By Philippa Desiderio, Managing Director of Cherry London
A key challenge for all small businesses with big ideas is how to match the scale of your ambition with the limited depth of your pockets – how can you make your resources and funds work harder?
How could your business achieve fast growth and do more? The best way is to work smart and work together – build partnerships and collaborations with your clients, your suppliers and like-minded businesses, rather than contracts. Develop meaningful partnerships that last.
For example, recruitment has been a major challenge for us. Doing it ourselves and through recruitment consultants was very time consuming, complex to manage and the fees were very high. If you face this challenge, you could build a partnership with a Talent Partner. They can help you build a talent pool, develop and curate a talent community, handle all your recruitment (including even internal referrals), interview all your candidates before you meet them and provide invaluable consultancy. Done well, it will result in a great employment reputation, could save you over 50% in time and money and ultimately yield far better talent management than doing it alone.
It is the same for your legal requirements which, as you grow, will increase exponentially. Rather than contracting each project out individually, or retaining an expensive law practice, you could look locally to retain an in-house lawyer. It would give you a simple and quick process, the chance to work with a leader in their field and a far stronger legal position – and all at a fraction of the cost.
So what are my 3 top tips for success?
1. Don’t go it alone – find the experts in their field to help you
2. Think smart – work differently to secure these experts in ways that work for your business as well as theirs – work in partnership with them
3. Negotiate well and plan for growth – set up the relationship so that as you grow the relationship can too
If you do that, you will save yourself time and money – as well as getting a far better result than you can on your own.