Entrepreneurs work in a highly competitive environment where they’re constantly challenged to innovate to stay ahead of the game. So, it might seem strange to hear that collaboration is one of the key ways a business achieves success.
Encouraging team members to collaborate allows them to tap into the strengths of others, combining their skills, expertise, and resources to create concepts, products, and services that typically are greater than one person could do on their own.
Of course, we’re not suggesting that competition isn’t also critical to entrepreneurial success. Competition can be the driving force behind gaining a better and deeper understanding of your market as you learn from your competitor’s strengths and weaknesses.
Collaboration vs. Competition: Two Sides of the Same Coin
It takes head and tail sides to make a coin. So, you might say that one plus one equals three – heads, tails, and the coin itself.
Some leaders believe their teams perform best when they see other teams as rivals. But by encouraging collaboration, entrepreneurs can leverage the strengths of their team members and use their combined powers to increase sales and generate greater revenue, making the business more competitive.
Implementing collaborative team behaviors has other benefits, too. By stripping away the pressure to work in competitive silos, it helps entrepreneurs and their colleagues:
- Achieve a better work-life balance
- Set clear goals and priorities
- Stay on the same page regarding objectives and processes
This, in turn, gives you the time to explore competitive opportunities that can help the entire company develop and grow.
Of course, respecting and maintaining confidentiality is vital in any collaborative effort so you don’t lose your competitiveness. Still, collaboration often leads to much greater success than working alone. And if you’re fortunate enough to find the right partners, you’ll achieve your goals more quickly and efficiently.
How Collaboration and Competition Drive High Sales Performance
As consumer expectations have evolved and sales cycles have become more complex, collaboration has become even more crucial. It’s a challenging endeavor, though, as partners’ strategic goals converge while their competitive goals diverge. How do you create advantages while preventing a wholesale transfer of core skills?
As competition fosters innovation and creativity, team members and partners will naturally look for ways to become more productive. Teams, partners, and leaders all benefit as they work toward a common goal. And their higher engagement leads to new ways of identifying sales opportunities, promoting cross-selling, and coordinating marketing campaigns.
Collaborative Resources to Grow Your Business
When you become a member of NAWBO Southern Nevada, you gain access to incredible resources like corporate partners, mentors, and like-minded entrepreneurs who can help you create and execute successful strategies that drive growth.
Ready to learn more or join our community? Visit NAWBO Southern Nevada’s membership page today.
