Successful collaborative business relationships can create more productive and competitive businesses. They can spur the local economy and create better jobs by helping entrepreneurs in four important support areas:
20 Ways That Collaboration Can Help Businesses Grow Their Profits Faster
Access to New Markets
Market intelligence can be shared
Joint marketing & promotion
Joint selling or distribution
Pooling of resources improves the chances of winning larger contracts
Can help overcome protectionist barriers in foreign countries
Access to Talent / Human Capital
Add skills or expertise that the businesses needs
Cross-training possibilities
Act as a sounding board for new ideas
Benefits of team problem solving
Allows each collaborator to concentrate on activities that can best match their capabilities
Access to Financial Resources
Obtain capital, loans, or guarantees from collaborators
Share financial risks associated with developing new products or entering new markets
Preserve capital for other needs
Cost-sharing reduces outlays
Reduce costs through economies of scale or increased knowledge
Access to Innovation & Production Capacity
Shared R&D expenses
Reduction in product development time and faster time to market
Quickly increase capacity to produce
Access to Proprietary technology
Introducing New Business Collaboration Building ToolS!
