Collaboration is said to take place when two individuals or a group of people work together towards achieving a common goal by sharing their ideas and skills, and work together for a common purpose to achieve business benefit. Collaboration enables individuals to work together to achieve a defined and common business purpose.
It brings two professionals who bring two very different skill sets, perspectives, and strengths to the table to compliment each other for their common goal to be achieved.
Collaborating in the modern business space is becoming a rapid growing essential business tool and spans across small, medium and large businesses. It’s one tool you should consider adding to your business tools this year and beyond, if you haven’t. And if you have, hold on to it dearly; it’s a huge business enabler and saver.
How can business collaboration help you?
- It will inspire you
- It will grow your network
- It will save you money
- It will educate you
- It will add skill
- It will add value
- It will scale your business up especially if you lacking in resources, staff and infrastructure to accomplish a business task or goal
- It will solve business problems for you and
- It is a win-win for all parties involved.
How does business collaboration work?
Collaboration can be done by any of the following ways:
Co-opetition: complementary businesses coming together to promote their mutual products and services. or by
Referral: successful customer experiences and/or from the connections you form within the business community.
Co-promoting each other’s products.
What to look for in business collaboration
- Shared values
- Similar business culture
- Complimentary skills
- Right collaboration tools
Feel free to add more to these that will work for your collaboration
Collaboration is vital to the health and success of businesses today and it is an essential economy building factor. As you embark on your business collaborations, put some structure to your efforts.
As with any partnership, you’ll want to ensure that things are fair and square. For example, if you’re collaborating on, say, an event, make sure you agree on how you’ll divide time and tasks between the two companies.
Assign a point of contact to manage the arrangement and, if any expenses are involved, determine how you’ll split the costs.
Also, be sure to set goals so you can measure the success of your collaborative efforts, whether it’s a certain number of contacts or referrals a month, new customers or revenue gains.
Finally, constantly assess your collaborative efforts — if something isn’t working, find out why and try a new approach.