Create partnerships to bring value to your business

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Bhavesh Patel
AAHOA Chairman (2017-2018)

Batman and Robin. Fish and chips. Thunder and lightning. All of these pairings have at least one defining characteristic in common: they fit together.

In the business world, finding the right fit – whether it’s the right location, the right market, the right brand or the right partnership – is critically important to the success or failure of the enterprise at hand.

For small businesses, strategic partnerships can bring immeasurable value to the table –opportunities, contacts, leads and support – that might not otherwise exist for the owner. Partnerships can help a hotelier flourish, grow and build during boomtimes and survive during more difficult ones.

At the most basic level, partnerships – whether interpersonal or business – help to establish a framework for collaboration toward a common goal that will (hopefully) result in mutually satisfying outcomes for both parties.

As the new year gets underway, consider ways to develop and create the types of partnerships that will bring value to your business.

For example, when going into a new partnership, set clear expectations about roles, process and deliverables. This will help to minimize misunderstandings and ensure that the partnership remains solid. It may also help to vet the new relationship through other partners, friends or even family members to ensure a good fit.

Consistent, transparent communication is also important in any new relationship. That goes for business relationships too. It’s only through the free flow of communication that new ideas, insight and knowledge transfer transpire.

Smart, approachable, forward-thinking dialogue promotes innovation, which can lead to developments that increase leverage or buying power, expand market reach, strengthen weak parts of an existing business practice and even overtake the competition.

Remember also that AAHOA is here to aid in the process. This year alone, we expect to host more than 200 events where these types of partnerships can be found and created. Additionally, the association kicked off Mentor Match last fall. This new program is designed to connect members – no matter where they are in their career – with a peer or seasoned industry veteran who can share advice, knowledge and know-how in their area(s) of expertise.

In addition to granting access to a variety of networking opportunities with like-minded individuals, AAHOA links members to a lobbying power that only an organization like AAHOA can provide.

The vast layers of information exchange, networking and access to research within the association’s ranks is invaluable. We value our strong partnerships with our members and industry partners, and if you’re not a member, become one and find a partnership that will spark your competitive edge.

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