Top 5 Reasons Why Business Collaboration Helps Grow Businesses
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A Different Perspective
When working alone, it can be quite easy to get into a routine or a rut with the creative process. Collaborators can breathe fresh life into the project. When you work with others, it can inspire you to get past any “blocks” you may have with moving your project forward. Collaborators can brainstorm with you and can provide inspiration, provide a new angle in problem-solving and add a whole new perspective.
It Grows Your Network
The average business person knows approximately 600 other people. When you collaborate with someone, you open the floodgates to an entire new network. Out of that pool of people, there can be a significant amount in your industry that can be future collaborators.
When you collaborate with others in your industry, you are continually growing your network. For instance, if you collaborate with a colleague that you met on LinkedIn, you can tap into that collaborator’s own network. Your contact may know of other collaboration opportunities, and your mutual connection can introduce you to some relevant connections. Either way, your collaboration is one of the best ways to get more exposure for your business.
Co-Opetition
Co-Opetition is a concept where businesses work together to co-promote their products or services. A good example of this is if an airline teams up with a luxury resort and offers a bundle package to consumers. This is a win-win relationship for both companies as both stand to make a profit from the co-opetition.
Saving Money By Combining Resources
When collaborators work together, they can also reduce costs for each business by combining their resources. The shared resources can be used in many ways including the costs for any rental spaces at trade shows, or splitting the overhead costs for the entire project.
Collaboration Only Adds to Your Expertise
When you create collaboration opportunities, you build win-win relationships, but it also adds to the overall credibility of your business. You also get the added value and insights from the collaboration that your business gains, as well as all their expertise.
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The average business person knows approximately 600 other people. When you collaborate with someone, you open the floodgates to an entire new network. Out of that pool of people, there can be a significant amount in your industry that can be future collaborators.
When you collaborate with others in your industry, you are continually growing your network. For instance, if you collaborate with a colleague that you met on LinkedIn, you can tap into that collaborator’s own network. Your contact may know of other collaboration opportunities, and your mutual connection can introduce you to some relevant connections. Either way, your collaboration is one of the best ways to get more exposure for your business.
Co-Opetition is a concept where businesses work together to co-promote their products or services. A good example of this is if an airline teams up with a luxury resort and offers a bundle package to consumers. This is a win-win relationship for both companies as both stand to make a profit from the co-opetition.
When collaborators work together, they can also reduce costs for each business by combining their resources. The shared resources can be used in many ways including the costs for any rental spaces at trade shows, or splitting the overhead costs for the entire project.
When you create collaboration opportunities, you build win-win relationships, but it also adds to the overall credibility of your business. You also get the added value and insights from the collaboration that your business gains, as well as all their expertise.