It’s okay, I admit it. I love to watch and bet on the Triple Crown races. I’m not a huge fan of horse racing, but there is something about the tradition and greatness of Triple Crown racing that fascinates me. The 137th edition of the Kentucky Derby takes place in just nine days and it got me thinking… why is the Triple Crown so special?
With a little research I learned that in 136 years, only eleven horses have won the elusive Triple Crown. Why? Because it’s very difficult!!!
Does this stop fans from holding out hope for a new champion each year? Of course not! In fact, I’ve become a bit of a fan of the Triple Crown. I can’t help it. It is my nature to become emotionally attached to the outcome of major sporting events. After all, I’m a Boston girl and expecting a horse to win the Triple Crown is like expecting the Red Sox to win the World Series. Even if you’ve never witnessed it and you know it’s not likely, you keep the faith anyway.
More importantly, though, I realized that what makes the Triple Crown so coveted is the prestige associated with a win-win-win. Then it hit me… executing a great business collaboration that produces positive results for everyone involved is a lot like winning the Triple Crown.
Let me share what these two things have in common…
1. All parties involved must be 100% committed to the desired result in order to achieve success.
For a great racehorse to take home the Triple Crown, the jockey, trainer and horse have to work as a team and believe that victory is possible. It is the same with business partners. The most successful partnerships are those in which all partners are 100% committed. When you start a partnership, you must commit to building personal relationships, understanding and believing in the value your partner offers, working as a team, and supporting your partner for the long term.
2. Meticulous planning, preparation and execution are required.
While it is true that most of the best racehorses are bred to be champions, they are not just born ready to race. They first undergo training and conditioning, typically participating in a series of less prestigious races to prove themselves before appearing in the legendary Kentucky Derby.
Take one of this year’s favorites, for example… Uncle Mo has won three of his last four races, two of those wins at Triple Crown tracks Churchill Downs and Belmont. Needless to say, the Uncle Mo team has been doing some serious preparation.
It is the same with collaborative companies. If you want to achieve a win-win-win, you need to put in the time and effort from the start. Brainstorm creative partnership ideas, think through the process to achieve mutually beneficial outcomes, make the right connections, choose the right partners, and execute seamlessly.
3. You can’t control the situation, so you should always be prepared.
Last year, it rained all day at the Kentucky Derby. By the time of publication, the track was muddy and all bets were off. This goes to show that no matter how meticulously you prepare and plan, the universe can always throw you a curve ball. It doesn’t matter if you’re a Triple Crown contender or a small business owner, you should always be prepared for the unexpected.
Test your technology early. Create a backup plan in case your internet goes down on the day of a live event. Have a script ready in case your guest speaker gets stuck in traffic with a dead cell phone. Double check to make sure all promotions are delivered as scheduled. Always expect the best result, but it doesn’t hurt to be prepared for a setback along the way: this is how the best achieve their goals.
4. Achieving a win-win-win is a real challenge.
The Triple Crown is the most coveted title in horse racing because it is the most difficult title to win. Win three prestigious events in a five-week time frame: the Kentucky Derby, the Belmont Stakes, and the Preakness. Lose only one race and goodbye Triple Crown.
Likewise, achieving a true win-win-win in your business partnerships is a challenge that requires victory on three fronts. Always remember that there are THREE parties involved in your partnership: you, your partner(s), and your community. Successful partnerships produce beneficial results for all three parties. Here are some simple rules I follow:
- Get to know your partners personally, their products, services and philosophies.
- Never promote a product or service unless you invest in it yourself.
- Never promote a product or service just to earn affiliate commissions.
- Be prepared to provide a variety of opportunities to potential partners that will produce the results you are looking for.
- Always be open to negotiating the terms of the partnership.
- Choose quality associations over quantity.
- Never risk alienating loyal community members in exchange for new names on your list.
- Structure your partnerships to provide valuable, entertaining, and engaging content.
- Make mutually beneficial outcomes for you, your partner(s) and your community THE top priority.
True win-win-win collaborations can be a bit of work, but will ultimately position you as a community leader, high-integrity entrepreneur, and trusted partner, colleague, and friend.
I’ll be spending much of my free time this week studying the Derby contenders. I’ll review the physical characteristics and race stats of each horse, jockey and trainer records, and take a look at the experts’ picks. I’ll even check the weather for next Saturday to see what unexpected challenges may come up (I learned my lesson last year). I will be spending my days researching and preparing as I plan and host a fun and fabulous online partner event for one of my clients.
I know that the business partnership I am organizing will be beneficial to all. Now I look forward to witnessing the creation of a Triple Crown champion!