Strategic Partnerships 2
Hey there!
So today is Part 2 of 2 discussing “Strategic Partners.” If you are just jumping in, hop back over and check out Part 1 and then jump back in!
Well, now we know who our potential Strategic Partners are and how to find them. We also know that just because we find them, it doesn’t mean they are a great fit.
When you hire or recommend strategic partners to a client, you are ultimately responsible for how well strategic partners do their jobs, so you will need to find businesses you can depend on to do the job right, by the agreed-upon deadline, for the agreed-upon price. Remember, your name is on the line if you bring in a strategic partner and they don’t come through in a timely or professional manner or within cost. That being said, look for someone reliable, and have at least one back-up for each job.
Once you have utilized a particular service provider or vendor a few times, you will know which strategic partners deliver what they promise, and you will now have a preferred list you can recommend. Until then, you will need to thoroughly research strategic partners before recommending them to clients. To help you choose strategic partners, make appointments to meet either by phone/video or in person. Ask what services they provide, their rates, and their availability. You need to know that you can depend on them and that they will be willing to do whatever it takes to keep their agreements with you. (Unfortunately, some busy companies consider deadlines to be “suggestions” rather than requirements.) Make sure you are both on the same page concerning deadlines.
Depending on the time frame and freedom you are given by your client to make arrangements, it’s always a good idea if you can solicit quotes from at least two suppliers for each service and compare prices and services. Remember, you often get what you pay for, so the service that seems least expensive may turn out to be costlier (be it in hidden fees or the stress of following up on errors).
Here are some key points to address with the potential Strategic Partner:
price (including both set-up and maintenance fees for ongoing services)
product specifications
turnaround time
delivery services
customer service
payment schedule
deposits needed
return or cancellation policy
Before working with a strategic partner, you should do an online search to see if there are any complaints about them, and try checking with the Better Business Bureau (BBB) at www.bbb.org/us/find-a-bbb. You can also ask the service provider for references from previous clients if necessary. These days, most businesses have reviews online or readily available. If applicable, ask if the strategic partner holds liability insurance, which may protect both them and you if the provider’s work is not satisfactory.
If you choose a strategic partner for a specific client or project, get agreements (e.g. for costs, delivery dates, services to be provided) in writing. Note that a contract is critical. This is your insurance policy that the vendor will provide what you’ve agreed to. Most suppliers are comfortable working with contracts, and will require one anyway. If the strategic partner provides you with a contract, review it carefully before signing, and make sure all key points are covered. Some of the critical information that must be spelled out includes:
Exactly what the vendor will (and will not) provide.
Exact times for set up, delivery, pick-up, etc.
Any technical specifications or details that you must provide.
Detailed payment schedule, including deposits and when payment is due in full.
Cancellation policy, including any fees payable if services are cancelled.
Remember, contracts are negotiable. If there is anything in the contract that you don’t like, or anything you don’t fully understand, discuss it before signing. Once that document is signed, you will have little re-course if something goes awry. TIP: Unless you will be paying the vendor yourself, make sure the contract is between the vendor and your client, not between the vendor and you. If you enter into a contract with a vendor, you will be held personally liable for payment if the event or service is cancelled or postponed.
Well, that’s my little tidbit on “Strategic Partners.” I hope it was helpful and would love to answer any questions you may have! Let’s chat!
Till Next Time!
~RB
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