When to End a Strategic Alliance to Grow a Business
A strategic alliance or business partnership only works when both parties are doing their parts to make it function. When one side becomes disinterested or hindering by their lack of attention or action then it is time to move on.
The company I originally made my strategic alliance was bought in late 2009. In 2010, the new owners by lack of action, unwillingness and new operating environment made it difficult to grow my business. We survived because I was determined to lead us into a new direction and I know the value of my business.
Sometimes we get stuck in what is safe even though we are unhappy, and no longer progressing. It is important to turn the page to get unstuck. Having a plan helped me successfully navigate the big change of breaking Lifemoves’ strategic alliance with Steve Nash Fitness Clubs (Fitness World) to grow my business.
Tonight I delved a little deeper into the next chapter of my working life by saying goodbye and good luck to a number of work colleagues who are now friends. In early 2000 I joined the Fitness World Cambie club to get a job as a Personal Trainer; twelve years later I moved my independent business out of there.
End of a Strategic Alliance
There are times in life when everything comes to its rightful conclusion and we are ready for something new. For me I think I held on a little too long because I tend to see the best in situations rather than the worst. At times this means that I refuse to see the situation for what it truly is. A strategic ally who doesn’t respond to your request to have a meeting for over a year kills any grand potential the alliance has.
In the Cold Hard Truth
, Kevin O’Leary makes that point clear as well. When one side is no longer providing the services that are required under the agreement it stalls your growth, make sure you don’t wait too long before changing your strategy because if you do it could sink your business. In 2010, I waited patiently for all the dust to settle from a merger while I was under the impression that the new owners liked what we were doing and saw our potential (all smoke).
A nearly eighteen month stalemate nearly killed my business. It was finally in May 2011 that I was able to get a meeting to sort out what my next steps were. We mutually decided that it was in both businesses best interests for Lifemoves to move-out as soon as possible. Thankfully due to the circumstances we had until September 2012 to find the appropriate space.
If you own your business it is up to you to take action and pay attention to your financials so that your business thrives instead of dies. In time like these pay very close attention to your financials, perhaps even monthly if not more often so that you can make micro adjustments to steer it straight. If you wait too long it is going to take a massive hard RIGHT or LEFT to stop you from crashing.
I am disappointed because I thought that by aligning with a larger gym which had plans to go national that I would have more influence in the design and programming of future facilities so that they would be more inclusive for clients with disabilities – this is a legacy that I wanted (and still want to) leave. In business and life you can’t be partners with someone who doesn’t have very similar philosophies as you. However, when you truly believe in your dreams and have a vision that is ingrained in your psyche it will manifest itself because you will take subconscious and conscious steps towards it.
Lifemoves’ Bright Future
In January we started to move our North Vancouver location to 1350 Pemberton Avenue. During the first week it was apparent that even though we all run our businesses out of that location we all work together to provide a professional, clean, tidy and friendly atmosphere for us and our clients. We have pride for the space, unlike at our old location where equipment would disappear and tools would be strewn around floor well after someone was done with them.
The final phase of the move happened today as well. With a lot of patience and elbow grease I removed the branding decals from the windows. I will miss the clients, members and Personal Trainers who I got to know during the last seven years plus years in North Vancouver and previous years with the original club owners.
The future’s chapter began with our first monthly meeting at our Coquitlam location. We are part of a wellness clinic in which many practitioners share space. Andrea, Hardip and I were all there to meet a few of them and get to know how all of our services can benefit our clients’ wellbeing (a common purpose). Afterwards we had discussions with a designer, a glazier and a painter to help us put the finishing touches to the space. I am really excited and I am looking forward to showing off our new space.
Moving on from the strategic alliance with Steve Nash Fitness Clubs is what I needed to do to grow my business and renew the passion I had for it. Remember when one opportunity ends another starts.
Be Proactive. Take Action Early.