Collaborating for business growth
According to Wikipedia ‘collaboration is working with others to do a task and to achieve shared goals’. Have you ever explored if there is scope for collaboration in your business? It could be the key to expansion or business growth you have been yearning for.
Anthony Starr rightly said, “Collaborations is the best way to work. It’s the only way to work, really. Everyone’s there because they have a set of skills to offer across the board.”
Collaboration is something I had to embrace over the years. In my first year of starting BFS, I was quick to realize that collaborations helps businesses expand and prevents burn out too. Collaborations do not always mean joint business partnerships but it does mean working together to achieve the same goal.
For example – I have also been fortunate to work with others as delivery partners to increase my business vision and scope. I have met people I would probably never have met if not for the opportunities I was able to embrace.
If you are stalling to start or grow your business, collaborating with someone you trust might be worth considering. Here are some tips and benefits to consider:
If you want to work with someone else, you must ensure you share the same values. Values are important as they make up the foundation of whatever we choose to set up. If your values do not align with each other, then it will be almost impossible to build a solid structure that can actually stand the test of time.
Your strengths could be the weakness of your collaborator and work in both your favour. Wise people, who collaborate with others, endeavour to find people who have similar values but varied areas of strengths. Just imagine the chaos if two disorganized people chose to work together.
What Is on Offer?
The question must be asked, what are you bringing to the table? Collaboration must be beneficial to both parties. If only one party puts down a certain amount of funds to support the business at the early stage, it is only fair that the other party does the same – offer something of equivalent value or come to an agreement of how profit/revenue will be distributed to even the scale.
Collaborations work when there is open communication between parties. Before any major decision is made, agreement must be sought from all parties concerned before action is taken. Let it be clear from the onset what you want from the relationship.
Make it Legal
Legalize the agreement; ensure you put the right contract in place to protect both parties. Speak to a solicitor about what you want to do and you will be advised accordingly.
You must be comfortable in any partnership agreement and trust is an important aspect of working together. Trust means to rely on the integrity, strength, ability and surety of a person or thing. In collaborations trust can be a very fragile element of the relationship and should be protected at all times.
Collaborations can be a good way to expand your business reach. So rather than stall your next business step because you do not feel you have all you need in place, find someone to work with who can complement your efforts and share the burden too.
I wish you good success.
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