Regardless of the industry you work in, or the size of business, collaboration can be a powerful tool for all stakeholders. As we look forward to the end of lockdown restrictions in the coming months, the need for stronger collaboration is all the more important in order to help rebuild the economy. This has particular relevance to the SMEs (small to medium-sized enterprises) that are often cited as being ‘the backbone of the UK economy’.
This blog considers the advantages and benefits of collaboration in growing a business, as well as the positive impact it has on individual wellbeing. St Albans based PR consultancy, Blackbird, has grown its virtual network considerably through collaboration, which has also delivered significant added value to Blackbird’s clients. By joining forces with like-minded professionals, a small business can make a huge difference by bringing together different skills and expertise to achieve a common objective.
Here’s why we think that collaboration is going to be so important in a post-Covid business environment.
Collaboration is inspiring
During a year of lockdowns, it has been easy and also necessary to get into a routine for running a business, in many cases for its very survival. We may forget that there could be a better way to do something, different techniques to try and new tools that can save time and money.
Whilst blogs, magazines and books are good for inspiration, if you are not communicating, sharing, and discussing that information, the benefits are limited. It is vital to get outside of your own head to get a fresh perspective, trigger your creativity, review incoming information objectively, so you can use it effectively. Going beyond what you do and see each day to explore collaboration can be inspiring and help you think in a new way.
Collaboration grows your network
Successful entrepreneurs have a common interest in meeting new people and building their contacts. Being successful in business requires that you consistently make connections and form alliances. Although it’s true that every contact made may not result in future collaboration, they may well know someone who might be the ideal collaborator. So every connection means that you are expanding your network.
Collaboration is informative
One of the biggest benefits of collaboration is the opportunity for learning. In fact, every interaction you have with someone outside of your immediate circle can teach you something valuable. Some of the most successful collaborations involve two professionals who bring two very different skill sets, perspectives and strengths to the table. When this happens, you are certain to be surrounded by learning opportunities.
Collaboration can help save money
Many collaborative relationships involve splitting intellectual contribution, hands-on work and sometimes, expenses. If you collaborate with another business and part of the terms involve sharing development and marketing expenses, for example, you can double your budget while reducing costs.
In this case, you can be fairly certain you are generating more ‘bang for your buck’ than you would be if using only your own resources, provided all of the parties involved are equally invested in the success of the collaboration. For example, a company might share trade booth space with a complementary partner, then co-market their participation. This would aim to attract more footfall and add resources to enhance the experience for visitors.
Collaboration solves issues
There is a reason crowdsourcing is so popular, as there is an undeniable power in numbers. If one person can’t accomplish something on his or her own, two or three or more people may be able to get it done. Think about the last difficult problem you faced in your business. When we get stumped, most of us immediately go to a partner, mentor, or other trusted resource who acts as a sounding board and helps us work through the problem. The harder the problem is to solve, the more we can benefit from getting the input of someone outside of the situation. And when you add new viewpoints and experiences to the mix, the end result will often transcend what you originally set out to accomplish.
Collaboration is a Win-Win
In a word, synergy. The sum of the whole is bigger than the sum of each part. Working together collaboratively can result in greater accomplishments as compared to each party working separately. For example, a coffee shop placed a fresh floral display at its entrance, promoting the florist a few doors down, whilst enhancing the ambience of its establishment at no cost. Small business collaboration doesn’t necessarily require a significant time or financial investment if you think creatively. Similarly, collaboration leads to increased community awareness. Partnering with other organisations can give you the benefit of more grant opportunities as well as creating a bridge for more exposure.
Of course, the benefits of collaboration between organisations don’t exist without a few challenges. Just like any relationship, there is a need to nurture it and in a business context, this means keeping resources at their optimum efficiency and within a teamwork-friendly environment.
As we have discovered at Blackbird over the years, by combining knowledge, skills and experience, a small business can accomplish more than if it operated in isolation. That’s why we introduced the ‘Blackbird Associate’ programme, which is open to specialist freelance PR practitioners who are looking to work as part of a virtual agency network.
If collaboration is of interest to you, please get in touch.
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