The Power of Collaboration
Collaboration seems like a buzzword, but it’s far from a new concept and can be successfully applied to every sector in the business world.
When Competition Becomes Complimentary
There are many tried and tested ways to grow your business.
Yes, you should hustle and employ the right team. You should stick to your values and understand the market. But what if there was another way to give your business that extra edge?
Collaborations Have Brought Us Some the Most Game-Changing Innovations
Larry Page and Sergey Brin met at Standford. Through a simple collaboration started the company that would become Google. They were initially looking for a way to experiment with search algorithms. Now we have everything from maps, to mail, calendars and assistants. This humble collaboration crafted the world’s information and the way we access it daily.
Collaboration hinges on finding similar interests and needs. Businesses should look for creating ways to exploit them and then build on these similarities to the benefit of both businesses.
Collaboration Can Inspire
Doing your own market research, reading industry pages, blogs and technical manuals is good and necessary. But having a trusted partner to bounce ideas off of can lead to truly inspiring business approaches. This can open up doors you didn’t even know existed.
Collaboration Grows Your Network
You can never know too many people, and you can never be known to too many people.
Even temporary collaborations can lead to lasting relationships and real business growth.
Make a point never to leave a meeting or consultation without getting at least one contact from the other party. Word-of-mouth still matters whether it is a prospective new client, a mentor or a trusted member to join your team. Furthermore, referrals can be a game-changer.
Collaboration Can Be Educational
If you are still in the initial phases of setting up your business, collaborations can be wonderful educational spaces. They allow you to engage with complementary companies that might have been in the game for much longer than you.
Collaboration Can Save Money
If you can manage it effectively, collaboration can be financially beneficial. Think about finding a partner and sharing costs. One or more businesses can share storage or cleaning costs and even administrative duties.
Employ one person to perform office admin or human resource duties between two businesses and have them work on a shift basis.
Share marketing costs. One individual can hand out physical promotional material for two complementary companies.
Collaboration Solves Problems
Discussing shared problems can help you produce innovative solutions. You can discuss problems such as labour issues and supply chains without giving away business secrets.
Collaboration Benefits Both Businesses
A collaboration between complementary businesses can be extremely beneficial. A swimming pool safety cover installer and a pool cleaning service can collaborate for the purpose of gaining new clients. If these businesses are in collaboration, whoever reaches the customer first simply refers to their partner as a trusted service provider. It costs nothing extra, takes a few minutes and can supply direct access to a new customer.
Starting A Collaboration Shouldn’t Give You Headaches
- Join industry organizations or social media groups, chats and pages to find possible complementary businesses.
- Scout local businesses and see who might fall into the “adjacent” category in your area.
- Embrace the process and be honest about what you hope to get from this and be a team player.
- Set clear boundaries and don’t be forced into anything you’re not comfortable with.
- Collaborations can open up a whole new world of possibilities. Enjoy the journey!
