We know it’s been a long year, but there’s one last item you need to add to your company’s new year’s resolution list: Business collaborations.
Don’t stress – we get that everyone’s operating in survival mode to make it through the last stretch of 2018. So in our final post for the year, we offer you an easy read with loads of inspiration.
THE POWER OF COLLABORATIONS – TIME TO JOIN THE MOVEMENT
Many small businesses across the South African landscape share the same client base. Can you imagine the potential of teaming up with another small business? Can you taste the sweet fruits that these joint efforts have to offer?
Internationally, there are some big brand collaborations that really went for gold. We’re talking about the Cokes and Nikes of the world. Obviously, not everyone has a small fortune ready to spend on massive collaboration campaigns. But even in SA, there are some truly inspiring examples of businesses working together. As a result, both companies got a piece of the pie.
Brought upcoming new music artists to their customers:
Woolworths & Pharrell Williams
Joined forces in a ‘mission to change the world’:
Uber & Volkswagen Up
Created a fun experience that celebrated both brands:
Sanlam & MaXhosa By Laduma
Introduced a world first in fashion while making saving easier:
THREE SHOTFIRE BENEFITS OF BUSINESS COLLABORATIONS
1 | Access to support and some TLC
A solid support network with other partners becomes a safe space. It allows you to share experiences and learn through each other’s mistakes.
2 | Access to genius
Two minds are better than one and business collaborations give you access to innovation. It introduces the possibility of improved services and products.
3 | Save, save, save some money
Sharing costs allows you to take on marketing initiatives which you wouldn’t be able to afford on your own. Think further: What about shared office spaces? Forming joint ventures with other companies opens the gateway for growth. In addition to this, it attracts investment capital.
HOW TO GO ABOUT COLLABORATIONS
First step is to look for businesses that have things in common or share the same customers. SME.Africa recently launched their platform allowing businesses to benefit from a network of SMEs. Subscribers can list their companies on a virtual market place and find other businesses with similar interests.
In an article with Entrepreneur Magazine, Sibongiseni Mbatha advises: “Don’t focus on competition – focus on collaboration”. In today’s world, no one can afford to have an attitude of coping-just-fine-thank-you. We’re way past that solitude.
FINALLY, 3 THINGS TO REMEMBER BEFORE CLOSING FOR DECEMBER
- Make sure your VAT is submitted and paid.
- Have a December financial year-end? Make sure your 2nd provisional tax return is submitted and paid.
- If you’re planning to extend your holiday a few days longer – make sure you’ve arranged that your employee tax return is submitted and paid by the 7th of January 2019.
That’s it – go have yourself a well-deserved break. When doors open again in a spanking new 2019 – it’s time to tap into the potential of business collaborations.