Collaborations and partnerships can be a great way to increase your business opportunities, whether you are starting up or growing your business.
Linking up with another business or organisation can offer many benefits such as boosting awareness of your business, accessing new customers, increasing skills, growing sales or expanding to new geographic areas. Plus, you can share the work and the risks involved with someone else. When starting up in business, teaming up with someone else can feel more do-able and less daunting.
For businesses which are starting up on a limited or tight budget, partnerships and collaborations can be attractive. By working together with another organisation on a joint project you can achieve business goals which would otherwise be out of your own business reach. Costs can be shared and there are two sets of skills that the business can benefit from. Of course, it also means that any profits require to be split two ways, so the pros and cons need to be thought about.
It’s pretty important to agree the details of any collaboration at the start, and make sure it is all written down. For example, the roles and responsibilities of each company or person, how any costs or profit will be split and the timeframe of the collaboration.
At the end of the collaboration, it is worthwhile taking the time to evaluate the success of the project. Did it achieve the goals set out? What worked well? What did not go to plan? Would there be benefit in continuing the collaboration? Sometimes a one-off collaborative project can lead to a longer-term partnership. This is where businesses share a strategic goal or objective and have a more formal partnership to achieve success, rather than striking out alone.
Whether you have a collaboration or a partnership, teaming up with another business can help boost individual strengths and skills and deliver a win-win in terms of achieving your business vision and goals.