The Benefits Of Business Collaboration

The Benefits Of Business Collaboration

It appears that Nigerian entrepreneurs do not have a culture of collaboration. Rather than share resources to achieve mutually beneficial goals, they typically pursue such goals singly and in inadvertent competition with each other. Look around you, how many examples of progressive cooperation between Nigerian-owned businesses are there?

Maybe the infrequency of collaboration in the Nigerian business environment is a product of ignorance: entrepreneurs here just don't know the value of working together.

For entrepreneurs who do not know, the benefits of collaboration (with complementary businesses) to your business include:

1. Access to new knowledge.

With collaboration comes an exchange of information, opening your business up to new concepts and ways of doing things that will take it farther. Businesses, like individuals, begin to regress when they stop learning and it is important that your business always has fresh perspectives.

2. More resources to drive growth.

Growing your business in Nigeria is not the easiest thing to do, but collaboration can help a lot by increasing the infrastructure, funding and human capital available to drive growth.

3. A better understanding of strengths and weaknesses.

Collaboration demands that your business identifies what it does well and what it doesn't so that it gets the best out of complementary associations with other businesses. This necessary analysis of strengths and weaknesses provides useful information for business development and improved management.

4. Experience.

Regardless of the outcome of a business collaboration, going into one increases your experience as an entrepreneur and helps prepare you for bigger steps in the future of your business.

Developing a culture of collaboration begins within your business.

If you and your employees (and maybe even your customers) learn to work as a team to improve the quality of your product or service and increase revenue, translating that into collaboration with other businesses won't be so hard.

Three ways to encourage collaboration within your business are:

1. Creating an ideal environment for employees to work together by promoting self-accountability (instead of micromanagement) and rewarding team performance over individual performance. 

2. Showing your employees how to develop cooperative behaviour by leading collaborative efforts, including team exercises, as much as possible.

3. Incorporating teamwork into your business strategy while emphasising the value of cooperation to individual employees, not just to the business as a whole.

Has collaboration helped your business? Post your comment or tip in the comments section below or send it to hello@margin.ng. We'll love to hear from you.

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