The value of collaboration

Large Corporates have resources & the advantage of a wide spread of Customers.

For the smaller Business Owner, often it means going it alone.

Working twice as hard to spread our word.

The greatest asset to a small Business is……. another small business!

It is known as Collaboration!

A vital & most often forgotten weapon in the smaller business armoury.

 Humans are inclined to look out for our friends!

Befriending another small business who supplies different products to the same market sector will more than double your network & success.

 There are many ways in which small-business Owners can join forces & look for each other – some examples are, an exchange of ideas, share Customer bases, tout for one another’s offering. increase purchasing power & grow revenue.

Here are just some of the ways that small business collaboration can help you grow.

 Collaborate to Learn

You only know what you know…………..

what you know & have experience in, may be something lacking in the small company you are collaborating with.

Sharing strengths, weaknesses, success & failures, can only benefit both.

 Collaborate to be Inspired

I’m sure you have heard the term “working so hard in the business, you forgot to work on your business”.

We get so focused on the day-to-day tasks that it’s hard to step back & see the big picture or explore new ideas.

Seeking out & sharing the company of other businesses can be a powerful source of inspiration and support.

 Collaborate to Increase Your Buying Power

Small businesses are often at a disadvantage when purchasing as bigger corporates buy in far larger quantities & therefore can demand better pricing.

Through working together, it gives you more opportunity to compete.

Buying co-operatives work well & help smaller businesses be more competitive & earn greater margins.

Collaborate Through Co-opetition

Crazy word isn’t it – bet you have never heard it before!

It simply means that two (or more) businesses supplying the same Customer can fully co-opetite - when complementary services &/or products can meet a Customer’s complete needs.

EG: if my business is supplying meat, while yours is fresh fruit & veg to the same restaurant. Promoting each other’s business offering, creates a win-win-win scenario.

 Collaborate Through Referrals

During my training sessions, I often ask Reps if they give & ask for referrals.

Only 11% do!

Crazy, when this is the absolute most powerful & cost-free marketing tool.

Survey by “Alignable” backs this claim ~

It was found that 64% of small-business Owners find that referrals/recommendations are the most successful manner to attract & secure new Accounts.

Social media (18%), website (10%), email (4%) & online promotion sites (2%).

 Building a collection of contacts through local networking groups, or your Chamber of commerce is a valuable & creditable manner to achieve this.

 Collaborate with structure

A Key factor in successful collaboration pacts is to create & follow an agreed path.

Set common goals & a measure of the success generated through your relationship.

Assess outcomes - if it is not working for either, or both parties, review it openly & honestly.

The only collaborative agreement, no matter how informal, MUST produce a fair, win-win outcome, or will fail.

 Wishing you the absolute best for your business, & your collaborative Partners 😊