October 22, 2021

How your organisation can benefit from business collaboration

Innovation is a pillar of good business practice but it’s not something that should be tackled alone. Some of the best business ideas are unlocked by using effective business collaboration.

While most businesses will have an understanding of its internal benefits, and may even have processes in place to promote it, they may not be fully leveraging the power of effective business collaboration.

What is business collaboration?

Business collaboration generates ideas, finds solutions, and helps achieve common goals by leveraging internal and external connections. Whether through internal means by collaborating with your team or externally through the combined efforts of businesses, effective business collaboration is a responsibility of company directors and can lead to great innovations.

What are the different types of business collaboration?

It’s important to consider your strategy and goals to determine which type of collaboration is best for you. This will depend on what you want to get out of it and how long you may want it to last.

Alliance

This is a more traditional version of business collaboration where two or three companies work together temporarily. They achieve a common goal by combining their resources and knowledge which can effectively fill any gaps in the companies.

Co-opetition

Competitors can also be great collaborators! The term “Co-opetition” is where businesses collaborate with competitors to share resources, avoid duplication or work, and generate new customers for all parties involved.

Portfolio

This is a long-term form of business collaboration where one large business manages a broad collaboration with multiple smaller external partners. The main large business sets and maintains the rules for collaboration, offering many of the same benefits as an alliance but over a longer period of time.

Community

Community collaboration is where businesses reach out to individuals or other businesses within their community. Whether this is the business community (e.g. local business partnerships) or their customer community (e.g. social media influencers).

Network

This style of collaboration means that the businesses may not necessarily be in competition with one another but, with shared interests, can collaborate on mutually beneficial projects with access to one another’s resources and customer base.

Can you still collaborate effectively remotely?

With technology acting as one of the bedrocks of modern society and business, remote collaboration is not just a possibility, it should be embraced. Restrictions are still in place for both domestic and international travel however businesses are still able to effectively bring individuals, clients, and other businesses together using digital tools.

These tools for remote collaboration include:

  • Instant messaging which facilitates quick online communication for day-to-day business between team members, eg. Slack.
  • Video conferencing helps simulate face-to-face contact without the need to be in the same space as each other, eg. Zoom.
  • Online workspaces enable team members to communicate and share ideas in one digital space, eg. Google Workspace.
  • Cloud sharing allows team members to collaborate on files, tasks, projects and calendars in real time in one accessible, shared online space, eg. OneDrive.

In conclusion

In this digital-centric world, businesses that don’t prioritise effective business collaboration are likely to fall behind. To stay competitive and successful in the current climate it is essential for companies to come together both internally and externally to achieve common goals.

If you are looking for advice on how to structure these collaborations or work out the best way to get involved with other businesses, get in touch with us today.

Filed Under: Business Advisory, Culture, General, Management and Strategy

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