Since the turn of the century, THP has become one of Vietnam’s leading private-sector companies. It has successfully ridden the wave of rising domestic consumption at home and taken its first steps to export abroad. That independent success however, hasn’t eliminated our need or desire to partner with multinationals or other companies. In fact, collaboration is essential to growth and sustainability.
In an article published by Forbes entitled, Building Effective and Fulfilling Business Partnerships, author Tamara Schwarting speaks to the necessity of partnerships within business, “Creation is an act of collaboration. In the context of business, nothing that lasts — nothing of substance and power — was ever built by a single person. Creating a company that sustains the test of time requires a network of allies, advisors, and partners. Learning to select the right partners and, in turn, trusting them is vital for success.”
When it comes to finding partners, the key is to have them be win-win partnerships.
It can be tempting as a growing independent company to “partner” with a larger corporation. In some instances, this can be beneficial, but in others you can find yourself getting swallowed up by their vision, their priorities, their direction.
Globalization, which propels the multinationals, can feel like a powerful, almost irresistible force. This is particularly the case across the emerging and frontier markets where many independent companies like THP may have only recently become national leaders, wondering how they can fend off these global giants who have suddenly become interested in their region or country.
What many local companies may not realize is, they may have the upper hand in several areas which makes them attractive to larger corporations. The thing to remember is, it’s advantageous for a market to have varying sizes of competitors; while, entering into partnerships that eliminate variety is not.
The Litmus Test
Ultimately, what you consider a “win” for your business may be different than another; it’s important to understand and identify what that is for you and your company. For THP, our test of whether to work with another company or not comes down to if they can help promote our vision. Achieving a “win-win” situation does not mean a company has to be nice or has to compromise. It means the company needs to be clear about its strategic direction and find partners than can enhance or execute that.
As stated above, no company can operate alone forever – partnering is a critical strategic skill. Our success at THP has always been determined by its partnerships with suppliers and distributors and contractors. Take time to consider what a “win” would be for you and make deliberate partnering decisions that support that stance. Learn more by visiting, www.phuonguyentran.com