Margins are tight right now, and systems that have traditionally worked for most industries have been turned on their ear in one way or another. That just means it’s time to maximize professional partnerships to leverage what they can bring to the bottom line.
“You’re at a Cavs game and check the score,” says Terry Davis, President and CEO of Our Lady of the Wayside. “The Cavs are up, and you know in a split second by how much because of ‘The Dif’ — a section on the scoreboard that shows the difference between the teams’ scores. But the Dif is more than just a number. It represents what separates the competition. It is also what professional partnerships potentially bring to an organization.”
Smart Business spoke with Davis about the importance of professional partnerships and how organizations can get the most from them.
What are some of the first steps toward understanding where to turn to advance a professional partnership?
The first order of business is a quick inventory of where those professional partnerships stand and where they could take your organization. This is really about creating a situation where there are two winners, and that means showing up to play. Think about what you can teach, who you can introduce, and all the reasons your company can offer the highest ROI. Consider what your strengths are and which organizations could find those strengths interesting. Everything that sells your organization also happens to be a potential value-add as a professional partner.
Examine the deficits you’re working on shoring-up, changes to the business landscape that are creating operational challenges, and the ongoing needs and requirements of your stakeholders. Professional partnerships are often built on friendships with some very smart and very hard-working people who’ve already cracked the code on the revolving door of pressure points your organization may experience. Said another way, their skill meets your need, and chances are excellent that you have the necessary expertise and perspective to return the favor.
What opportunities should executives look to unlock when working with professional partners?
For many in the c-suite, there likely has been a loop in the back of your mind of fresh, exciting new ideas that are not fully sketched out but definitely worth chasing down. This can be the pretense to partner on a project that generates something new or catapults both entities to the next level. It could potentially be a collaboration, a social media take-over, a new product or program or revenue stream, or some nuance that sets you and your professional partner apart from your respective competition. Think about what could be created that could make both parties even better.
While everyone needs to work within their own means and within certain prevailing circumstances affecting their industry, inevitably there’s a concept that’s unable to be brought to life because of some seemingly unavoidable obstacle standing in the way. But what if instead you got that idea off the back burner and started a dialogue with an organization that could offer some muscle to get over that particular hurdle, and in a way that moves you both forward at the same time? These are the opportunities that organizations must explore when margin pressures are greatest.
Why should executives be selective about their business partnerships?
During the career of an executive, at some point they’ve learned to be selective about who they partner with because they know good partnerships are earned, as they absolutely should be. But it’s critical that organizations and their leadership constantly look to do great work with like-minded people. With so many exceptional organizations competing in Northeast Ohio, professional partnerships make The Dif. ●
INSIGHTS Thought Leadership is brought to you by Our Lady of the Wayside.
