Indisputable Truth: The solution to a problem is often right in front of you but cannot be teased out without some creativity and thought.
I recently participated in a workshop where we were presented with a problem involving rare pheasant eggs. This supplier has a certain price that he needs to get for his eggs, as there is a limited supply and his boss is pressuring him to come back with at least a certain dollar amount. Three buyers come forward with offers on the eggs but none are offering enough to satisfy the boss’ requirements.
One buyer wants only some of the eggs because a limited amount of the shells for a pharmaceutical product his company produces. Another buyer wants to sell the eggs in very high end restaurants where they are made into a special meringue-like delicacy and the other buyer wants to buy all the eggs for a nutritional supplement that his company makes, but he is not authorized to spend as much as the seller needs to receive.
Negotiations ensue but are guaranteed lukewarm success unless one thing happens. Have you guessed it yet? It’s a creative solution and requires a level of cooperation, but because all the buyers actually need a different part of the eggs, it is feasible that everyone could work together to get what they want and the seller can over-deliver to his boss on the money front, thereby guaranteeing himself a nice fat bonus.
Now, before some smarty pants comments on this blog about any technical reason that the above scenario couldn’t work, I ask you to please not bother. That really isn’t the point. I’m not an expert on eggs, nor do I wish to be, but what I do know about is strategic partnerships and cooperation. And after I started to change my business strategy to that of a lone wolf to an expert collaborator and partner, everything really start to shift for me in a very positive direction.
Any small to medium sized business person will tell you: life can be very lonely when you’re trying to run your business. You most likely have limited resources and are wearing a few too many hats. And trying to carve out your slice of the pie in a crowded marketplace can prove to be very challenging, to say the least.
This is where strategic partners can come in and become an important part of your high-level plan for sales and growth. If you can identify other businesses with complimentary products or services to your own, and come up with a plan that both sides benefit by, it becomes an attractive prospect to consider. Sure, it may take come creativity as in the egg example, and you may even find yourself working together with one-time rivals, but if you’re open to experiencing the magic of partnerships and collaboration you may quickly see how your influence can quickly extend to a whole new sphere of people that you may not have had access to before.
Now, of course I probably don’t need to explain to you what the word “strategic” means. Partnerships of any kind are never something that I would enter into lightly. There are a million reasons why they may not work, and whenever you do anything like this, I would strongly suggest a lawyer looks over any agreements that you decide to abide by.
But for all of the potential headache or risk, I would still contend that strategic partnerships are well worth exploring. If you can find other companies whose services dovetail or compliment your own, and either become an affiliate seller of those services, or if the two of you agree to team up and work together you will most likely find that your company is quickly getting in front of customers that you would not have been able to serve on your own. And in that exposure lies enormous potential and opportunity for growth – for both you and your partners. And that, my friends, is a beautiful thing.