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Valuing Partnerships: The Other Stake Holders

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You cannot possibly do everything by yourself and not everything can be done in house. In the course of running a company, there will be many key tasks that would need be outsourced to others. You may outsource your manufacturing, logistics, financial services to other companies; using their services to enhance your business.

As such these companies/individuals become your Key Partners, a strong stakeholder in the development and success of your business. They have a vested interest in the growth and value of your business. If you grow, they will receive more business and grow as well. So it is to their interest  to want to provide the best quality and service to you, so that you will succeed.

Strategically, these partnerships will help you to keep costs low, and you will be able to focus on your core activities, while these experts focus on theirs, which is to deliver the tasks you have assigned them.

In the many years of business, I have found that the key to developing these partnerships is to understand each other’s business better. Your partner should know where they fit in your supply chain and they should be able to see the bigger picture of this partnership. They should understand that your success is their long term gain too.  In fact their success is also to your long term benefit. The search for suitable partners may not be so simple in the beginning. You may have to go through many different vendors before you find someone that could really work well with you(and is willing to do so). Focus on finding the right fit for your work. Someone who will be able to deliver the best for your customers. To do so you may have to share your strategic plans with some of your key partners so that they too know where you are heading and are better prepared to support you when the support is needed.

What I recommend is to look at your Key Partnerships as a marriage. A marriage that both parties need to work on to develop over time. Start by finding the suitable partner, then work together to build a strong and lasting relationship that would be successful for all those involved.

Inderjit Singh

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