Published On: Fri, Mar 3rd, 2017

5 Ways Companies Can Work Together

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If a small business wants to compete alongside larger organizations in their industry, it is essential to come together with other companies to gain a competitive advantage.

In today’s tough market, a business owner must look for ways to improve their company’s offering to the customer or client, and collaborating with other businesses aligned with the same or similar goals can be a superb way to grow. Read the five ways small companies can work together for better results.

Meet with Local Entrepreneurs

Most businesses are driven by referrals. A builder may have the telephone number of a superb carpet fitter, while hotel developer Sajan Hansji would be the first person to recommend the contractor Reno. Why? Because they have workedtogether on a project or have formed a unique connection.

You should therefore meet with local entrepreneurs at various networking groups, where you can potentially collaborate on projects and develop unique relationships. You can also learn from each other’s experiences, share advice and make referrals that could lead to an increase in revenue down the road.

Social Networking

If you have not got the time or desire to meet up with companies or like-minded entrepreneurs in person, you could always join a virtual community to communicate with industry associates, which will provide each other with online support and advice, and you may even be able to form a business partnership.

Referrals Lead to Referrals

It costs nothing to make a referral, but it could lead to significant rewards for your company. The more you recommend other companies, the more the referred company will trust your business and remember your services, which could lead to a business returning the favour by referring a friend, client or colleague to your company. It is a win-win.

Work with Other Companies

There is no harm in working with other like-minded companies if you both share the same views on an industry and customer service. For example, a bakery could work with a coffee shop to provide each other’s services in-store.

You could also write guest posts on another company’s website, or could join ventures to create a unique service to the customer or client. Another simple collaboration could be to create joint competition on Facebook, Instagram or Twitter, which will allow both companies to benefit from a different social media audience.

Unite with Other Small Businesses

Most small companies struggle to compete alongside large organizations, which is why you should unite with other small companies to develop a ‘Support Small Business’ culture in the local community. Each company can embark on a marketing campaign that encourages customers to choose their independent services over a large chain, so smaller businesses have a chance to compete in the marketplace.

If you want to succeed in your industry, you must set time aside to network with industry professionals.There are a million and one ways and reasons to join up with like-minded companies and entrepreneurs; you just need to look for an opportunity.

So, what are you waiting for? Start collaborating and communicating with small businesses today to help your company boost its productivity, popularity and turnover.