Showing posts with label alliances. Show all posts
Showing posts with label alliances. Show all posts

Saturday, June 25, 2011

The Art of Pairing Up

In the early 1990’s, I had the honour of meeting Singaporean wine connoisseur Chng Poh Tiong at a luncheon hosted for journalists. He mentioned the fact that many wine-drinkers had not dared experiment with drinking wines with local foods. Why not pair a Chardonnay with Hainanese chicken rice (a simple but beautiful dish to sample when you are here for the F1 Night Race)? Or, a Northern Indian curry dish with a cabernet sauvignon? Why is it always the simplistic approach: red meat with red wine; white meat with white wine? Rose wine must, probably, confuse many neophyte winophiles – drink it alone and by itself?

This led me to think about the concept of pairing. If we can pair up wines and cuisines, then how can we extend and expand pairing in our relationships and pursuits? If pairing clothes is complicated at times (as in fashion), can you imagine how relations – both professional and personal – can turn out when we pair up carelessly and impulsively?

Racing or training solo may be a straightforward task. However, once you pair up with a partner, you have a responsibility and obligations to look after and look out for your companion. Father-and-son team ‘The Hoyts’ race together in endurance races, including the Ironman triathlon. The fact is that the father is doing most of the work towing his son on a dinghy (while he swims 3.8K), rides with his son perched at the front of his bike, and pushes him in a wheelchair during the marathon. However, it is a strong testament of fatherly love for his son.

When racing in a relay, how do you pair up your members? Who passes the baton or champion-chip to whom? Who swims, rides and runs requires discernment and decision. Pairing is, thus, crucial to gaining time over the competition as it can be a strategic move. You choice of partners in adventure races also matter, as you are as strong as your weakest link (partner, injuries, health, and fitness).

I intend to meet an Australian couple, Sue and Andrew O’Brien who are, incidentally authors at next weekend’s Gold Coast Marathon. This couple has run eight marathons over eight countries over eight weeks and will be speaking at the race-fair.

Sponsors have a marketing budget and marketing campaign in mind. Who they pair up with has to maximise their marketing spend. Thus, it is challenging to get them to become key or main sponsors in new sporting events. There is doubt, concerns and apprehension over untested companies and events. Trust becomes the currency and denomination of partnership and commitment. Therefore, pairing decision is dependent on the relationships built through frequent face-to-face and online contact – what we know as ‘touch points’. When companies have a Facebook page or Twitter page, they are hoping to initiate pairings with current and potential consumers that lead to future ‘top-of-mind’ consumer decisions. When we click the ‘like’ button, we have begun the pairing process.

In business, the various relationships we initiate or get into have implications and consequences if we are unaware of the unspoken and unassertive. Many issues emerged after a professional relation matures; disagreements lead to conflicts and prejudices. Partners take up positions of offence or defence; as such, there are forces of struggle within and without, and customers and colleagues notice the incongruence.

Leadership Lesson: When did you last pair up professionally? What would you consider before you enter an alliance or partnership? Which are the implications of partnering with friends and family in business?

Saturday, April 30, 2011

Reasons To Partner In Your Business

The future of business development and growth is in strategic partnerships and alliances. Collaboration is the operative word. No person is an island, so we have to build bridges across to another land mass. With active networking, we can build vital links to hearts and minds – if we are to promote and instill changes (for the better). Volunteers, retailers, customers, consultants, community members, family and friends – all these relationships involve partnering.

When I started my own small business 11 years ago, I realized early that I could not do it alone. I also learnt that my journey would be made more meaningful and worthwhile if I worked with others. I focused on work that would offer mutually beneficial outcomes. Business is about ‘busy-ness’ and the busier and involved you are, the better it would be in developing your value. When you engage with partners – and these can be short-term, project-based partnerships – you enhance your capability. Sharing is a value appreciated by many. Sharing involves the spirit of generosity.

How would you approach partnering in business?

1)    Build rapport with people around you. Be liked.
2)    Enhance existing relationships with others – keep building value with them.
3)    Never burn bridges – you never know who may engage or employ you one day.
4)    Do active networking – follow up with each contact, and create further connection.
5)    Not every social occasion is a business occasion. You don’t have to bring a box of cards to dinner. Enjoy the company.
6)    Seek partners with differing skills and expertise. Integrate diversity.
7)    Complement your partner by bringing your expertise to the relationship.
8)    As long as you don’t feel threatened by others, partner up.
9)    There is perceived and potential value to larger, partnership-based, projects that you can do.
10) Sharing of resources and co-branding. Synergistic effects can lead to added value and reduced expenses.

In recent months, I have been involved and engaged in new partnerships. It has been enriching thus far, and I expect we would earn our cumulative value in terms of new experiences, relationships and potential. Give, and take in your partnerships. Have ‘clever-rate’ with you, when you collaborate.