10 Importance of Collaboration for Business Growth

What comes to mind when you think of business growth? If you say money, you’re wrong. The first requirement for business growth is collaboration.

Getting people to work together and collaborate for business growth is an immense pain for business managers.

A business thrives in a healthy environment. The first sign that a business is healthy is that it benefits from collaboration, which is why collaboration for business growth is vital to the success of any business.

So let’s talk about this thing called collaboration for business growth, or would you rather say business collaboration?

Types of Collaboration

A company can benefit from external and internal collaboration. While internal collaboration is about team bonding through clear communication, external collaboration deals with all interactions outside the business. For example, customers, clients, and social media followers; any audience that interacts with your company is regarded as an external influence.

In other to benefit from these interactions, a business must be open to listening to these people’s views.

Remember, the end goal of team collaboration is business growth.

First let’s take a look at the importance of internal collaboration.

Problem-solving

A business exists to create a solution. If there’s a challenge, team members should be able to come together to resolve the problem. Irrespective of departments, anyone can have an idea that works. Top companies often throw complex problems to employees in other to get varying opinions.

Inspires Creativity

When people interact, they exchange ideas and introduce new angles to old problems, ultimately inspiring creativity amongst team members.

Connects Teams

One of the challenges of big businesses is the disconnection between teams. The physical structure of the company may prevent certain groups from interacting. However, when teams collaborate on projects, it opens up the channel of communication.

Promotes Learning and Skill-sharing

When people interact, they share mutually beneficial ideas. This is why collaboration promotes learning and skill sharing. One department may cut back on unnecessary tasks if it teaches the other unit to do simple tasks and reduce tension between the departments. Through team collaboration, I’ve picked up skills that were of great benefit to my work culture. I’ve received and given countless tips that have helped me ad my colleagues grow individually and professionally.  

Increase Employee Satisfaction

Team collaboration ensures employee satisfaction as a result of increased participation.

Opens up Channels of Communication

Communication is so important. Once people understand themselves, the atmosphere is ultimately better, and the business can thrive. Without clear communication, employees start talking and grumbling and ultimately, growth is deterred. Teams can’t meet their goals in time; the company records losses due to inter-team rivalry.

Employee Retention or Loyalty

Imagine having to hire a new staff every month. It’s time-consuming. Any company where employee loyalty is low it often points to issue with collaboration. People want to be needed. They want their opinions to count for something. If they feel like excess wait, they try to cut themselves off before they get cut off.

Learn How to Build Staff Loyalty for Your Start-up

Positive Reinforcement

Collaboration among teams promotes positive reinforcements as teammates give feedback to each other.

Employee Wellness and Participation

Once during a meeting, a colleague had a meltdown and went on a rant. She felt underappreciated even when she put in so much effort, sometimes way more than anyone else. With team collaboration, an employee’s mental and physical health can significantly improve as they don’t have to carry tedious tasks all by themselves. Eliminates hierarchy

Meetings Become Efficient

Collaboration increase group participation, and ultimatey general meetings become more engaging as more people are willing to participate in a relaxed atmosphere.

Importance of External Collaboration

One significant advantage of external collaboration is that it enables a business to increase its reach. External collaboration is that it gets people talking about the brand.

Here are some tools for collaboration

1-1 Partnerships

Hackathons

Social Media Polls

Intermediaries

Crowdsourcing

Joint ventures and Alliances

Corporate Labs and Accelerators

Competition and Challenges

Platforms and Communities