Is collaboration important in business?

Collaboration is a powerful and productive tool for businesses, regardless of your industry or size. Collaborating with your colleagues or external businesses means you unite to work together to solve problems and achieve goals that might be out of reach when working alone.

Collaboration in business

Businesses who collaborate bring new levels of success, motivation, and innovation. By combining the expertise, perspectives and skills of different people and organisations, all parties involved are better able to innovate and grow.

Businesses can collaborate in many ways to bring mutual benefits and achieve joint success. There are four areas that collaboration can be achieved:

  1. Intellectual Capital

    This is when you collaborate to tap into combined knowledge, capabilities, skills, or expertise.

  2. Human Capital

    This form of collaboration can increase employment, develop employees’ skills and knowledge, and encourage staff motivation.

  3. Physical Capital

    In a world where our economy is tight collaboration of physical capital allows us to share resources, equipment, facilities, or raw materials.

  4. Financial Benefits
    There are many examples of collaborating for financial benefit such as cutting costs by sharing resources, i.e., shared workspace. You can also collaborate to bid for larger contracts by uniting your services, products, and staff.
Collaboration – Benefits for businesses

Collaboration in business is the foundation of a successful company because it offers so many advantages. It encourages accountability and a sense of ownership. It promotes transparency and knowledge sharing. It improves communication and develops new networks. And a collaborative work environment inspires, motives, and brings the best out in people.

To explain more, we have created a top list of our favourites benefits of collaboration:

  1. Achieve Mutual Growth.
    If you are a small business competing with large brands can be tough. But with collaboration it can helps small businesses combine knowledge and increase consumer reach. Both small businesses will thrive. As a result, both businesses will thrive, and combined efforts will be hugely beneficial to each another. Smaller companies may find it hard to establish themselves when they are up against companies with larger financial resources and workforce. However, with collaboration, you can achieve mutual growth offering advantages and success to both companies.
  2. Expand Your Network.
    One of the most effective ways of achieving expansion of your network is by collaborating with other professionals in your sector or industry. As a successful entrepreneur, business owner or professional you will have a common interest in meeting new people. So, build new contacts, and expand your network together. To be successful in business you must constantly make new connections, form collaborations, and reach new audiences.
  3. Save Time.
    Time is such a precious resource and for businesses we all look at using our time in the most effective way. Collaborating can allow you to have more hands on approach to problem solve, create innovative ideas, or develop fresh marketing strategies. The more people working on a project, the more time you will save.
  4. Solve Business Problems.
    Sometimes, looking outside the box can be challenging, but with collaboration you can gain a valuable insight into how to resolve problems. Getting an external viewpoint can open new possibilities and quickly solve business problems. Equally you might discover others have been in a similar situation and already have the answer. Sharing knowledge through collaborative working is powerful.
  5. Save Money.
    If you have a project that you know will benefit another business and bring them mutual benefit, then why not reach out? There will be many businesses wishing to achieve new projects who just do not have the budget to complete them. However, working together you will be able to share the cost making that project viable. Just remember part of this agreement must include sharing development and marketing expenses.
Bantham’s recent collaboration

In October of this year, we had the delight of collaborating with one of our clients. As a business we needed to develop our marketing to illustrate our product to a wider audience. The best way to achieve this was creating a short film so prospective new clients could see, in a real-life scenario, the benefits in using digital forms and understand how it works.

Achieving this on our own was not an option, therefore we turned to our clients for support and a production company. By creating a film, it would allow all businesses to have a product to use in our marketing. But it also allowed us as a business to have a greater insight into how our product benefits our client and any changes or developments they may require in the future. The collaboration between us, Bantham Technologies and our clients, Cleankill Pest Control, strengthen our working relationship. It also allowed us to understand their business better and build new relationships with staff within the business.

This marketing project created a fabulous new network, greater understanding of our product from a consumer perspective and produced a marketing tool for us to share with our audiences.

A big thank you to the Cleankill team for collaborating with us and Clownfish Media for all their expertises in producing an outstanding short film for us. To see the outcome, have a watch below:

Collaboration is key in business, and we love to explore new projects, expand our network and work together with businesses to achieve mutual success. Do get in touch if you would like to explore any new collaborations. Contact us via email or call +44 (0)20 7698 4447 or via our website here.

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