Too many businesses fail each year because their leaders spend more time looking inside the business instead of looking outside for opportunities to develop and expand.
There are many ways in which to develop and grow a business and, for some, partnerships and collaborations provide opportunities to develop into new markets, to create new products and to nurture relationships with other business leaders to benefit the business beyond what could otherwise have been achieved.
The right partnership or collaboration can help strengthen your brand, open new doors and stop your business becoming isolated.
Share the risks and share the rewards!
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I’m passionate about collaborations as I’ve been facilitating national and international collaborative projects for over a decade, from small business projects to those worth tens of millions.
I’m not naïve to think however that it’s all about reaping the rewards as I am all too aware that with partnerships and collaborations there can also be challenges but I believe that approached with the right mindset in the beginning, they can positively increase skillsets and ultimately provide significant rewards for all involved.
Collaborations and partnerships need buy in and commitment from both or all parties involved. They require a high level vision, shared goals, time, effort and a plan.
Support entry into a new market
Provide an opportunity to build a relationship with a target customer or even a competitor
Provide your business with access to new resources
Provide your business with access to new knowledge and learning
Completion of a project in a timely fashion – with less risk than going it alone.
What are some of the perceived challenges to collaboration?
Fear of the unknown
Requires too much time and effort
My business is too small
Exploitation from the partner
To really make collaborations and partnerships successful, advance planning is key.
Some factors to consider include:
Agreeing collaborative objectives
Identifying timeframe and budget required
Discussing knowledge and resources required and identifying which party can provide these while pinpointing any gaps and how these could be filled.
In initial discussions surrounding the possibility of a partnership or collaboration everyone must be aware of and focused on the end goal. There must be a level of trust and openness and everyone must be willing to share the risks as well as the rewards.
Be patient! Collaborations and partnerships don’t happen overnight but they can fuel the growth your organisation needs for its long term success.
Dr Scott King is co-founder of Pinnacle Growth Group a business advisory firm based in Lisburn. Scott is experienced in advising organisations in logistics, aerospace and aviation, tourism and agri to food and drink, construction, renewables and defence.
If you would like more information from Scott about the benefits of partnerships and collaborations for your business to enable business growth, email Scott at: [email protected]
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