The Importance of Choosing the Right Business Partnerships

By Raul Jose Gutierrez Strategic Partner, ITALKRAFT | October 29, 2017

In the ever-changing world that we currently live in businesses are encouraged to find different ways to garner growth and exploit their full potential. Strategically speaking partnerships could be a beneficial alternative to consider to be stronger competitors in the market as well as attain a higher level of recognition in the field that as solo entities would otherwise be a longer-term project.

For instance in the case of yoo Studio and TALKRAFT’s partnership, the two are design related firms that aimed for uncharted waters with an idea that had not been developed in the Dominican Republic to date; the building of Santo Domingo’s first 5-star hotel-residence structure was something that allowed the acclaimed firm to bring its first project to the Caribbean and Miami’s ITALKRAFT to not only go international but to step out of normalcy by producing more than just kitchens, baths and closets. The two partners have collaborated to provide a unique product in the Dominican Republic that has proven successful from the beginning stages.

The most successful results occur when each one of the partners specializes in areas that are different yet related to the other and where they are not adversarial within their corresponding markets. In doing so, each entity is trusted to focus on its strengths while relying on the other organization to cover the areas outside its expertise.

When entering a partnership or an alliance it is vital to undergo a thorough analysis as there is a lot to consider – here are some tips that based on experience could be of benefit to future partnerships.

  • Focus on Results - It is important to know your capabilities, and whether you are prepared to deliver. It is also vital to have expectations of your
    partner and know what you would like in return from the collaboration.
    Approaching a partner without a clear understanding of the relationship can
    cause o loss of interest before negotiations even begin.

  • Communication - Effective communication is not only essential in a partnership but perhaps it is the solidifier between the parties involved as
    it has to be a constant throughout the entire process; from start to
    development and lastly, fruition. Open and honest communication will
    guarantee that there are no blurred lines or misleading expectations between
    partners. It is very important to expect that not every detail of operations
    will go as planned therefore the success of the endeavor will heavily rely
    on the level of trust and communication between the parties.

Coming up in January 2018...

Mobile Technology: Relentless Innovation

Technology has become a crucial component in attracting and retaining hotel guests, and the need to enhance a guest’s technology experience is driving a relentless pace of innovation. To meet and exceed guest expectations, 54% of hotels will spend more on technology in 2018, and mobile solutions in particular will top the list of capital investments. Many hotels are integrating mobile booking, mobile keys, mobile payments and mobile check-in into their operations. Other hotels are emphasizing the in-room experience, boosting bandwidth and upgrading flat screen TVs to more easily interface with guest mobile devices. And though not yet mainstream, there are many exciting technology developments on the near horizon. The Internet of Things (loT) is taking form in some places, and can be found in guest room control systems, voice activation systems, and in wearable sensors that can be used for access and payment options. Virtual reality headsets are available at some hotels so guests can enjoy virtual trips to exotic locations or if off-property, preview conference facilities and guest rooms. How long will it be before a hotel employs a fleet of robots for room service, or utilizes a hologram as a concierge, or installs gesture-controlled walls that feature interactive digital displays? Some hotels are already using augmented reality for translation services, or interactive wall maps, or even virtual décor. This pace of innovation is challenging property owners and brands to stay on top of the latest technology trends while still addressing current projects. The January Hotel Business Review will explore what some hotels are doing to maximize their opportunities in the mobile technology space.