We heard from a lot of you in response to last month’s newsletter, “Finding and Hiring Good People”, we know that this is a hot button issue for so many. Hopefully our advice helped. How’s it going now?

Drop us a line to info@evocexcellence.com to let us know if you used any of our tips, if you found some employee gems, and how. Did any of you use your Strategic Partners to cast a wider net for good talent? Do some of you wonder what a Strategic Partner even is, exactly?

Party with whom an agreement is reached for sharing of physical and/or intellectual resources in achievement of a defined common objective.

This could mean you and another company share office space and the costs associated with that. It may be someone you outsource some of your work to – they have the expertise in that area and so they get the work, while you get the results at less cost to you than creating it in-house.

It could also entail marketing and advertising to reach more clients – perhaps a Pool Maintenance company and a Landscaping company team up to reach each other’s client bases. Maybe a Personal Trainer and a Gym Owner create an agreement so that they advertise their services together, the Trainer uses the Gym and they each get more clients. These are complimentary services with similar target markets, but they are not direct competitors.

Basically, one business has assets that help the other business and vice versa and there are many levels from informal to written contracts.

McDonald’s and Coke, Barnes & Noble and Starbucks, Microsoft and Adobe. FedEx and Kinko’s. These are more of a Joint Venture meaning there is usually shared ownership, returns and risks. Sometimes this leads to a full-on Merger or Buyout – see: FedEx Kinko’s, which then became FedEx Office.

So, are you aligned with another business which is mutually beneficial? If not, should you be, or could you be? These types of agreements can help you both achieve more success ($), so think about it.

Read on for this month’s Coach’s Challenge with more on which kind of Strategic Partnership might fit your specific needs.

"Who's On Your Squad?"

When I think of strategic partnerships I think of several categories.

Referral Partners (RPs) - People who have committed to working with you to share contacts and make introductions. Typically these people have a significant understanding of your business and your needs. There is a mutual benefit that is gained from both parties when contacts are referred.

Joint Venture (or JV) Partners – People who have partnered with you in a particular venture. It could be to host an event together, produce and launch products or content together, or even join forces on a new business endeavor. Whatever it is, it’s a joint agreement where both parties have a stake in the game and typically both sides bring complimentary value to the whole.

Information Partners (IPs) - In my world, information partners tend to be less formalized partnerships, however they are no less important. These are the partnerships one needs to obtain the right level of expertise level content, information, and education to stay relevant and even on the cutting edge of your field. Look at these partners like the gurus, teachers, or trainers in your field…or perhaps even a certain mentor.

Business Support Partners (BSPs) – These types of partnerships seem to cover a lot of ground from vendor and service partnerships (supplies, materials) to professional services (Attorneys, Financial Planners, CPA’s, Business Coaches, Consultants) to even your staff.

A lot of these types of partnerships do have a level of payment exchange for their services however if you choose to invest in these relationships and treat them more like a partnership instead of merely a vendor cost you might find the value for your payment increases exponentially.

Personal Support Partners (PSPs) – These are the ones who help you be the best you that you can be. Family, friends, mentors, Religious/Spiritual leaders, personal trainers, personal support group members.

We’re heading into the time of year where people tend to get out and about a little more socially. Now is a good time to take a quick inventory of the people who make up your strategic partnerships and see which valuable partners might be missing from your squad. Then when those fall socials and holiday parties start filling up your events schedule you might start asking around to see if you can get a few referrals from friends to meet some potential new strategic partners.

Click here for your Strategic Partner Review worksheet.

Remember:

Want a few more tips? Here's a quick read article you may find insightful...

Hi - It's Jill here!

I hope my little "Give Back Corner" is prompting some of you to give to a good cause. I always make sure the charities I recommend are well rated.

October is Breast Cancer Awareness Month, so apropos of that, it is this month's focus.

Go to Nat'l Breast Cancer Foundation just to learn more.

Also, here are 2 excellent organizations which are working towards a cure, and also offer education, support and more:

Susan G Komen

Dr Susan Love

Many of us have been affected by this disease, and if you are a woman, don't forget to check yourself and get your mammogram!

As always, please feel free to reach out to me at any time with questions or needs.
jill@evocexcellence.com
310 902 4163

Troy Henson President of EVŌC

has been helping small business owners, entrepreneurs, and professionals create game changing breakthroughs for over 17 years.

EVŌC | www.evocexcellence.com | (602) 300-9301

Scottsdale - Arizona

"Masters of Success Initiate Change" - Troy Henson

October 2018 Newsletter – Strategic Partnerships