When two businesses join their forces, it can benefit both companies involved. Not only does it save your money and time, but it also brings you and your team many opportunities to learn and grow your network. We bring you a breakdown of all the most important benefits that come with business collaboration. Have a look at how working with other companies can help you to build up your business and share an example of how businesses can work well together.
Example of Successful Business Collaboration: Cannondale Bike Insurance
One story of two different businesses working together is the collaboration of Cannondale and Velosurance. When Cannondale was set up, the company focused on the manufacture of precast concrete housing, and internal combustion engine and air conditioner development. However, as time went by, they changed their specialization and became a well-known and respected bicycle manufacturer. Velosurance, on the other hand, offers complex bike insurance. These two businesses came together and created Cannondale bike insurance, which offers coverage for Cannondale bikes. As a result of the collaboration, customers can get valuable insurance for their Cannondale bicycles. Like this, the customers will be protected from having their bike stolen or damaged during transport and will get help with some of their medical bills if they get injured while cycling.
Learn from Each Other and Share Resources
Among the biggest advantages of collaboration between organizations is the ability to share resources. Every organization has its own set of resources it can access. Through collaboration, companies can help each other and learn from each other. Chances are, that each organization has experts in their field. Two different professionals working on one project together also bring different perspectives to the table. This way, businesses can learn from each other and implement the new knowledge into their future projects.
Your Collaborators Can Have Answers to Your Problems
If you are stuck on a project or you struggle with some part of your business, collaboration can be an answer to your prayers. All employees of the collaborating organizations have different experiences, and each has faced various problems and tasks during their careers. The chances are that in the other organization is someone who faced the same problem you worry about now. It is worth asking for help or advice. You never know – the solution might be within your arm’s reach.
Grow Your Network, Grow Your Opportunities
To be a successful entrepreneur, you need to grow your network constantly. Meet new people and colleagues, and build relationships with experts in different industries. All that can help you to grow your business because the biggest opportunities often come from your network. Let others know that your organization exists and show them your expertise. When companies see your potential and find out that they need your help, you might get offers for the most interesting and exciting collaborations.
Save Time and Money by Sharing Your Workload and Looking for Help
If there is anything you can have too much of, it is time, particularly in the world of business. Working with other organizations can reduce the time you spend working on a project or worrying over a problem. And as the saying goes, time costs money. Especially when it comes to entrepreneurs. Every minute you spend stressing over something you do not fully understand could be spent on something that needs to be finished and lies within your expertise. Thanks to workplace collaboration, knowledge workers can save 3 hours weekly. By working with other companies and sharing the workload of a project, you will get an insight from an expert in the field and gain a different perspective. Having more people working on a project will help you to cut down expenses and time that is spent on its completion.
Bigger Team Can Reach Bigger Goals
By connecting two organizations in one project, you can set bigger goals. When two teams work together, you can break down the tasks between more people. This way, everyone can put more time and effort into perfecting their part. Each company also has experts in their field. With the expertise, team members can help each other and share experiences with the problems that may worry their coworkers.
Gain Access to More Funding Opportunities
Another benefit of joining forces with other businesses is that you can get access to more funding and grant opportunities. By collaborating with different companies, you can also gain bigger exposure. The funding and grants will be highly beneficial for any of your future endeavors, and once you complete the project, it will only build upon your existing credibility.
You can see that working with other organizations can truly do miracles for your business. You can build up your reputation, see things from a different perspective and move beyond the borders of what you thought was possible. Business collaboration allows you to set big aims and reach them easily. Are you ready to see your business soar?