Blind Dates

There is a popular TV show in the UK called "Blind Date". On the show, a female picks a male companion, unseen, from a group of three men chosen by the TV company. Then a male picks a female companion in the same way. The couples are sent on a blind date, all expenses paid.

So what has this got to do with business partnerships ...?

Well, it is a fact that for all the years this show has been running, there are only a handful of cases where the blind date actually led to a more lasting and successful relationship.

And it is a sad fact of corporate life that of all the alliances, partnerships and other business relationships that are set up on an almost daily basis, very few actually achieve the goals they were set up to achieve. The "official" rate is that something like 75% fail to reach their targets. But the true failure rate is probably even higher.

Could there be a connection here ..?!

The producers of "Blind Date" have recently changed the format of the show, perhaps in an attempt to increase the success rate of more permanent relationships (What! You didn't know ...?). Maybe businesses need to take a radical look at the way they go about setting up partnerships. Something has got to change ...

Learn from life

The dating game that many of us have experienced can teach us fundamental lessons about how to go about finding a suitable partner.

First of all, we "narrow the field". In life, we tend to seek out partners in places and environments where we ourselves feel comfortable – clubs, organisations, parties, universities ... The assumption is that these are the places where we will find like-minded people who we can get along with – people who will share or can accommodate our cultural values, our likes and dislikes, our way of living and our ambitions.

Next, we spend a good deal of time "getting to know" the other person – how they operate, deal with situations, what "makes them tick". Is the combination (i.e. the pair of us) stronger than the sum of our individual attributes? Can the relationship blossom in the good times and survive the worse times?

Later, we may come to a mutual agreement that we want the relationship to last, to be formally constituted, or to be productive. Then (and only then) do we make a formal commitment to work together for our mutual benefit over a longer period of time.

Contrast this approach with the way that business relationships are often set up. More like a blind date than a fruitful courtship ..!?

Five common reasons for partnering in business ....

"Our CEO knows their CEO really well."

"They had the stand next to us at the exhibition last year and well, we got talking in the bar and it seemed like a good idea to work together ..."

"They've got some great technology: our technical guys were really impressed with it."

"They've got access to a very impressive customer base ...."

"They've invested in us ...."

This is like marrying someone because ....

"My parents know his/her parents: they're in the same drama group."

"We had the rooms next door to each other in the hotel on holiday last year."

"You should see his/her body ...!"

"She/he is very well connected ..."

"She/he's loaded. She/he has already bought me a diamond necklace/Rolex watch/car."

What can be done?

If your company sets up business partnerships in the way that most other companies do, then you may think there is nothing you can do about it. But you do have a choice. You can do things differently.

First, you can start by asking simple questions: Why do we want to partner? What are we expecting to get out of the relationship? What are our timescales for achieving these aims?

Only when you know your company's answers to these questions should you then go about the job of "narrowing the field". Which type of organisation is likely to offer us the best way to achieve our partnering objectives? Are there already partnerships set up in that sector? Which companies in that sector have the attributes most likely to complement our own?

Next, work out how to approach your target companies. Why would anyone be interested in partnering with your company? What do you have to offer a partner? How can you attract their attention? How can you ensure that you get the right people involved (from both your and the potential partner's organisation?)

Searching for partners in this way will take a little longer, but ultimately will lead to more fruitful relationships. Of course, not all will succeed, but you will considerably shorten the odds. And remember, although the divorce rate amongst married couples is about 30%, it is still a lot better than the 75% plus failure rate of business partnerships.

Partnering Points on finding suitable business partners

• Ask yourself the question: "Why are we looking for partners right now?" Is the timing right for your company? Is there a strategic driver? Is there a timescale for getting partners in place?
• What do you want to achieve from the partnerships? Is it to penetrate new markets, or new market segments? To gain access to new technology or capabilities? To reduce costs, or outsource non-key functions? Or some combination of these reasons? Try to quantify your answers wherever possible.
• Is partnering the best way to achieve these goals? There may be simpler approaches using existing company resources. Consider, however, the opportunity costs of using those resources.
• How much resource are you prepared to commit to the partnering initiative, in the form of technical support, training, documentation, sales aids, marketing etc.?
• And finally, when you know the answers to all these questions, you must then decide how are you going to find and approach potential partners. Draw up a partnering plan, get senior management support for it and get it properly resourced.

And that's all there is to it ...!

Apply these guidelines and make sure your company doesn't end up on a corporate blind date.

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