2018-02-27 14:03:03 Growing a Business English Discover the many benefits associated with collaboration, so you can encourage small business growth. Partner with the right business or... https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2018/02/Two-Team-Members-Collaborate-On-A-Project.jpg https://quickbooks.intuit.com/ca/resources/growing-business/collaborate-business-growth/ Collaboration Helps Your Small Business Grow

Collaboration Helps Your Small Business Grow

2 min read

Are you ready to see your small business grow? Then it’s time to tap into the power that exists in numbers. When you form mutually beneficial relationships with other companies and individuals, you can see tremendous opportunities for small business growth explode right in front of you. In today’s saturated marketplace, it’s hard — sometimes even impossible — to gain a competitive advantage on your own. Are you ready to see how collaboration can boost your company’s bottom line? If so, prepare yourself to proceed with your next business partnership with confidence.

Identify Employee Strengths and Weaknesses

Sometimes you just need to venture outside of your comfort zone. Working with people outside of your company opens up opportunities for your team to expand their skillsets. Management should keep an eye open to learn about individual employees’ strengths (as well as weaknesses). What can you learn to help you utilize team members more effectively?

Gain New Skills and Perspectives

Collaborating also lets employees gain new strengths and improve upon old ones. It’s easy to get too comfortable at a job and lose sight of unrelated skills and perspectives. Collaborations reignite forgotten capabilities and points of view, helping employees become more well-rounded as professionals. New faces inspire employees to push themselves to new heights —and to show off their own strengths. People naturally want to impress newcomers, and sometimes a change of pace just makes the workday more interesting and fun, which in turn boosts morale and productivity.

Expand Your Reach

Do you want to reach out to people who’ve never been interested in your brand before? Collaborations grow your business by extending your reach. When you partner with another business, you expose your company to its entire customer base as well as its team, colleagues, and associates. As a small business, you should continually broaden your range of contacts to remain relevant in today’s rapidly changing markets. Fortunately, the internet makes it possible to connect with potential collaboration partners both locally and globally. Every alliance you form opens up new possibilities, even if some may not manifest for years. Plant seeds now so you can reap the benefits later.

Cut Costs and Acquire Resources

How does cutting costs sound? Good, right? Working with a partner lets you pool your resources and share the load. In most cases, partnered businesses split the monetary expenses of mutually beneficial business ventures, allowing for greater profit potential with less risk. Other businesses may also have access to resources you don’t, such as marketing channels, unique products or services, and employees with specialized skillsets. Working with partners allows you to achieve accomplishments that would be out of reach on your own.

Improve Communication

Collaboration demands communication. Have you evern seen your employees get sloppy about communication simply because they’ve gotten so used to their typical workday? In a partnership scenario, everyone involved has to stay on the same page. Collaborations get people talking. They breathe new life into the office. They get people excited to show up every morning. Good communication leads to a more efficient, productive, and happy team, organically boosting your company’s bottom line. As you seek out new opportunities with other entrepreneurs, make sure your small business and your potential partner both bring something of value to the table. That’s how you land a win-win collaboration.

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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