Partnerships and Consortia
POWERFUL PARTNERSHIPS 57
Partnerships and Consortia
This brings us to the top ten reasons to work in partnership, with affiliates or through consortia.
More clout 1 clients 2 More cash 3 More credibility 4 More competitive 5 More capacity 6 More creativity 7
More cooperation 8 capital 9
More capabilities 10
Ultimately developing partnerships, affiliates, consortia – and other joint working arrangements- means you can hit above your weight. It means that you can build a strong business and steady income more swiftly than you might if you’ re fighting the tide alone. It means that you’ re able to give yourself a competitive edge and even work with those who might otherwise be competitors. What’ s more as a small business or entrepreneur the chances are that there’ s a limit to your skills-base, expertise, resources or capacity and this is a powerful way of addressing all those issues. Similarly it may give you more buying power and make your business appear a safer bet to do business with than a one-man band or smaller unit. This is particularly the case if you are dealing with large companies or suppliers. It also means that you may well be able to tender for, secure – and meet – contracts with major companies where before it may have just been a pipe dream.
Now onto some key considerations: I work in a range of differing types of partnerships- some are bound by a formal written agreement and some are an informal arrangement. I run a seminar as part of a partnership with the British Library – a household name that’ s a major British Institution. This arrangement is backed by a signed agreement. On the other hand I work with a small collective of independent entrepreneurs called Zestworks who provide a range of business support this partnership and a few others like it grew organically. What makes all my partnerships work is that we all share the same values of which include quality, helping entrepreneurs of all backgrounds. For me it’ s key that anyone I work with is highly professional, delivers quality services always and always on time – and that they are highly personable and passionate about their customers.
So if you’ re thinking about forming a partnership or collective here are my 3 tips.
1.
Know what your goals are so that you can identify the right partnerships
2.
Be absolutely clear what your values are and only work with those who share you’ re values or you will come unstuck.
3.
Have a signed written agreement or contact drawn up if you’ re working in any partnerships where the stakes are high or even moderate. You’ ll all feel more comfortable for it. If you’ re in doubt definitely have a formal agreement and review it.
Rasheed Ogunlaru is a leading life coach, business coach and motivational speaker. His clients include the public, entrepreneurs, performers and politicians. For further information visit www. rasaru. com or call 020 7207 1082. He also runs Boost your Business an inspiring free seminar for entrepreneurs held once a month at the British Library.
ISSUE FOUR 2007 engage | uk