If anything in life is guaranteed, it is that we can’t get through it by ourselves. Speak to any professional, and they will vouch for the importance of collaboration. Working in teams allows the members to be quicker and more effective in their own businesses, and also ensures higher responsibility and accountability, which are great motivators.
Innovative companies collaborate. For example, The Health Technology Action Collaborative (H-TAC) is a team of companies providing innovative technology solutions to the healthcare industry. Companies like the HTAC team are leading the push to advance minority business enterprises (MBEs) to succeed in increasingly competitive markets. Collaboration is the key to success. Businesses that realize this sooner rather than later will be the ones who succeed in the future economy.
Here are five reasons why collaboration is essential for your business and personal growth.
Sharing the Load: First things first. We have to recognize that we are not superhuman and neither are our companies. Often times, we as humans have a tendency to miscalculate how much we can handle. A benefit that comes along with collaboration is a support system that ensures there isn’t too much stress on you and your employees or colleagues. Distributing work among all parties involved is critical in the long run because you don’t want anyone to burn out from stress too early in the process, then have to worry about damage control later on.
Different Perspective: While the old expression “too many cooks in the kitchen ruin the pot” may be true, that isn’t to say that two heads aren’t better than one. With business collaboration comes a group of people with different academic, socioeconomic, cultural, and professional backgrounds. These backgrounds naturally add fresh perspectives to strategizing and discussions, which will prove to be a great aid in producing a solution. The best ideas come as a product of multiple inputs, not just one.
Accountability: Collaboration plays a large factor when it comes to accountability. There is a difference between setting personal deadlines and setting a deadline with a collaborator. When you tell another corporation you plan on providing a deliverable by a certain time, you are more inclined to fulfill it by then because you feel a responsibility to do so. It affects everyone, not just you. Your collaborators are invested in your idea as much as you are.
Value & Trust: Successful collaboration leads to a different strain of trust. With collaboration comes valuing the other party’s creativity, opinions, talents, and voice. When you offer your voice, you value your team for cooperating and listening to you. Likewise, when you listen to them you are showing how much value their work has to the unit. This sense of allowance and vulnerability is key.
Learn: Arguably the most important aspect of collaborating is teaching and learning. A collaborative relationship provides a body of continuous personal and business growth and development. One can learn the most from other’s experiences and practices.
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