A Guide to Collaboration with Innovate UK
Are you considering collaborating with other business partners?
Teaming up with individuals and companies outside of your own can increase your profits, expand your creative ideas, create growth for your network and offer fresh opportunities to learn and find solutions. With social media and internet access, it’s now easier than ever to form connections.
It’s good to know how to maximise your chances of success, which is why we’ve put together a guide to help you make the most of your partnerships. Here are our essential tips for collaboration.
Explore Your Options
Before you partner up with businesses, it’s important to consider who you’re looking for and what kind of relationship you’re seeking. From relaxed partnerships to more calculated pairings, there are plenty of varying options when it comes to collaborations.
You’ll need to be certain that the connections you make will be the most suitable for you and your business, so be aware of which relationships are most appropriate. Make sure to explore and evaluate all of the different options available to you before making a decision.
Determine and Define Your Objectives
Once you’re certain on the type of business association you’re seeking, be sure to outline your main objectives. These could be anything from developing products, services, designs, reaching new markets or saving costs.
Different types of collaboration will involve strategic trade-offs, so be aware and recognise where you’re prepared to negotiate. A good strategy will propel your chances of success.
Pick the Right Partners
You’ll have your idea of a perfect business partner, so be certain that the choices you make reflect what you want. It’s important that both parties share similar visions and have common values. A partnership with differing views is not an efficient one!
Be as selective as possible, as this is often the most difficult part of the partnership process. A good team with a collective mind set is crucial.
Keep Track of Your Success
Monitoring your progress is vital to sustainable growth. You’ll need to be wary of results, feedback and information so you can adapt your plan accordingly. Flexibility will allow for reworking when it’s needed most, giving your business the space and opportunities to expand.
Collaborations are by no means a guaranteed success, but by being selective, having clear objectives and detailing outlines of your aims, you are far more likely to reach your goals. For more tips and advice, subscribe to Innovate UK and follow our Twitter page.