Collaboration is often seen with big brands – just think Disney & Pixar or BMW and the beauty of Montblanc. Collaboration works just as well – if not – better for smaller businesses.
Whether internally or externally, often we are stronger together.
There are many reasons why you might want to join forces with others. It’s exciting and presents a huge opportunity to try something new and grow your business through shared ideals with your customer at the heart of your collaboration.
Extending your product or service offer through joining forces with a partner means only one thing = exceeding customer expectation and satisfaction.
It can provide a competitive edge, increase market share and crucially build your reputation.
From increased confidence, feeling part of something bigger to sharing the workload and sharing your skills, knowledge, and experience in new ways – collaborations can be amazing and benefit everyone involved – when done effectively.
Collaboration between entrepreneurs grow out of friendships. People who like each other naturally support each other’s ideas, get excited about how they can both benefit from working together and create something bigger and better than either of them can create alone. They don’t really stop to create a plan or think about the structure, they just start creating a business together, and unfortunately, that can prove to be the end of many friendships if not managed correctly.
Where do you start?
First, you need to start by discussing your business and strategic goals. Are they in alignment? Every collaboration needs an objective – an end goal. Think about what you are working towards. In every collaborative relationship, there will be shared goals and individual goals. Have you clearly identified these for each party and for the collaborative relationship? What is it that you want to achieve together and what do each want to get out of the collaboration as individuals?
Get clear on your values. What do each of you believe in and hold dear? What principles do you believe the relationship should be based on? Are your visions compatible and are the benefits equal – does your customer really care about the value you are adding?
Externally, the benefits of collaboration can be easy to demonstrate but internal collaboration is often overlooked but probably provides the most benefit : knowledge transfer, staff morale – all contributing towards strengthening the business offer and driving growth. Wanting to explore the benefits of collaboration further or what you need to know before starting out? Why not join us for our last session as part of the Bitesize Business programme – apply now https://nebsf.co.uk/bitesize-business/county-durham/