By now, you’ve likely come across the saying “TEAM: Together Everyone Achieves More.” It’s become a rallying cry for sports teams, motivational speakers and industry leaders. However, this saying is far more than a rallying cry. It can actually be a model for stabilizing and growing businesses right here in the St. Louis region. How? Through partnerships that bring local companies together to achieve more.
The move toward partnerships is nothing new. Partnerships have existed across the St. Louis region on some level for years. Large airlines like Delta partner with smaller regional airlines to serve markets that otherwise wouldn’t connect to Delta’s global network. Companies like Ameren partner with local suppliers to source goods and services, better serving customer needs. The list of local partnerships is long and continues to grow, allowing even small firms and minority businesses to thrive in this changing economy.
The economics behind a partnership are simple; pair the right companies together on a strategic level and the new team will be better than one the companies could assemble individually. Yet the reasons behind partnerships go far beyond economics. Larger corporations actually need to partner with small companies. It not only makes good business sense, it helps foster and grow local companies and can fulfill a specific inclusion target or goal.
Partnerships specifically benefit minority-owned businesses because they force leadership to think big. Partnerships could lead to larger, more profitable projects for a company. They could allow minority businesses to add full-time employees, increase purchases of products and services, and even expand their operations to a new building or new area.
Forming true partnerships is all about the right fit and the right reason. It’s about bringing together the best “team” to assemble a pitch, win the project and complete the work. It’s also about having the insight to think ahead and see what’s coming, anticipate needs and execute strategy that will lead to renewed accomplishments.
Forming strategic partnerships is just one component of what the St. Louis Minority Supplier Development Council does here in the St. Louis area. We look for the right relationships between companies, facilitate introductions, provide ongoing support and find a path that gives companies the best opportunities for success. We’ve started many companies down that path as part of the Billion Dollar Impact, which develops partnerships that will help our region add thousands of jobs and increase corporate spending with minority businesses by $1 billion dollars over the next three years.
I challenge St. Louis businesses, large and small, to seek out these partnerships, they are too beneficial to pass up. We stand ready to help turn your ideas into a reality. It really is true, together everyone achieves more.
James Webb is the President and CEO of the St. Louis Minority Supplier Development Council (SL MSDC)