Partnerships: We're stronger together
Katharine Hepburn and Spencer Tracy. Nike and Apple. Lennon and McCartney. All examples of being stronger together.
In the business world, it is perfectly feasible to work in isolation and have great results but many companies have long since realised that strategic partnerships can give a significant boost to both sides' results. It would seem that when it comes to collaborative working, the whole is greater than the sum of its parts (to quote the Greek philosopher Aristotle – a reference you won't see in many other restaurant software company's blogs!).
For the purposes of this blog, we're not necessarily discussing ownership or funding/investment partnerships but instead well thought-out strategic partnerships designed to bring benefits to both sides without huge structural changes or implications.
For restaurants, partnerships can be as grand or low-key as the respective parties see fit. We've seen some fantastic examples of restaurants partnering with schools, community groups or to support recycling initiatives, to name but a few. These arrangements are brilliant for simply playing a part in a social landscape where owners want to make a difference beyond the usual sales/profit equation. An added benefit is the reputational gain associated with the restaurant's brand – something which is also good for creating diners with a conscience.
At a different end of the scale restaurants have strengthened their business by entering into strategic alliances within the supply chain, perhaps championing a particular supplier in exchange for better pricing or co-promotional opportunities. Likewise, we see many F&B businesses doing deals with other non-food outfits to supply their menu items to shops or workplaces.
The benefits of the more business-oriented strategic partnerships, provided their basis hits the mark for both sides, are many:
- increased brand awareness
- extended sales channels
- better pricing
- access to knowledge & expertise
- enhanced revenue streams
- enlarged territorial “reach”
- greater marketing opportunities
- pooling of resources.
The list is endless!
Here at Favouritetable, we take this one stage further and think of our relationship with our restaurant customers as partnerships. To us, it doesn't matter that the people outside of our organisation with whom we interact are customers, or suppliers, or anyone else. We 're stronger together and that's that – we value them all in the same way.
Another key attribute of our own philosophy is the reverse being true, in that anyone who deals with us can be expected to be treated as a customer, irrespective of whether they are buying, selling or anything in-between. It's what's in our DNA, part of our brand values and what we think sets up apart from our competitors (as well as producing commission-free restaurant reservation and management software, of course).
You may be wondering what prompted our mention of partnerships this week. Well, we have some great news: Favouritetable has entered into a strategic partnership with Deliverect, a company which shares our own values around making restaurateurs' lives easier.
Deliverect integrates all your online orders to your existing Point of Sale and offers a suite of omni-channel restaurant management tools to perfect your operational flow both front and back of house.
Deliverect connects UberEats, Deliveroo, Doordash and more delivery services directly to restaurants’ Favouritetable system, automating the online order process. With orders from all delivery channels pushed from Deliverect to Favouritetable, restaurateurs can skip manual entry completely.
This new integration with Deliverect is a great example of two companies working together to make customers' lives easier and genuine value to busy restaurateurs. It is one partnership which we believe hits the mark and gives a healthy does of all-round benefit.
To sum up, restaurants can – and often are – very successful in their choice to operate without partnerships, but many more have found the benefits of choosing carefully screened and aligned partners very compelling.
Try favouritetable free for 30 days. We know you won't be disappointed
For a demonstration, call us today on 033 0124 4785 or email us at firstname.lastname@example.org and see why favouritetable is the best value full-feature restaurant management system on the market.