It’s okay, I admit it. I love watching and betting on the Triple Crown races. I’m not a huge fan of horse racing, but there’s something about the lore and grandeur of Triple Crown racing that fascinates me. The 137th running of the Kentucky Derby takes place in just nine days and it got me thinking… why is the Triple Crown so special?

With a little research I learned that in 136 years, only eleven horses have won the elusive Triple Crown. Because? Because it’s very difficult!!!

Does this keep fans from holding out hope for a new champion every year? Of course not! In fact, I’ve become a bit of a Triple Crown fan. I can’t help it. It is my nature to become emotionally attached to the outcome of major sporting events. After all, I’m a Boston girl and expecting a horse to win the Triple Crown is like expecting the Red Sox to win the World Series. Even if you’ve never witnessed it and you know it’s unlikely, you keep the faith anyway.

More importantly though, I realized that what makes the Triple Crown so coveted is the prestige associated with a win-win-win. Then it hit me… executing a great business collaboration that produces positive results for everyone involved is a lot like winning the Triple Crown.

Let me share what these two things have in common…

1. All parties involved must be 100% committed to the desired result in order to achieve success.

For a great racehorse to take home the Triple Crown, the jockey, trainer and horse have to work as a team and believe that victory is possible. It’s the same with business partners. The most successful partnerships are those in which all partners are 100% committed. When you start a partnership, you must commit to building personal relationships, understanding and believing in the value your partner offers, working as a team, and supporting your partner for the long term.

2. Meticulous planning, preparation, and execution are required.

While it is true that most of the best racehorses are bred to be champions, they are not just born ready to race. They first undergo training and conditioning, typically entering a series of less prestigious races to prove themselves before appearing in the legendary Kentucky Derby.

Take one of this year’s favourites, for example… Uncle Mo has won three of his last four races, two of those victories at the Triple Crown tracks Churchill Downs and Belmont. Needless to say, the Uncle Mo team has been doing serious preparation.

It is the same with collaborative companies. If you want to achieve a win-win-win, you need to put in the time and effort from the very beginning. Brainstorm creative partnership ideas, think through the process to achieve mutually beneficial results, make the right connections, choose the right partners, and execute smoothly.

3. You can’t control the situation, so you should always be prepared.

Last year, it rained all day of the Kentucky Derby. By press time, the track was muddy and all bets were off. This goes to show that no matter how meticulously you prepare and plan, the universe can always throw a curveball at you. It doesn’t matter if you are a Triple Crown contender or a small business owner, you should always be prepared for the unexpected.

Test your technology early. Create a backup plan in case your internet goes down on the day of a live event. Have a script ready in case your guest speaker gets stuck in traffic with a dead cell phone. Double check to make sure all promotions are being sent as scheduled. Always hope for the best result, but it doesn’t hurt to be prepared for a setback along the way: this is how the best achieve their goals.

4. Achieving a win-win-win is a real challenge.

The Triple Crown is the most coveted title in horse racing because it is the hardest title to win. Win three prestigious events in a five-week time span: the Kentucky Derby, the Belmont Stakes, and the Preakness. Lose just one race and goodbye Triple Crown.

Similarly, achieving a true win-win-win in your business partnerships is a challenge that requires victory on three fronts. Always remember that there are THREE parties involved in your association: you, your partner(s) and your community. Successful partnerships produce beneficial results for all three parties. Here are some simple rules that I follow:

• Get to know your partners, their products, services and philosophies personally.
• Never promote a product or service unless you invest in it yourself.
• Never promote a product or service just to earn affiliate commissions.
• Be prepared to provide various opportunities to potential partners that will produce the results you are looking for.
• Always be open to negotiating the terms of the partnership.
• Choose associations of quality over quantity.
• Never risk alienating loyal community members in exchange for new names on your list.
• Structure your partnerships to provide valuable, entertaining and engaging content.
• Make mutually beneficial results for you, your partner(s) and your community THE top priority.

True win-win-win collaborations can be a bit of work, but they will ultimately position you as a community leader, a high-integrity businessperson, and a trusted partner, colleague, and friend.

I’ll be spending much of my spare time this week studying the Derby contenders. I’ll review each horse’s physical characteristics and career statistics, jockey and trainer records, and take a look at expert picks. I’ll even check the weather for next Saturday to see what unexpected challenges may arise (learned my lesson last year). I will spend my days researching and preparing as I plan and host a fun and fabulous online partner event for one of my clients.

I know that the business partnership I am organizing will be beneficial to all. Now I look forward to witnessing the making of a Triple Crown champion!