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Essential business tips for collaboration

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Tip 1 - Examine multiple collaborative opportunities

Tip 1 - examine multiple collaborative opportunities text with image of a computer screen against an orange backdrop.

Collaboration with partners can be critical to business success.  Opportunities to find partners and ways in which to collaborate have increased dramatically in recent years. Collaborative business relationships can take many forms from informal partnerships to strategic alliances.

It’s important to identify which collaborations will have the greatest impact on your business in terms of value and performance and prioritise these.

You don't have to work with the first interested party.  Explore who is out there and assess your options. Paul Martin, Managing Director, Parallel Blue

Tip 2 - devise a clear partnership strategy

Tip 2 - devise a clear partnership strategy wording with a tablet screen showing an image of 2 hands shaking.a hand holding a scroll.

Outline the relationships you’ll need and be clear on your main objectives.

There are many reasons to collaborate such as cost-saving, the development of new technologies, designs, products, services and markets. Different types of collaboration involve a variety of strategic trade-offs.

Choosing the wrong strategy could jeopardise your chances of success.

Identify barriers to success in advance, to avoid problems once the relationship is established. Jenni Day, Head of Production, Woodcut Media

Tip 3 - fully evaluate partners

Tip 3 - fully evaluate partners wording showing 3 papers against an orange backdrop

Identifying and selecting the right partners is the trickiest part in any collaboration.

Ask yourself, what traits will your ideal partner possess and do their values and vision align with your business? Be picky! The partners you choose play a significant role in determining success or failure.

A good collaboration will open you up to exiting opportunities and new ways of working. Tim Casson, Director, Casson and Friends

Tip 4 - monitor partnership success

Tip 4 - monitor partnership success wording with a tablet showing 2 graphs on a green backdrop.

Clearly define a benchmark for success and continuously monitor impact, making refinements where necessary.

Measuring value, performance and return throughout your partnership period is essential. Collaborations are not guaranteed to be successful but if you get them right they can have a huge impact on your business.

Sustained collaboration must create commercial value for both partners and their customers.  Sonny Masero, Chairman, Demand Logic

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