Annually as the year draws to an end, one of the fun events most ladies in the environ of Festac are thrilled about is an event called ‘BeatBeau Fest.’ It was never an immemorial event. It was a festival birthed by two young women, Zainab and Azuka – a makeup artist and a hairstylist respectively. The dream was to bring together a community of people who enjoyed and appreciated beauty. The first edition was a near-flop, however the second attracted the eyes of sponsors and even more partners.
In addition their co-owned beauty startup enjoys even wider patronage presently. This may not have been possible if they had been working on their own and never thought of sprinkling the magic powder of collaboration on their hustle.
‘Working together is the secret sauce for a successful business especially in these times when minimal resources need to be maximized. Business collaboration has the potential to fulfill the growth gaps in your venture. Whether it is getting complementary competencies, backward-forward linkages or expanding into new markets.
Take a good look at what Uber and Spotify is doing. When riders are waiting for an Uber ride, they’re prompted to connect with Spotify and become the DJ of their trip. Users can choose from their own playlists to determine what they’ll listen to. This smart co-branding partnership helps fans of Uber and Spotify alike enjoy better experiences thanks to the app. And they might be more interested in picking Uber and Spotify over competitors knowing they can enjoy their next ride listening to their favourite tunes.
Here ‘s how to go about this whole collaboration thing:
You are teaming up with them for a specific agenda. Think through and make a list of criteria to select the right partners. It’s very important to make collaboration last. And for that you need to have partners that synergize and complement your business.
Remember to make it a win-win situation for everyone. No one wants to lose out.
A well communicated partnership strategy, defined goals and objectives, workable operational plan and systems for monitoring and measurement must be established in initial stages. If there are cultural and geographic differences, make sure you have project management and communication plan in place at the very beginning.
The impact of collaboration cannot be over-emphasized. We understand the importance of coming together, let’s put the focus on making it more effective.