The Value of Collaboration in Small Business

Research shows that approximately 61% of small business owners experience isolation at some point in their journey. When asked how they combat this situation 46% said they are more likely to turn to other small business owners rather than friends and family.

We all know the importance of expanding and exploring innovative ideas within our business niche. Challenging what the ‘big name companies’ are doing means that we can compete - not everyone wants to buy or work with big corporate companies.

Seeking guidance and support from fellow small business owners is not the only way we can evolve and grow. Working together on collaborative projects enables us to reap the benefits of teamwork and corresponding target audiences while still maintaining our solo status.

The Socially Shared Business Support Network thrives on collaboration. Not only do we as a networking group explore new ways to collaborate with our members, but we also witness the incredible partnerships coming together between the ladies who attend our sessions.

Finding a business that complements your own, whether that’s through products or services, or core values and mindset, can boost sales and awareness, but also gives you, as a small business owner, that backup and support you need.

Collaborations can be achieved in a variety of ways from outsourcing your accounts, administration, merchandise, web design, and copy writing, right through to more creative partnerships such as coaches working together on a programme of events, illustrators working with authors, and printing

companies working together to fulfil a larger commitment at a competitive cost.

Competition vs Collaboration:

It makes sense to collaborate with complementary businesses, but what about those people who do the same thing as you?

Working for yourself means you are everything to everyone and that can be exhausting. Finding a solo entrepreneur, freelancer, or micro business who offers similar services and products to you should never be a cause for concern. Here is an opportunity to build a team of like-minded people to share the load. The Warwickshire VA Network is an excellent example of collaboration within the same sector. These ladies support one another rather than compete for business.

By working together, you can refer clients, raise awareness of your business, feel less isolated, and inspire each other to greater success.

Think about who you would like to collaborate with and make an effort to seek them out at your next Socially Shared session.