7 Profitable Collaboration Steps

Ever thought about setting up a collaboration with another business?

In a recent post written by Peta Di Palma for this opportunity can “determine the business opportunities you receive, the contracts you win, new clients you get and word-of-mouth referrals you generate”.

Peta is a master connector and strategic collaborator.  Based in Sydney her business Tribe supports entrepreneurs, soloists, start-ups and small business owners to connect and collaborate for profit.

“Strategic collaborations. A whopping 94% of ALL new business opportunities are generated from these. They outperform all other forms of marketing. Yet, 80% of entrepreneurs don’t include them in their marketing plan.”

It’s time to get busy setting up relationships with people that are mutually beneficial.  Peta outlines 7 key steps to getting things going:

Step 1 – Identify your reasons to collaborate.

Step 2 – Identify the industries and people you decide you should collaborate with.

Step 3 – Do your research.

Step 4 – Plan your collaborative value.

Step 5 – Connecting.

Step 6 – Pitch and adapt.

Step 7 – Collaborate.

You want to lay everything out in black and white, so there’s no question of who does what later.  The old adage ‘Two heads are better than one’ has been around for millennia and for good reason. Collaborating with other businesses is arguably an essential 21st century skill set I continue to master.

Collaborations open doors to new business opportunities, they leverage creativity and resources, and the experience with right and left-brain thinkers has helped me arrive at solutions in less time. It’s also building business momentum and proving to be one of the most cost effective ways to generate lots of high quality referrals and expose brands to new markets.

The decision of which way to go with your business comes down to your needs and goals. If there’s an opportunity for your business to improve, chances are there’s a partner that can help you do it. Joining forces and collaborating has worked for major players and, with careful planning, it can work for your small business, too. It all comes down to taking the plunge and saying, ‘I do’ to collaborating.

Read Peta’s full article.

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