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In today’s fast-paced, tech-driven business world, collaboration is no longer a dirty word. Forming alliances & collaborating with another business–especially if you’re the smaller fish–can be great. Leveraging another company’s audience and gaining access to their resources and knowledge might just be what you need to grow. But how do you know if the opportunity will be worth spending time & resources?

Just ask yourself these important & decisive questions to know for sure:

WHAT IS YOUR BUSINESS’ CORE CHALLENGE?

The best collaborations are those that help you to overcome your core challenge. But how can you do this if you aren’t clear about what that challenge is? Perhaps you are looking to break into a new market and a partnership can help you reduce barriers to entry or give you proprietary insight into that new market. Entering into a partnership without knowing what problem you’re trying to solve, or what result you’re hoping to achieve, is not going to be as successful as if you enter into a partnership with a clearly defined set of goals.

WHAT ARE YOUR BRAND’S VALUES?

Before you seek out a partnership, have a clear understanding of what your brand is about and what you’re looking for. Being clear about your values allows you to align yourself with a business that shares similar goals. Don’t assume that you know what the other company’s values are. Take the time to articulate your common vision and make sure that you’re on the same page.

DO YOU HAVE ENOUGH TIME TO INVEST IN THIS COLLABORATION?

Getting involved with another business can feel a lot like having multiple hands in the same pot. It can result in high management costs, slow certain processes, and, in some cases, the loss of strategic power if the business you partner with wants to have decision-making power. A successful collaboration starts with having a good strategy. If you have a bad strategy, you’ll find it easier to succumb to the pressures of day-do-day operational firefighting and distractions. Be clear on your goals and how much time you are willing to invest.

IS THERE A PERFECT PARTNER IN YOUR OWN INDUSTRY?

Sometimes the perfect alliance exists right next door. For example, say a French restaurant has a connecting swinging door next to a pub and every time the door opens, it would allow in the boisterous cheer of the next-door pub. The door was opening because the kitchen of the French restaurant would be supplying the pub with its burgers and the fish & chips.

Though the restaurant and the pub could be considered competitors (since both are in the food industry), they each offered different experiences and target audiences, making for a perfect and convenient collaborative opportunity.

It is very important to remember that before jumping into a contract for collaboration, see if you can test the waters by working on a small event or project together. A test project will allow you to evaluate each other’s strengths, weaknesses, and working styles before getting into a more serious commitment.

To Happy Collaborations!

Until next time…