I have been talking with certain people about possible joint ventures and working together to do projects. Often, we have found that we have synergy, and we will do more together than we could separately. In previous blogs, we have talked about how great partnerships can be, and how they can revolutionize your business, and you can go to a whole other, new, level by working with the right team. Of course, because you probably have much in common, your team members may have overlapping skills and abilities. Technically, you might be in competition with each other because you are able to service the same clients independently of one another. What do you do about this possible internal competition?
If you go into a partnership with somebody who takes a business opportunity from you, that can create conflict. However, I think you need to look at the bigger picture. How will you work together? How will you help each other? How will you build for the future?
If you overlap a little, but you have more synergy together, then you are going to benefit more from the partnership than you will from the lost opportunities. Indeed, it could be a one-plus-one-equals-three situation, where the partnership does much more than any of you could do individually. All of you will benefit.
Most of your competition is going to be outside your business, especially if you are a small or medium-sized business. It is not inside your business, so you are competing against outside people, not your own partners. Use the synergy you have and build something that is strong so that you attract your customers to you and your partnership rather than your competition outside.
Your partner is your partner, not your competition. Focus on the people outside your partnership who are the real competition. Position and build your business. Make it more. Capitalize on it. Do not allow little in-fighting among yourselves. Come up with a unique value proposition and reason so that people will want to do business with you and not with others.
What are your thoughts on this? Have you faced this situation before? What have you done? How have you changed and grown your business partnerships in the past? Join us in the comments below and let us know.
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This posting is intended to be a tool to familiarize readers with some of the issues discussed herein. This is not meant to be a comprehensive discussion and additional details should be discussed with your attorneys, accountants, consultants, bankers and other business planners who can provide advice for your circumstances. Each case is unique. Past results do not guarantee future outcomes. This article should not be treated as legal advice to any person or entity. Freeimages.com/photographer John evans.
About the Author
R. Shawn McBride is the Chief Innovation Officer at McBride For Business, LLC. His signature keynote, The 3 Laws of Empowerment, gives audiences an entertaining look at how they can prepare, plan and protect themselves. You can email R. Shawn McBride or (214) 418-0258.