer or Web store to increase sales.
3. Market Expansion – Partnership aimed at penetrating new or niche
markets.
4. Unique Value Alliance – Marketer with strong customer base partners
with innovative supplier adding unique value to the marketer’s offering and
increased sales for the supplier.
5. Building Scale - Partnership formed to achieve economies of scale.
6. Innovation and Specialization – Public, education or private enterprises
combine financial and knowledge resources to research and develop innovative or
specialty products, services or solutions.
7. Supply Chain Stability – Marketers trade exclusivity with suppliers in
exchange for investment in quality, cost reduction, and priority speed to market;
The supplier is able to make long-term commitments at stable levels and pass on
the benefits to the marketer.
8. Distributor Partnering – An alliance between manufacturers and
distributors to provide access to new markets, domestic or foreign, or strengthen a
position in existing markets.
9. Parts Manufacturing Partnership - Two or more manufacturers of
component parts pool their resources to produce a better product.
10. Licensing Agreements – Alliances providing license to proprietary
products, support services or technology.
Before You Engage: Learn About the Road You Will Be Taking
You may be motivated to go the thousand miles until you discover it’s all uphill. So before you start on your way, be sure you know what’s in front of you. Six of ten alliances collapse at some point down the road, because one or more of the partners failed to do their due diligence. Before you engage a partner, learn the following:
1. Management Strength and Integrity – Who runs the company - senior
officers and board of directors? Are these people dealing from strength or
weakness? Do they deal with integrity or are they the kind to cut corners or look the
other way? Do they have a litigation history?
2. Short-term Objectives and Long-term Goals – What is their corporate
strategy? What is their partnering strategy? What will they gain by partnering with
you?
3. Performance Rating – Is their organization efficient? Is it flexible? Is it
focused? Do they have other partners? How well have these alliances performed?
How well have they performed in the past? Regarding: quality of goods or services,
speed of delivery, pricing and management response to solving problems.
4. Capabilities and Innovations – What are their capabilities: past, present
and future? How committed are they to investing in capabilities that would benefit
your business? How creative are they? Are they unique and innovative?
5. Financial Considerations – What is their credit standing? Are they
profitable - as measured by EBITDA (Earnings Before Inte
A wristband is a bracelet fashioned from a variety of materials for the purpose of advertising a donation or otherwise act of support of a charitable organization. Charity wristbands became very popular in the new Millennium as a way to publicly display support for an individual's favorite organisation. When a donation is given to a particular organisation or foundation, a token of appreciation in the form of a decorative bracelet is given. These reminders can be of any color, texture or size. Some are made of silicon, plastic or rubber, while others are made of string, wood or metal.Mostly the wristbands are made up of cheap silicon and rubber materials, so they are not costly at all. People may want to support many cause at times but may not be in a condition to do so financially.Youth groups are often moved to sell these items at school or church to promote a worthy c
8. Distributor Partnering – An alliance between manufacturers and distributors to provide access to new markets, domestic or foreign, or strengthen a position in existing markets.
9. Parts Manufacturing Partnership - Two or more manufacturers of component parts pool their resources to produce a better product.
10. Licensing Agreements – Alliances providing license to proprietary products, support services or technology.
Before You Engage: Learn About the Road You Will Be Taking
You may be motivated to go the thousand miles until you discover it’s all uphill. So before you start on your way, be sure you know what’s in front of you. Six of ten alliances collapse at some point down the road, because one or more of the partners failed to do their due diligence. Before you engage a partner, learn the following:
1. Management Strength and Integrity – Who runs the company - senior
officers and board of directors? Are these people dealing from strength or
weakness? Do they deal with integrity or are they the kind to cut corners or look the
other way? Do they have a litigation history?
2. Short-term Objectives and Long-term Goals – What is their corporate
strategy? What is their partnering strategy? What will they gain by partnering with
you?
3. Performance Rating – Is their organization efficient? Is it flexible? Is it
focused? Do they have other partners? How well have these alliances performed?
How well have they performed in the past? Regarding: quality of goods or services,
speed of delivery, pricing and management response to solving problems.
4. Capabilities and Innovations – What are their capabilities: past, present
and future? How committed are they to investing in capabilities that would benefit
your business? How creative are they? Are they unique and innovative?
5. Financial Considerations – What is their credit standing? Are they
profitable - as measured by EBITDA (Earnings Before Inte
Autoresponders are one of the best tools for online marketing and follow up when used correctly.Unfortunately, too many people use it for aggressive and hype filled sales pitches. One message after the other just promotes the opportunity and how they can make money if they just join NOW.This is the wrong way to go about it!The purpose of your messages should be to let the prospect get to know you. A person who is looking for a business opportunity is also looking for leadership and someone who can help them find financial independence.This is your opportunity to shine! Let the person get to know you, and tell them your story. You can also mention other people on your team who are successful, but it should be mostly about you. Uppermost in your prospect's mind is going to be what can you do to help them. Your messages should explain very clearly how. Management Strength and Integrity – Who runs the company - senior officers and board of directors? Are these people dealing from strength or weakness? Do they deal with integrity or are they the kind to cut corners or look the other way? Do they have a litigation history?
2. Short-term Objectives and Long-term Goals – What is their corporate strategy? What is their partnering strategy? What will they gain by partnering with you?
3. Performance Rating – Is their organization efficient? Is it flexible? Is it focused? Do they have other partners? How well have these alliances performed? How well have they performed in the past? Regarding: quality of goods or services, speed of delivery, pricing and management response to solving problems.
4. Capabilities and Innovations – What are their capabilities: past, present and future? How committed are they to investing in capabilities that would benefit your business? How creative are they? Are they unique and innovative?
5. Financial Considerations – What is their credit standing? Are they profitable - as measured by EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization)? Are they growing? At what rate – as measured by CAGR (Compound Annual Growth Rate)?
6. Resources and Employees – Do they have the resources to deliver on their end of the partnership at the scale required? Do they have the staff or outsourcing to fulfill your orders? Are there unresolved issues with labor or former employees?
7. Risks and Compatibilities – Are your trade secrets safe with them? Is their company a fit with your company in regards to markets and cultures? Are they looking for an exit strategy? How would a change in management or ownership affect your alliance? Will they be sold in the near future or right after they close the deal with your company? Is your partner planning on bringing in new investors? How can you get out of a failing alliance? Who will own new intellectual property rights and patents produced by your partnering?
Before you make contact with the prospect partner conduct as much research as is available to you. A second, more comprehensive and mutual due diligence phase must be undertaken once both parties have agreed to embark on negotiations. You will want to personally visit your prospect partner’s offices or production facilities.
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