Collaboration is the new competitive advantage

Collaboration is the new buzz word in entrepreneurial circles. After all, when the going gets tough, it is good to have someone alongside you on the journey to make it a little easier and a lot less stressful. But collaboration isn’t just about the feel-good factor in business, there are practical reasons why it makes sense. A recent study by CB Insights Growth Collective found that 79 percent of high-performing companies looked to collaboration as a way of getting ahead in business. Collaboration is also a way of finding solutions to really tough challenges and problems. The COVID-19 response has showcased just what can be achieved when companies and organisations collaborate to find solutions to the most difficult challenges. It is also true that times of crisis stimulate greater cooperation as a result of altruism and the desire to do good and make an impact. However, encouraging a spirit of collaboration shouldn’t just be about responding to a pandemic - it makes good business sense too. By putting in place strong, impactful partnerships and collaborations with like-minded entrepreneurs and organisations, real and lasting change can happen. That’s why collaboration should be a foundation stone of every business strategy.