Collaboration-The pros and cons

Now more than ever, businesses are embarking on collaborations, whether it be through strategic partnerships, joint ventures, projects or simply to help one another out.

The past eighteen months in business has shown us that whilst some industries have thrived, others have fallen and a compromise to what could potentially be a fatal end to what may have once been a lucrative business could well be- collaboration.

One of my favourite African Proverbs, reads “If you want to go fast go alone. If you want to go far, go together.”  This is certainly true of many aspects in life, in particular post pandemic as we gradually pick up the pieces as the world reopens.

Considering a collaborative approach to business, is most definitely worth your time, even if at very least you focus on building a network of like-minded individuals and surround yourself with them regularly, through perhaps a peer group, networking or indeed your in-house dream team.  This will open up new possibilities and opportunities you may well not have thought of yourself and this in itself is a collaborative approach to business.

Opening yourself up to new perspectives and the ideas of others is an innovative way to run business and how many successful industry leaders manage their strategies. Plus, as we all know, networking can offer so many collaborative opportunities aside from the generation of business itself, so whether you choose to network online or in the room, this is a must.

So, here I list an example of pros and cons to the concept of ‘collaboration’….

Pros

1.        New business can potentially be generated at a quicker speed.

2.       The opportunity of the sharing of knowledge and training.

3.       A strengthened brand identity and raise of your business/personal profile.

4.      An increase/improvement in your team, providing you with a stronger infrastructure.

5.       Access to more useful resources.

6.      Increased support of your operations.

7.       Access to new and useful suppliers who in turn may save you money.

8.      An opportunity to make a difference in the world.

9.      New friendships formed and you may also enjoy it!

Cons

1.        It may all go wrong, but you won’t know until you try- right?

 Why not create your own pros and cons list if you are considering a collaborative approach with your business?

Fiona Duncan-Steer, RSViP – www.rsvipnetwork.co.ukwww.fionaduncansteer.com