You are going to kick yourself if you don’t leverage these relationships to the fullest
Most people who start something new know intuitively that they need others to help them accomplish their goal.
But armed with that insight, they don’t think big enough. They fail to get the most out of the relationships they have with individuals internally and with other organizations.
In other words, they don’t realize that they can create internal partnerships and external ones.
Let’s deal with internal partnerships first.
Sure, people starting new ventures usually hire people but they often fall short in at least one of two ways.
First, they may not hire well. For example, they might not hire people smarter than they are, and they may not be looking to add employees who offset their weakness. (A Ms. Outside to their Mr. Inside, to pick a simple example.)
And then even with good people in place, often they fail to get the best out of them because they micromanage or don’t encourage their best ideas.
One way to ensure that you get the best ideas possible is to pay people as partners—at least partially.
Let me give you an example of what I am talking about.
A really smart car dealer who runs a number of super-sized outlets two years ago hired a new manager to run his parts department at one of his stores, paying him a competitive salary.
“On top of that,” the owner said, “I will give you 10% of whatever you can save me next year.”
The parts manager did a great job of running the department in year one; in addition, he figures out a way to decrease inventory by $500,000 by changing suppliers and moving far closer to just-in-time stocking. At year end, the dealer was happy to write him a check for $5,000.
In year two, the manager kept inventory low, and realized that if he bundled the parts that were frequently used together—spark plugs, oil, and filters for turn-ups, for example—it would keep the service technicians and parts people from wasting time picking out each one every time someone came in for a tune up. Since the technicians work 10-hour shifts, the saved time meant they could do one extra tune-up a day.
At the end of year two, the owner was happy to write the manager another check.
If you can figure out a way to pay your employees like partners, odds are you both will benefit.
But you can also partner with other organizations. Working with a bigger company, for example, if you are small one, can get you into new accounts, widen your distribution, and help expand their offerings at little or no cost.
Whether we are talking about internal partnerships or external ones, you always want to look for the same thing in a partner.
You want to work with people and organizations that:
- Keep their word
- Share your values and
- Believe in your vision.
The takeaway is clear: The right partner(s) can multiply your potential.
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