4 Ways Collaboration Enhances Organizational Growth
One aim that all organizations irrespective of purpose, area of specialization and type is that basic aim of being successful in their endeavors, whatever it is. And one of the ways that we know that an organization is doing well is by the simple fact that the organization starts to grow.We all love success stories, stories of business that started from being just a corner shop to now being a mall and to now having branches all over the country. Such stories are inspiring and they push us to aim higher and to dream big.The fact about such success stories is that, behind the wondrous stories, people had to make smart decisions. One crucial decision that most make is the decision to collaborate. Yes! They do this as no one really makes it without having to collaborate to some extent.
What Does it Mean To Collaborate?
This is a situation where two organizations (companies, businesses or any organization) decide to pool resources together in order to achieve common goals or a particular set objective. Sometimes, companies even merge and become one hybrid organization!This practice has borne great results such that it is now very much advised for organizations to collaborate. Here are four ways in which collaboration aids organizational growth.
Increased Customer Base
When organizations collaborate, they get that opportunity to extend their reach beyond the normal set of people that they would normally consider as their customer base. This has the added effect of turning probable competitors or people who would normally have nothing to with certain products into collaborators and in turn increases the profit margin of the organization beyond what it usually would be.
It Helps To Cut Cost
These days, there are different aspects to the market especially if you are a production company. People generally expect quality products at a not so costly price range and this is very hard for production companies that have to source their production materials from various sources. Now, where there is a merger or a collaborative effort between such organizations, the immediate effect is that cost is cut and the customer base can have quality products at a not so costly price range.
Accelerates The Growth Process
When organizations collaborate, they accelerate their growth process because they can now move over the small issues or challenges (it’s only after these collaborative efforts that one gets to see these issues as small) that they would normally encounter to face the bigger picture. They can do this because they can now move over their individual challenges in certain aspects by pulling resources and technology together to solve those challenges much more easily. And when they overcome those challenges, they embark on much more advanced and technical challenges than they normally would embark on.
Makes You More Formidable Than Your Competitors
Collaborations make organizations to immediately become much more formidable than their competitors. This is because they are able to pull resources together (both financial, technological and even manpower together) which usually will increase and make their reach to be above their competitors reach or at least, make them a more formidable opponent.
It used to be that organizations preferred to run on their unique features, perspective and abilities. While many may have thought of this as being a matter of principle, it was actually a limiting factor which led to lots of lost opportunities.The need for collaboration especially in the world today cannot be under-estimated given that the world is now a global village where individuals and organizations across the globe have to as a matter of necessity collaborate. It must not be a merger, it could just be joint efforts by two or more organizations for a more efficient service system and for a greater reach.