If you want to go far, go together – African proverb
Has your business hit a brick wall? Are you pouring money in but seeing no growth? Then it is time to stop and consider collaborating. As a common African proverb states, if we collaborate with the right people, we can potentially go further than if we travel alone. The Oxford online dictionary describes “to collaborate” as “to work together with somebody to produce or achieve something”, and this is the core of collaboration to achieve a common goal.
Benefits of collaboration
Collaborating with another entity comes with benefits. The first of which is shared resources. When you collaborate, you can share costs, become more efficient, and improve productivity overall. You will also be able to pool together your knowledge, expertise and assets to benefit your business. The other benefit is that you may have access to new markets. This is a win-win benefit as your partner will have access to your market, and you will have access to their market. You could also benefit from networking within their circles.
Five points to remember about collaborating:
1. Choose the right partner
When you choose a partner, you must ensure that their skills and knowledge complement yours. Secondly, you should consider their industry expertise. Have they been in the industry long? Are they like you – an expert in their field of business? Lastly, what are their business goals and values? If these are not in alignment with your business goals and values, then you may have some clashes which could have been prevented from the start.
2. Arrange a win-win agreement
This is not the time to be self-centred. You need to ensure that both you and your business partners’ needs are accounted for. When there is an imbalance in a negotiation then the aggrieved party can get petty. Next, consider the concerns and expectations that each party would require for the agreement to be successful. Lastly, when writing out the agreement, ensure that the terms and conditions, and the responsibilities and obligations of each party are clear.
3. Build trust
Nothing ruins a partnership quicker than mistrust. Trust is built by sticking to your commitments and communicating plainly about any issues which may arise.
4. Establish clear channels of communication
You should establish from the get-go which channels of communication will be used for which instances in the office. Forms of communication can be face-to-face meetings, emails, instant messaging and team collaboration tools.
5. Give feedback
It is important to hold regular meetings to ensure both partners are on the same page and to see if there are any problems which need to be sorted out. By having regular meetings, preferably in person, you can evaluate how the collaboration is doing and if there needs to be any adjustments.
By keeping these points in mind, you can collaborate with like-minded partners and watch how your businesses grow from strength to strength.
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