3 Reasons Why Your SME Should Be Collaborating

November 15, 2016

If your SME isn’t already collaborating, then now is the time to start.

With competition for resources, customers and funding increasing in the wake of Brexit, collaboration could provide a vital way forward for your SME.

Here’s why.

1. Shared resources

When it comes to SMEs, there is certainly something to be said for strength in numbers.

At a fundamental level, collaboration provides an effective way to lower overall costs and increase revenue by pooling resources. Greater resources can open up new avenues and allow you to become involved in bigger and better projects. With funding bodies such as Innovate UK and Horizon 2020 recommending collaboration with other SMEs or universities as a means of strengthening and adding credibility to your application, sharing resources can really bolster your company’s potential and raise your profile.

2. Learning opportunities

As humbling as it might be, collaboration also offers your business the chance to work with someone who is more knowledgeable and more experienced than you. Indeed, collaboration ultimately allows SMEs to gain what they themselves might lack. From new skills to fresh business ideas, there are so many opportunities to learn directly from others: be on the lookout for those who do it better than you and be prepared to find out how. Learn from your competitors and by doing so, strengthen your own position.

However, it is not only important to bear in mind how you can benefit from a working relationship, but what you can offer those you are collaborating with. What can you and your business offer others? You might be surprised by what you can gain from a mutual exchange of skills, experience and expertise, sometimes for little to no cost.

3. Opening doors and expanding horizons

By exchanging ideas, connections and skills, collaboration allows you to actually convert your LinkedIn connections and business cards into tangible results and business growth. Other companies can not only help you to grow your skillset and better your competitors, but can also gain you a foot in the door to new project and funding opportunities. Additionally, the PR opportunities that collaboration presents should not be overlooked: company recommendations can go a long way to raising the profile of your company, leading to fresh business prospects and company growth further down the line.

It’s a no brainer.

Interested in collaborating?

Here at Huduma, we are always keen to connect, collaborate and share our expertise with other businesses. Contact us to find out more about how we could assist your business through collaboration.