RETAILING Building Strategic Partnerships for Business Growth
– by Terry Cummins, OAM, Ph.D., CEO, Terrence Cummins International Business Coaching & Consultancy Terrence (Terry) is a diver, photographer, writer, and educator and has been a senior executive of diver training agen- cies. Terry has a long list of prestigious awards and accomplishments, including an Order of Australia Medal for his contribution to scuba diving.
Some years ago I was hovering at 66 feet (20 mts) marveling at a Sand Goby sharing its home with a blind shrimp: a well-docu- mented and often photographed relationship. The idea came to me from this observation and knowl- edge of the fact that many in the diving industry and even the
dicator of the future success of a pending partnership. Also look for partners that have a history of delivering excellent results, are honest, reliable, objective and pose little risk to your reputation by association. Some partnership potentials are no-brainers such as those you may form with your supply-chain (e.g. training agency, equipment supplier, travel destinations and environmental groups). However, also look outside the box since not all good potential partners may be within the diving industry. For example, there are numerous examples globally of dive operators forming valuable partnerships with restaurants, hotels, even service stations, as divers must eat, sleep and get their vehicles serviced somewhere. Once you have identified potential partners, make a non- stressful approach such as an invitation to meet over a cof- fee, lunch or dinner. I found that simply suggesting you
other businesses around us have mutual business goals, es- pecially those related to survivability and sustainability. Fur- thermore, to be truly successful I identified that I could not simply do all I needed to do in business on my own. There- after, I conceived and initiated an idea that underpinned much of my business life. I called it: ‘The Partnership’ where I went about developing informal business partner- ship(s) with businesses that were carefully chosen based on the common objectives and expec- tations to my own. Terry & Cathie, GBR
have an idea that may be of benefit to them works best because it im- mediately models the meeting with ‘there is something in it for them.’ Avoid meeting when work may be a distraction. This is especially the case with the first meeting. Remem- ber forming partnerships is serious stuff that deserves the full focus by both parties. Do not go into any partnership
This type of partnership is not a legally binding one, nor is it subject to the same kind of formal agree- ments as you would find in corpo- rate partnership arrangements. It is simply an informal verbal alliance between businesses that face mutual challenges, and have similar goals
and/or reciprocating objectives. That is not to say that ver- bal agreements should not be recorded for future reference, since an informal agreement can pose some challenges, such as tension between partners, especially if one is not living up to their role in the pact. Once you decide to explore the partnership concept, start looking early to find bona fide potential partners. This can take some time, and you want to get it right the first time because failed partnerships of any kind can be hurtful to both parties. That is, partnerships for partnerships sake are not a compelling reason to form a relationship with an- other. You both should want strong positive outcomes. Good partners have excellent deliverables and a very clear business rationale. So, previous performance is the best in-
meeting unprepared! Good dialogues start with proper preparation and a clear explanation on how you see the po- tentials will be realised. That is, try to flesh-out mutual busi- ness challenges that the partnership could effectively address and deliver beforehand. I like to keep a few bullet points at hand, so I do not forget any key elements of the proposal I am making. Remember the best outcome you will achieve is one where the other party wants to fully col- laborate with you. You should start the meeting off with a suitable ‘ice breaker.’ However avoid bla, bla, bla and too much small talk, as a good partner is unlikely to be entertained by time wasting. Also keenly remember it is very important not to give the impression it is all about what you can get out of PAGE TWENTY-THREE | SCUBA DIVING INDUSTRY
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