By Crystal Gettings
“I have a lot of people in my network who send me what to look out for,” said Adam T. Wonus, partner at Lake Mary-based real estate and property management firm, Atrium Management Company, who spoke at a recent ABC Central Florida Builders’ Breakfast – an ongoing series featuring presentations by industry leaders. “Especially since I’m more focused on the development side, I partner with those who are in the know, helping me in areas where I’m not as strong,” he continued, sharing about his group’s proposed development projects, Wonus’ presentation also focused on these key points:
- Strategic partnerships versus other business relationships and collaborative teams
- Long-term alliances across multiple projects versus short-term networks
Strategic business relationships are critical in informing what we know about the industry and successful negotiation and planning in general. Usually, this involves non-competing companies coming together with the same or similar objectives in mind to go after. It’s important to assess the fit of each company, each individual involved, listing out business goals, how the groups will help one another achieve those goals, while sharing resources, risks associated – as well as reward – managing toward the partnership target. Many benefits can come out of this type of partnership, such as serving larger territories, opening to new customers, building brand awareness and other growth opportunities – without a single organization investing more groundwork on its own.
Longstanding alliances are consistent with Moxē’s core value of building “long-term, trusting relationships with customers and team members,” so the agency stands by this way of strategic thinking and comprehensive planning in every sense, across all industries: “Instead of bringing on a project-based client for only 12 months, we’d rather work with them over the next 12 years and really help their business grow,” said Moxē President and CEO Michael A. Monahan. “When you are a true business partner, you consider the other parties’ interest above your own,” he said.
While collaborating might result in positive outcomes, partnerships are long-term, symbiotic relationships where both parties benefit over time, working toward a similar goal, set up to generate added business growth for all involved.
Here are some tips and questions to consider when forging these kinds of longer-term relationships and partnerships:
- Know how and what to ask others when examining business relationship possibilities and other projects regarding your company’s needs, goals, purpose and/or vision.
- Do not hesitate to reach out to industry leaders and other key players in the business community and request a meeting.
- Guard, monitor and evaluate your team and company resources, energy directed, as well as time invested in building these potential business relationships.
- Practice active listening, ask “telling” or leading questions, gaining heightened awareness over time, discerning how to proceed.
- Meet to discuss expectations, co-branding opportunities and other possibilities.
- Create an interaction plan based on strong, mutually beneficial relationships.
- Cultivate these relationships before they are needed to ensure sincerity, organic growth and trust built over time.
- Ask yourself whether this individual, along with his or her company, will help further build your vision, bringing your organization’s goals closer to reaching envisioned milestones and ongoing success.
Business.com’s Business Basics, Strategy section – 5 Reasons Your Business Should Have Strategic Partnerships
Written by business.com editorial staff/business.com member
Updated April 30, 2020