Collaboration refers to two or more people or organisations with a collective goal working together for the benefit of all involved. This may involve, for example, two farmers combining resources and equipment and working together to collectively market a commodity item. Collaboration is about working together to achieve much more than each could do alone.
Working collaboratively can build business resilience, increase competitive advantage, and achieve economies of scale or better market access. In fact, according to research undertake by Deloittes (2014), businesses who collaborate are twice as likely to outgrow their competitors; and more likely to improve their profit.
Key Points
- How is collaboration different to others ways of working?
- How can it help in my business?