In recent years, I know of a few businesses that have collaborated together for mutual benefit, and the results have been fantastic. I was reminded of this last weekend when I had the great opportunity to showcase my business books at an Expo in Sydney, and it was evident that a number of people there already work together not only to support each other, but also in a collaborative sense to help propel their individual businesses forward.
Collaboration is when two or more businesses or work groups combine to create and bring to fruition a new project or venture. They pool their products, skills and knowledge to accomplish or deliver a new product or service that works to their mutual benefit. There are lots of forms of collaboration in the business world, particularly in large companies and corporate entities, but I am referring to the opportunities that exist for small businesses to work together on a project or item for a greater good.
A perfect example of this to demonstrate, and I’m sure they won’t mind me using the example, is that I have a couple of friends who came together to produce a range of cakes/puddings. One lady at the time was producing cake and bread mixes to sell and the other lady runs a spice shop, so they came together to create a couple of special products that combined the spices in the baking mixes and promoted to all of their customers, which was a great hit.
In my travel business, our core business is group travel. We look after a large number of school and sport groups but in recent years we have also assisted with a number of special interest tours. We collaborate with a range of people to deliver a trip that they wish to promote and host to compliment their business, niche or specialty, and we put together a specialised option for them. We them promote to our combined databases, networking groups and existing clients to bring it all together, ensuring that there is mutual benefit and promotion to all stakeholders.
There are lots of opportunities to collaborate and work together for those that are interested in exploring. Combining skills, talents and resources can work in most businesses (internally and between external or outside businesses too) with the focus being on a successful and profitable outcome for all concerned.
Think of areas where you may be able to overlap or cross over to work on a common purpose. It may be combining two of your offerings to create a new product. It may be to work together to combine a service with a two-way relationship or referral options. It may be to come together to deliver training or education to individuals.
The more we collaborate, network or refer, the greater the strength and calibre of our relationships, reputation and offerings. Similar to maximising repeat or referred client opportunities, collaboration can really work well and benefit a number of people. So think about ways that you may be able to collaborate to accelerate or provide new opportunities to your clients and business.
