WHAT HAVE YOU LEARNED FROM PARTNERING WITH ANOTHER BUSINESS?
Entrepreneurs talk about why they work with other business owners
“Partnering with other businesses provides us with an insight into how they logistically organize and run their operations, including their marketing and sales. Often, this knowledge allows us to improve our operation and services. Since we partner with complementary businesses, it is advantageous to share information so often the partnership provides much more than the monetary value of the contract. Merri Lemmex, managing partner at Lemmex Williams Training Inc., lemmexwilliams.com
“One of our company mantras is ‘ we play well with others’ and this holds true when partnering with another business on a project or program. Over the years, we have partnered with a number of different symbiotic companies to work on multifaceted projects where they bring a calibre of expertise to the table that we cannot provide. When we work on these partner projects we generally find the work is fun, challenging and interesting.” Arleigh Vasconcellos, principal of The Agency, theagencyinc.ca
“I’ve learned that it can be very beneficial for both parties. We’re all in it for the same reason, to provide value to our clients. We find partnerships that are non- competing but very closely related. Technology ties in to all parts of a business, and therefore we have lots of options of companies with whom to partner.” Shawn Freeman, president of TWT Group, twtgroup.ca
“You can’t be great at everything. But you can definitely fill in those gaps on certain aspects by partnering with businesses that are. You owe it to your customers and you owe it to yourself to focus on what you do best.” Danilo Terra, vice- president of equipment leasing and corporate finance at Leasex Financial Inc., leasexfinancial.com
“Partnerships allow me to create valuable networks, which in turn have evolved into collaboration, innovation and an overall improved experience for my clients. Learning from others and establishing better value for my client base has proven to be an asset in my business and personal life.” Amber Craig, CEO of Bamboo Creative Inc., bamboocreativeinc.com
“Partnerships really add credibility to your business and theirs. It’s the best form of advertising if each business does their part in promoting an event. Whether it be a sale, fundraiser, or a shared coupon your clients will automatically have that trust in you because someone they trust and do business with is endorsing you.” Lois Jones, CEO of Here’s the Scoop, heresthescoop.com
“Alignment and clarity are critical. The days of gentleman hand shakes are gone, get it all in writing. It’s not that we can’t trust each other, it’s just that we fundamentally can’t hear each other fully and are easily distracted and swayed by our inner dialogue. If we don’t capture on paper robust, detailed agreements, we have no clarity and lose follow through. Accepting the human condition and working with it with compassion is the background understanding to come from in such partnerships.” Sarah Laughton, principal at Stretch Solutions Inc., stretchyourproductivity.com
Our greatest learning from partnering with other businesses is that the result is greater than the sum of the parts. When collaborating with others, we spark each otherąs thinking and challenge ideas and processes, creating better solutions and outcomes for our clients. Wilma Slenders, president of Transcend Management Advisors Inc., transcendmgt.com