Business expansion is all about building new relationships and finding cohesive and sustainable business opportunities. The essence of communication and relationship building deeply lies in collaboration. As financial instruments are the tools to make judicious investment and wealth creation, sustainable collaboration is a tool to harness, multiply and expand business potential and its scale.
Stay away from isolation
Isolated individuals are never creative. The ideas curates and flow naturally when you and your business meet someone different than you and your business. Different points of views converge, ideation starts and potential of collaboration surface. Ideas blossom, take shape of a new unchartered venture and new horizon of business opportunity and amalgamation appears in mutually beneficial way. More and more talks, interactions, meetings, conferences and summits create bigger, suitable and sustainable business opportunities. Isolation hinders growth while collaboration opens up.
With a new company, the advantages of collaborations are even bigger from low base. Sustainability of business can be achieved faster with collaboration.
Collaboration is nourishment to do interesting projects
Collaboration is the only natural learning way and it is true for a child, adult, a business person, artist, employees and anyone else. It has been taught throughout in our life - from shuffling of school sections, change of department in an organization or with change of jobs. All these types of collaboration are for amalgamation of different skills to open up individual or institutional horizon. Collaboration in any form transforms your business into more adaptive and dynamic business institution and keeps on adding a range of skills and improvisation maneuvers.
Collaboration is a platform for idea exchange
There are many ways to creative collaboration. Different organizations achieve it in different ways:
- Awards are good way to bring people and businesses of different mindsets on a single platform. It provides a true opportunity to build a viable relationship of many others.
- Sharing office space with other businesses not just brings your operational costs down, but well selected partners can bring more footfalls and engagements. It brings passive advertisements and business opportunities as well.
- Social networking expands your influence and reach. Today, your influence is measured in number of likes, shares, tweets and followers. In the era of digitization where people prefer to be active on social platforms, a business entity cannot ignore it. You need to be active and use smart ways to interact with your digital social network.
- Partnership is very essential in today’s complex business environment. When speed of execution determines the winner, partnership collaboration becomes even more important. Business cannot do all tasks alone. There are always core competency and rest of the work. To achieve efficiency and quality service standards, a business needs partnership.
- Joint ventures also bring different ideas together and help you build resources to take a giant leap forward. Apart from that, it helps you develop your ability to work with different people and different thought process. It helps you understand integration and inter-operability in a true sense. It builds upon your ability to maneuver differences and overcome challenges in smarter way.
Collaboration is multiplication
Collaboration has infinite potential in terms of building relationships and business expansion. Collaboration multiplies your client base and adds values to your business and is immensely helpful in sustaining business projects. It lends organic and inorganic edge to your businesses. All relationships may not turn into collaboration but even an attempt will not go fruitless. Even the by-product of the collaboration takes you forward.
Collaboration brings diversity
Collaboration brings different set of related ideas and practices and helps them converge and build new sustainable business instruments. Collaboration is also a cohesive force that diversifies businesses by easily integrating them together. Collaboration brings new world ideas on a table and allows possibilities to be explored, that has never been done before.
Collaboration is an answer to complex challenges
Complex projects are too challenging to be executed entirely by an organization. There could be a need to outsource, skills and knowledge exchange, operational segregation and more.
Imagine an aircraft company wishing to build everything from engines, flight control system, avionics, design, simulated devices, radars and many more critical electronic warfare systems. It would be a very long and frustrating project if there is no collaboration framework in place. For example when DRDO took project “Tejas”, it started “Kaveri Engine project”, which after 33 years, it is not yet complete and now thinking about collaboration. At one time, it was a failed project and about to be scrapped. When realized that their own Air force is not looking towards it due to incompetency in time and quality, they have started collaborating and open to include private industries participation.
More forms of collaboration
All forms of collaboration have advantages. Here are few other forms of collaboration that supports sustainability of business:
- Joining co-working space helps you save money and expose more clients to each other.
- Exchanging referrals helps in marketing and sales as well as recruitments.
The advantages of collaboration are immense and cannot be bound in a short passage or a blog. It addresses the major challenge of budding businesses i.e. financial sustainability in the shortest possible time frame. It has many dimension and perspectives as well. A business needs to evolve to use creative and sustainable collaboration to its advantage. Some serious and creative mindsets can draw amazing model of collaboration either with its peers or with related business. Collaboration has the potential to create new businesses and products.