Collaborate or Be Killed!
Most of us are taught that business is all about competition, dog-eat-dog, and it’s survival of the fittest out there. The truth is most start-ups simply do not have all the necessary resources, skills or manpower to compete effectively against larger companies.
How many deals have you missed out on because your proposal fell short on some technical requirement? At times, you lose out not because of incompetence but because the size of your team / organization does not instill confidence in the customer. The construction industry seems to have grasped this concept of collaboration early on, with the submission of joint bids for big projects being the norm (to the extent that it attracted the eyes of the Competition Commission as some cases were bordering on collusion rather than collaboration).
Truth be told, there is strength in numbers. Collaborate! Collaboration will allow you to work faster and smarter. Do not confuse collaboration with outsourcing. While many start-ups are happy to “bag the deal” and outsource, a collaborative partnership means bringing a partner on board in the planning and bidding stages. You share the responsibilities and the PROFITS. Now, I know most entrepreneurs are not too enticed by the idea of splitting their profits 2 or even 3 ways, but the long-term benefits far outweigh the short-term gains. Think of the wide pipeline of projects, as the partners that you collaborate with will inadvertently “pull you in” on their projects!
Collaboration is a sure way to accelerate the growth of your business – and learn from your partners! (Disclaimer: coalitions between political parties have been known to be generally short-lived, and devoid of happy endings)
Not sure about what strategy to pursue for your business? Click here for more info on the subject.
– Entrepreneur, marketer, strategist, speaker, creative.
Founder & CEO of Stratsmith Marketing Solutions
Follow him on Twitter: @msalili