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CAPITAL IDEAS UPCOMING EVENTS SEPTEMBER 8: MARKETING SUMMER SCHOOL: GET R E S U LT S ! M A N A G I N G AND MEASURING THE MARKETING BEAST Marketing specialist Cidnee Stephen takes you through a series of four, hands-on workshops to help educate and inspire you. ■ Where: The Commons Calgary (1900 11st S.E.) ■ When: 9 a.m. - 11 a.m. ■ Admission: $69. More info at awebusiness.com/event
FINANCIAL POST
CA LG A RY H E R A L D
C A P I TA L Q U E S T I O N
WHAT HAVE YOU LEARNED FROM PARTNERING WITH ANOTHER BUSINESS? Entrepreneurs talk about why they work with other business owners “One of our company mantras is ‘we play well with others’ and this holds true when partnering with another business on a project or program. Over the years, we have partnered with a number of different symbiotic companies to work on multifaceted projects where they bring a calibre of expertise to the table that we cannot provide. When we work on these partner projects we generally find the work is fun, challenging and interesting.” Arleigh Vasconcellos, principal of The Agency, theagencyinc.ca
“I’ve learned that it can be very beneficial for both parties. We’re all in it for the same reason, to provide value to our clients. We find partnerships that are non-competing but very closely related. Technology ties in to all parts of a business, and therefore we have lots of options of companies with whom to partner.”
SEPTEMBER 17: TECH SHOWCASE 2015 Meet tech startups at this annual celebration of Calgary technology ■ Where: Alastair Ross Technology Centre (3553 31 Street N.W.) ■ When: 4 p.m. - 8 p.m. ■ Admission: Free. More info at innovatecalgary.com
Shawn Freeman, president of TWT Group, twtgroup.ca
“You can’t be great at everything. But you can definitely fill in those gaps on certain aspects by partnering with businesses that are. You owe it to your customers and you owe it to yourself to focus on what you do best.”
For more great events, visit capitalideascalgary.com/ calgaryevents.
Danilo Terra, vice-president of equipment leasing and corporate finance at Leasex Financial Inc., leasexfinancial.com
“Partnerships allow me to create valuable networks, which in turn have evolved into collaboration, innovation and an overall improved experience for my clients. Learning from others and establishing better value for my client base has proven to be an asset in my business and personal life.”
COMMUNITY QUESTION
Amber Craig, CEO of Bamboo Creative Inc., bamboocreativeinc.com
What can you do to leave a lasting impression?
“Partnerships really add credibility to your business and theirs. It’s the best form of advertising if each business does their part in promoting an event. Whether it be a sale, fundraiser, or a shared coupon your clients will automatically have that trust in you because someone they trust and do business with is endorsing you.” Lois Jones, CEO of Here’s the Scoop, heresthescoop.com
Len Nanjad, partner at COREinternational (coreinternational.com) has learned that partnerships take commitment. “Do not underestimate the time, effort and attention needed to manage partner or alliance relationships. There is a lot of learning to be done together, especially when your offers are complementary. Strong partnerships are massive value when the right type and amount of attention is applied. Otherwise, it is just a loose connection at best.” PHOTO BY: LEN NANJAD
Finding new customers and maintaining current customer relationships is essential to growing your business. Following up with new contacts from in-person events, social media or virtual intros can make or break a future sale. That’s why Monica Kretschmer, founder and CEO of Canadian Business Chicks (canadianbusinesschicks.com) is interested to hear from you: What can you do to leave a lasting impression? You can answer the question in two ways: Open today’s Capital Ideas email if you’re a member or visit capitalideascalgary.com. We’ll publish the best answers, along with your business name and website address, on Aug. 27.
“Partnering with other businesses provides us with an insight into how they logistically organize and run their operations, including their marketing and sales. Often, this knowledge allows us to improve our operation and services. Since we partner with complementary businesses, it is advantageous to share information so often the partnership provides much more than the monetary value of the contract. Merri Lemmex, managing partner at Lemmex Williams Training Inc., lemmexwilliams.com
“Alignment and clarity are critical. The days of gentleman hand shakes are gone, get it all in writing. It’s not that we can’t trust each other, it’s just that we fundamentally can’t hear each other fully and are easily distracted and swayed by our inner dialogue. If we don’t capture on paper robust, detailed agreements, we have no clarity and lose follow through. Accepting the human condition and working with it with compassion is the background understanding to come from in such partnerships.” Sarah Laughton, principal at Stretch Solutions Inc., stretchyourproductivity.com
Our greatest learning from partnering with other businesses is that the result is greater than the sum of the parts. When collaborating with others, we spark each otherąs thinking and challenge ideas and processes, creating better solutions and outcomes for our clients.
Wilma Slenders, president of Transcend Management Advisors Inc., transcendmgt.com
These answers are in response to a question posed by Wellington Holbrook, executive vice-president of ATB Business. Here’s his take:
“When an entrepreneur partners with another business, there is usually an immediate business reason. Nonetheless, it is also an excellent opportunity to identify new ideas, new ways of thinking and new ways of doing things. By looking at business processes and strategies differently, it opens up new opportunities to optimize your business. And if there is one thing I know from over 20 years of working with great entrepreneurs, the most successful are always looking for new ways to do just that.” R O U N D U P : R E C E N T P O S T S F R O M C A P I TA L I D E A S M E M B E R S
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Find the full posts on these members’ LinkedIn profiles or at their website. We’ll curate a selection every Friday in our LinkedIn group, Capital Ideas Alberta. To bring yours to our attention, email it to hello@capitalideascalgary.com or post to LinkedIn with the hashtag #capitalideas.
From “Ladies, hands up” by Melanie Love, CEO and founder of Front Room:
“At minimum, putting your hand up increases your visibility and might lead to being top of mind for the next great opportunity. What are you holding back from really going for? Put yourself in the running and give yourself a shot.”
From “Coincidences Don’t Exist in Business” by Amanda Schewaga, owner of The Marketing Girl:
“This situation sucked but got me thinking about coincidences — I don’t believe in them! Had I not been laid off four years ago, I would not have had the courage to start a business, and I would probably still be working there!”
“What’s the secret formula for your business?” by Dylan Gallagher, founder at Bridge Capital:
“If you know what it costs to acquire a customer and know the direct and indirect costs related to the acquisition of the customer then you probably know your profit margin per customer.”
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