No matter how established your business is, collaboration is a powerful tool whatever industry or sector you are in. The connections you form with others and the way your connections are made can help you grow your business.
There are a number of ways in which collaboration helps you. Here we offer some of the advantages of collaborating.
Business collaboration inspires you
When you’re running a business you can get tied up with the daily tasks. As a result, you can lose focus on new tools and ideas that could improve the way you work.
If you are locked away keeping busy then you are not communicating, sharing or discussing information that can benefit your business. By discussing with others, you can get a fresh perspective and be inspired to make more of your company.
Your network will grow
There’s one thing that successful entrepreneurs have: and that’s an interest in meeting new people. Making connections not only provides inspiration it opens you up to the network of others.
The people you meet have a network and within their group are others who might make a perfect alliance. Your business will always need new customers so growing your network is an excellent way of finding new clients.
An opportunity to learn
Every interaction you have with people outside your normal circle teaches you something valuable. Successful collaborations are often borne from two people with different skills and perspectives. Together, they bring different strengths leading to new opportunities for each to learn.
Saving money
Working together can also be more cost-effective. By collaborating you can often share the cost of development and marketing. It effectively means you are doubling your budget while reducing your costs.
You will certainly get more ‘bang for your buck’ than using your own resources, as long as each business involved equally invests in the success of the collaboration.
If you wanted to promote a joint venture you will be able to reach a wider audience through marketing together, for example.
Problem-solving
Unless you’re a superhero, there is only so much you can accomplish in any set time. It is tempting to work all hours, but tiredness means you still won’t get as much done as two or three people.
There will also be times when you get frustrated by a problem or want a sounding board to get views on some of your ideas.
This is where collaboration can help. Getting input from someone who is outside the situation usually leads to you being given sensible and impartial views. You often find that it’s when you are given these views you then achieve much more than you wanted to accomplish.
Everyone’s a winner
Collaborating in business usually offers both parties the chance to grow their business. Both businesses could work on a project that will increase orders for them. Or through exposure to another party, your business could be introduced to your next best client.
Even small businesses can collaborate effectively. A florist could offer a free arrangement to a coffee shop weekly. As well as improving the look of the coffee shop, the florist gets access to their customers so everyone is a winner!
RCP21 has helped many businesses through Business Collaboration Networks. If you would like to know more about how we can help, don’t hesitate to get in touch.
