October 2016

Our Family of Companies
 
 
 
One of the best ways to grow your business is to establish strategic partnerships. By forming these deep, long-term relationships and agreements with other companies that offer complementary products and services, you can cultivate a mutually beneficial relationship that will help both of your businesses flourish. 
 
In this month's HRG newsletter, we look at some of the recent research on this important area and share some examples from our work as a trusted partner in managing and developing events. 
 
We hope you enjoy this edition, and as always, if you have a topic you would like us to cover and learn more about on event planning and management, workforce development, or marketing communication and branding, please let us know. We look forward to receiving your comments. You may also follow us on our  HRG LinkedIn Group  page and Like us on our  Facebook  page.

Wishing you continued success!
 
Regards and best,




Robert O. Sanders Jr., CMP
Founder and Chairman
Hospitality Resource Group, Inc.  


Strategic Partnerships-How To Energize Your Growth Plan
With the fall season fully upon us, many of us seem to be working even harder to achieve our end of year goals. For event planners, the common refrain remains the same: generate better returns with more limited resources.

What can we do better to optimize business or NFP organization and improve our results?  A growing number of forward-thinking organizations are working closely with their trusted partners who have common goals and are equally invested in their success.

World renowned management consultant John Spence, one of the Top 100 Business Thought Leaders in America, shed further light on this topic when he wrote about Strategic Partnerships as Effective Business Growth Strategies
Spence identified 6 key benefits that an organization can achieve by establishing new partnerships:
1.  Acquire New Customers - 68% of executives stated that acquiring new customers is the main benefit of developing alliances to increase market share, and to gain access to new markets.
 
2.  Increase Revenue - 66% view increased revenue as a primary advantage of successful partnerships, and when their strategic objectives align and resources complement each other, business partners can pursue new markets to increase revenue streams.
 
3.  Expand Geographic Reach -About one third named expanding geographic reach as a primary goal of their partnerships as a first step toward new growth.
 
4.  Extend Product Lines - 27% list product diversification as a primary goal of strategic partnerships, as executives collaborate to gain access to a market, or engage in strategic planning.
 
5.  Access New Technologies and IP Partnerships offer access to new technologies without expanding resources. Over a quarter of business leaders list gaining access to new technology or intellectual property as a benefit of strategic partnerships.
 
6.  Add Sharing Resources - Businesses also enter into strategic partnerships to pool resources, as 23% of executives cite this as a primary objective of forming partnerships.

These benefits can be applied to any business or not-for-profit organization. Additional sources provide further insight into the value of strategic partnerships, including this article by PowerLinx: 
 
"Strategic partnerships are increasingly becoming a vital element of businesses' corporate growth strategies with executives setting aside 20 percent of their assets or more to developing and maintaining partnerships."




Partnerships in Action
 
At HRG, we work very closely with our strategic partners to produce and manage high profile events, develop and launch brands, and facilitate high impact workforce development programs. Our partners range from specialized AV companies to cutting edge web designers and SEO optimization firms who we rely on to exceed our customers' expectations. 

HRG has led the development and management of the Westchester/Putnam Business Sector Partnership over the past 4 years, working closely with the public and private sectors and area educators to convene and collaborate within 7 key industries, including Advanced Manufacturing, Biotech, Green, Healthcare, Hospitality, Not-for-Profits, and Professional Services employers.   
Another example of our collaboration with strategic partners will be on display next week during our 3rd Annual Hospitality Educational Summit on November 7th, as our three HRG companies will be working together with industry leaders from the public and private sectors to promote growth in a $1.4B market here in Westchester. 
Guest speakers will include distinguished author Dr. Russell Zwanka, who will present How the Next Generation is Changing the Face of Hospitality, and also feature presentations on energy cost and control by Original Energy, a review of legal issues in hospitality by Jackson Lewis, and a panel of hotel general managers from the Westchester Hotel Association who will discuss trending issues and opportunities for growth.
 
For more information, visit 3rd Annual Hospitality Educational Summit
Are you interested in taking your business to a higher level by developing a strategic partnership strategy to improve your event planning, marketing strategy, or workforce development initiative? If so, give us a call at HRG (914) 761-7111 or email  walter@hrginc.net
About Hospitality Resource Group


Hospitality Resource Group, Inc. (HRG) is a group of vertically integrated companies, with over 19 years of experience developing innovative training, marketing and event programs for businesses, education institutions, not for profit organizations and municipalities. HRG clients benefit from our proven ability to develop effective management solutions to expand their markets and engage their companies to build brand equity, increase sales and improve productivity. 

The HRG family of companies includes:

HRG has earned widespread recognition from leading industry organizations, including:

 
 



 

Corporate Office: 237 Mamaroneck Avenue, White Plains, NY - Phone: 914.761.7111 - Fax: 914.761.7854 - info@HRGinc.net
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