Key Partners are the relationships that you have with other business, governmental, or non-consumer entities that help your business model work. These can be the relationships that your company has with your suppliers, your manufacturers, business partners, etc. These partnerships that you will undoubtedly create will be forces that help your business succeed in areas that would be inefficient for you to do yourself.
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4 Types of Partnerships
1. Strategic alliances between non-competitors: This means that you and a company that you have no direct competition with, industry wise, will partner together in ways that will benefit the both of you.
Example: You can partner with a manufacturer to produce a part of your business product that you yourself may not be able to manufacture. In return, you have a contract to pay for these parts that your partner has made you.
2. Coopetition: This is the strategic partnership between competitors. This one is a little wacky; it means that companies who may be directly competing will still work together to generate awareness for their shared industry, in the attempt to gain new users for all those in the industry to compete for.
3. Joint Ventures to develop new businesses: Here you may join your company with another to create an entirely different entity, which may be more profitable for the both of you than if you were to operate separately. Example: Blu-ray is an optical disc format jointly developed by a group of the world’s leading consumer electronics, personal computer, and media manufacturers.
4. Buyer-supplier relationships: Specifically, building reliable relationships with a buyer or supplier. You need to incorporate the characteristics of trust, quality, and commitment between the two entities.
Our Experience:
Crepe Expectations- The crepe food truck would need to partner with quite a few number of entities to be able to operate effectively in the College Station area, and actually in any town. The general list of partners the food truck would need would include:
1. The city of College Station. We would need to obtain multiple permits from the city to be able to label ourselves as a recognized business entity as well as be able to operate a mobile food stand.
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2. Texas A&M University. As a food truck in a college town we would cater to students and faculty as one of our main revenue streams. Therefore, we would have to work closely with the university to be able to get permission to set up our food truck and sell our food on their campus.
3. Owners of plazas or parking lots. The food truck would also like to target the population of College Station that would revolve around crowded public places, such as plazas or the Northgate district. We would have to work with owners of parking lots and spaces to get permission to set up and sell in these areas.
4. Truck and Equipment Suppliers. We would need to find the right suppliers to get our start up equipment and a truck. We would likely do business with these same entities if we found them to be fair in our initial interactions.
5. Food suppliers. This would be our biggest partnership, as we would want to find the best food suppliers for our needs so that we could maintain a certain quality for our food, as well as desired margins for our business.
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Diversity
Diversity is any dimension that can be used to differentiate groups and people from one another. In a nutshell, it’s about empowering people by respecting and appreciating what makes them different, in terms of age, gender, ethnicity, religion, disability, sexual orientation, education, and national origin.
Diversity allows for the exploration of these differences in a safe, positive, and nurturing environment. It means understanding one another by surpassing simple tolerance to ensure people truly value their differences. This allows us both to embrace and also to celebrate the rich dimensions of diversity contained within each individual and place positive value on diversity in the community and in the workforce.
Each individual in an organisation brings with them a diverse set of perspectives, work and life experiences, as well as religious and cultural differences. The power of diversity can only be unleashed and its benefits reaped when we recognise these differences and learn to respect and value each individual irrelevant of their background. At Global Diversity Practice, we help organisations to implement diversity policies that will help instil inclusion, respect and appreciation across the entire workforce.
Inclusion
Inclusion is an organisational effort and practices in which different groups or individuals having different backgrounds are culturally and socially accepted and welcomed, and equally treated. These differences could be self-evident, such as national origin, age, race and ethnicity, religion/belief, gender, marital status and socioeconomic status or they could be more inherent, such as educational background, training, sector experience, organisational tenure, even personality, such as introverts and extroverts.
Inclusion is a sense of belonging. Inclusive cultures make people feel respected and valued for who they are as an individual or group. People feel a level of supportive energy and commitment from others so that they can do their best at work. Inclusion often means a shift in an organisation’s mind-set and culture that has visible effects, such as participation in meetings, how offices are physically organised or access to particular facilities or information.
The process of inclusion engages each individual and makes people feel valued as being essential to the success of the organisation. Evidence shows that when people feel valued, they function at full capacity and feel part of the organisation’s mission. This culture shift creates higher performing organizations where motivation and morale soar.
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In simple terms, diversity is the mix and inclusion is getting the mix to work well together.
Better Business Performance
Openness to diversity widens our access to the best talent. Inclusion allows us to engage talent effectively. Together, this leads to enhanced innovation, creativity, productivity, reputation, engagement and results.
Businesses with a healthy balance of men and women are 21% more likely to outperform their competitors1.
Businesses with a good mix of ethnic backgrounds are 33% more likely to outperform their competitors1.
Teams that are gender, age and ethnically diverse make better decisions up to 87% of the time2.
Why do we need D&I in our workplace?
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Organisations need to allocate the required resources and training in order to attract the right employees with the best minds and skills. In today’s war for talent, this may require you to look beyond the traditional recruitment pool. This is what we mean by diversity in the workplace.
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The onset of globalisation has led to a demographic shift, with increased mobility in migrant workers travelling to the four corners of the globe for career progression, and the need for a talented and skilled workforce resulting in diversity becoming a key driver in economic growth across the world.
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The benefits of a diverse workforce not only provides social harmony at work for the employees, but also increases productivity and profitability that will help the organisation to succeed in the global marketplace.
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1Delivering through Diversity – McKinsey & Company
2Diversity + Inclusion = Better Decision Making at Work – Forbes
How Diversity Can Drive Innovation – Harvard Business Review
Diversity and inclusion is a sizeable challenge for any organisation, especially those that have previously been less diverse and demonstrably exclusive. Treating everyone fairly to nurture talent, imbuing the corporate culture with true inclusiveness and equality while bringing new services to an increasingly discerning audience is complex. Get in touch with us and we’ll provide further information about what we can do to help.