Managing the relationships during business formation is just important as managing the process.
We are currently working on a project involving multiple co-founders. All of the partners bring specific expertise to the project. What I find most interesting is the dynamics of the relationships between the co-founders and the between the company and external businesses.
For example, the company is working with business investors in Indianapolis and outside of the U.S. The Indianapolis business relationship and the non-U.S. business relationships are similar regarding the business discussions. The difference is the cultural aspects of the interactions. The management of the cultural aspects requires a little more patience than the business process.
On an internal level, the co-founders each have different viewpoints of the same business issue. Some are very detail-oriented while others are focused on the macro-level. We view this as a good situation for the company. That being said, the conversation still must be managed properly in order to accomplish the micro and macro goals.
How do you mange the relationships in your organization?
Be+Do+Solve(TM)
When you read the title, you probably thought I was going to mention China, India, etc. Outsourcing is a broad term. For example, if your company uses an outside printing firm to complete your marketing materials, then you are outsourcing.
We are currently working on a project for a medical device start-up in Central Indiana. The scope of the project involves formation of the supply chain for the product to get to market.
During our initial conversation with the client, we discussed the potential for outsourcing the manufacturing to places outside of Indiana. I know that many of you are not happy with outsourcing in its various forms. In my opinion, I think that outsourcing can be the key to the growth of a business. The focus of the business should be on its core expertise. All the rest, you need to outsource.
Fortunately, we are working with our Indianapolis business relationships to keep the initial launch local. As a global business consulting firm, we could have worked with our partners outside of Indiana. We decided to outsource locally to control the initial process.
Is your company focusing 100% on its core business?
Be+Do+Solve(TM)
Lately, I have noticed the line between business and social becoming more blurred. In the past, business networking groups were the pure-play. Now, I am observing and participating in more business social networking events. Is this the result of the realization of the importance of solid well-rounded relationships?
I received an email yesterday from a client. The first half of the email was an update on a project. The second half was an invite to my client’s housewarming party. I will definitely be attending.
Dave Castor at
Alerding Castor LLP and I met under social circumstances. Since that time, we have forged a strong friendship. Our friendship has enhanced our business relationship on multiple levels.
Of course, you will not be able to close friends with all of your clients. But if there is a choice, I will always choose to do business with people I know on a personal level.
What does your business social network look like?
Be+Do+Solve(TM)
"People hire you for your integrity and your discretion...You can't really do a first-class job for a client unless he's willing to tell you everything. And in order for him to tell you everything, he's got to believe that you'll keep his confidence." -
Bob GreenhillThis quote from the June/July issue of
Dealmaker by
Bob Greenhill the founder of
Greenhill & Co. explains in simple terms the key to business formation, business relationships (including business networking) and successful businesses.
In the end without trust, you can't have solid relationship with clients or employees. In order to gain that trust, you must begin with a defined transparency within your organization and with your clients.
I think the ever-changing global market presents an opportunity whether you are a social entrepreneur, working in emerging markets or in the financial districts in Hong Kong or London. Trust and transparency will help guide your success.
Who do you trust? Do they trust you?
Be+Do+Solve (TM)
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