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Strategies for Growth and Partnering: Navigating Business Dynamics

Explore transformative strategies for growth and partnership development with your business. This guide offers insights into understanding your company's identity—small or big, sole proprietorship or partnership. Learn how to approach partnerships like marriages, embracing honesty and clarity. Understand the significance of a robust business plan, knowing your strengths and weaknesses, and keeping your competitors in check. Additionally, find out the do's and don'ts of growth and effective partnering, positioning your company for sustainable success.

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Strategies for Growth and Partnering: Navigating Business Dynamics

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  1. Strategies for Growth and Partnering Growing With Your Company And Your Partners

  2. Where am I Taking You? • We’re going to look at you and your company in a different light! • Will it be small or will it be big? • Will it be “you” or will it be “the company”? • Will you be in charge or will someone else? • Will your company be broad-based or focused? • Who are your competitors and who are your partners? • We’re going to look at partners – corporate and business. • Yes, some day you’ll need a partner! • Approach each partnership as if it were a marriage! • Honest and up-front is the name of the game!

  3. What Will We Learn? • Have a plan from the very beginning • Redefine and Refine the plan as you go • Always know what your are and where you’re planning on going • Know your strengths AND weaknesses • You’re always on the sell

  4. Why Should You Listen to Me? • Michael Kelly/President and Founder of RiverNorth Systems of Minnesota • Founded in 1998 • Grown in Revenues from $250K to ~$1M in 2001; 1 employee to ~10 in 2001 • Transitioned from “single shingle” into a company with rent, payroll, budget cycles, partners, an Advisory Board, a Board of Directors and a Business Plan. • Daily growing pains – still! • But now, we know how to solve them

  5. What Type of a Company are You Building? • Single Shingle, Lone Ranger, Solo Act, Lifestyle Company • Fast Track, Corporate Race, Rat Race, Conglomerate, Industry Heavy Weight • Something in Between • Take the Time to Plan. Your Growth Depends on it!

  6. Will Your Company Be Small or Big? • Characterize size by: • Customer Base • 1, 10, 100, 1000 Customers? • Industry Breadth • Vertical or Horizontal within Your Industry? • Sales/Marketing Reach • Campaigns, Word of Mouth, Networking • Required Resources • Capital, Financial, Human • Think of the Plan!

  7. Will Your Company be You or More Than You? • Sole Proprietorship • Only manage yourself!  • You direct the company, You make the decisions  • You reap all the benefits (Profits)  • You’re limited to your potential  • You make all the decisions  • You do everything (work, finances, windows)  • Think of the plan!

  8. Will Your Company be You or More Than You? • Partnership or More • Your potential is higher!  • You don’t have to make all the decisions  • You don’t have to do everything  • There’s more to manage  • Your decisions are not always final  • You don’t have total control anymore  • Think of the Plan!

  9. Will Your Company be You or More Than You? • There are different “mind sets” for each approach (Individual vs. Corporate) • If you’re a company – Think like a company • If you’re a individual – Think like an individual • Think of the Plan!

  10. Who’s Running This Show Anyway? • Do You Have the “Right Stuff” • Would it Matter if You Didn’t? • NO – as long as the “right” people are in place • Think Seriously About All Positions in Your Company • Don’t Feel Obligated to ANY Position in Your Company • Find the “Right” fit in all positions! • Think of the Plan!

  11. Corporate Expertise What is Your Company’s Niche? Electronics • Horizontal or Vertical? • Determine Target Industries • Determine Customer Base • Focused or Broad? • Think of the Plan! Corporate Expertise Travel & Leisure R & D Banking/Finance Computer Industry Telecommunications

  12. Who Are Your Competitors? • What’s the Big Deal? • We Owe it to our customers to be competitive • Rates, Quality and Integrity • You could lose business without even knowing it • Competitive Intelligence is a Healthy and Smart Business Practice. • Leverage your competitors! • Think of the Plan!

  13. Who Are Your Strategic Partners? • Types of Company Partners • Vendors • Channel • Suppliers • Be Careful! • Be sure of where your company is going • Insist your partners know where they’re going • It’s amazing how fast company vision and direction change given enough money – it’s called short sightedness. • Think of the Plan!

  14. Choosing Company Partners • Avoid Overlapping Services/Products/Value • Establish Ground Rules • Competitive Boundaries • Compensation/Referrals • Know your business partner’s mission, goals and objectives • Think of the Plan!

  15. Do’s and Don’ts of Growth and Partnering • Do • develop and write a Business Plan • Business Type • Company Size • Company Officers • Value Proposition/Niche • Partners • Marketing/Sales • Think like the company you want to be

  16. Do’s and Don’ts of Growth and Partnering • Do • Choose Partners that will Produce “Win-Wins” • Have Integrity • Be Competitive • Don’t be Afraid to Think Out of the Box

  17. RiverNorth Systems, Inc. • Michael Kelly/President/CEO • www.rivernorthsys.com • Michael.Kelly@rivernorthsys.com • 952-953-0635

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