5 Ways Businesses Can Help Each Other Grow
Collaborating with other passionate, driven businesses is a fantastic way for organisations to expand their reach and become more successful. Here are five brilliant ways businesses can help each other to grow.
1. Passing on opportunities
If you come across an opportunity that is not quite the
right fit for your business, consider passing on the details to another company
instead. In future, that business may do the very same for you and open the
doors to new opportunities which could have a huge impact on your firm. Sharing
opportunities is a great way to let other businesses know that you support
them, and to get their support in return.
2. Sharing resources
By sharing premises, equipment or even work, businesses can
maximise their productivity whilst keeping overheads as low as possible.
Michelle Henry, manager of HNS Signs, shares resources with Genesis Displays in
this way and says that the situation has allowed them to share skills and
business as well as costs. However, in order to maintain a successful
relationship in these circumstances, it’s important to have a confidentiality
agreement so that each business can protect itself against breaches in
confidential data.
3. Marketing collaborations
A great way for businesses to share their audiences is to
collaborate on marketing campaigns. This could be as simple as one business
recommending the other to each new customer, or it could involve more complex
special offers in which customers are rewarded with discounts for shopping with
other supported businesses. Collaborations could also take place over social
media to raise awareness of brands, or they could even lead to the development
of new products or services in which the skills of both businesses are
combined.
4. Sharing expertise
Running a business requires a vast range of knowledge and
skills, and it’s unreasonable to expect every business owner to have all this
expertise naturally. The solution is for businesses to share knowledge. For
example, the owner of a digital marketing agency may be able to get free advice
from an accountancy firm in regards to his finances. In return, the he could
offer advice to the accountancy firm to help them improve their social media
presence. By sharing expertise or services in this way, businesses can gain
valuable knowledge without any extra expense.
5. Using their services
In order to expect small businesses to support you, you must
support other small businesses, which means choosing their services over that
of larger corporations. By adopting the supportive mindset and making a
concerted effort to use smaller vendors and service providers like yourself,
you’re more likely to become part of a small business community and see other
organisations choose your services in favour of larger competitors.
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