Relationships between businesses operating in the same industry don’t always have to be competitive in nature. Instead, they can be opportunities for entrepreneurs to partner up or collaborate in order to expand their network, gain new skills or showcase their products or services to an entirely different audience.
These relationships can be advantageous, but achieving lasting success requires both parties being committed to making the partnership work for all sides, despite the difficulties that will inevitably arise.
As experts, the members of Forbes Business Council have plenty of experience navigating business relationships. Below, 15 of them offer advice on how leaders can effectively improve partnerships and collaborations with other companies in their ecosystem.
1. Set Clear Goals And Expectations
One effective way leaders can improve their partnerships and collaborations with other companies in their ecosystem is by establishing clear goals and expectations. Leaders should also build trust and communication through regular interactions and seek mutually beneficial opportunities for growth and innovation. - Sabrina Graf, Heartbeat Consulting
2. Prioritize Open Communication
Leaders should prioritize open communication. They must build and maintain relationships with key stakeholders, regularly check in, share feedback and establish clear goals and expectations. Ensure that everyone is working towards the same objectives and minimizing misunderstandings. Building trust and rapport through open communication fosters productive collaborations over the long term. - Samuel Johnston, nth Venture
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3. Foster Transparency And Mutual Understanding
I believe the key to effective communication is fostering transparency and nurturing mutual understanding. Continuously exchanging knowledge, challenges, solutions, success stories and needs is crucial. It's vital to comprehend your partner's perspective as well as your own and strive to help them understand you in return. This foundation builds new connections while openness helps to build trust. - Vladislav Kraynov, MSOFT
4. Change Your Perspective
Consider changing your perspective. Don't view other companies in your industry as competitors; instead, view them as referral sources for talent, joint-pitching opportunities and project endorsem*nts. When we approach it this way, we open the door for much more growth everywhere because we gain nothing when we think we have to be the brightest in the sky. - Laura Silver, Blue Door Communications
5. Join Industry Advocacy Organizations
Getting involved in industry advocacy is a great way to build partnerships and collaborate with other companies. Member-based organizations that support your market can be a great place to start. Look for ways to collectively solve industry-level problems and start convening others to get after it. Working together to build an industry-wide talent pipeline is a great way to start! - Julie Williamson, Karrikins Group
6. Be Realistic
Be realistic rather than idealistic about whether greater collaboration will help the bottom line and protect intellectual capital. Only when certainty exists and there is a clear mutual benefit should strategic partnerships be formed. A common modus operandi is a bonus but not an essential prerequisite of success. Exclusivity signals total commitment and is sometimes strategically necessary. - Nuala Walsh, MindEquity
7. Form Strategic Alliances
Creating strategic alliances with other members of the ecosystem in which your company operates is a powerful way for a company to grow its business and enable workers to grow skills and connections. It starts by identifying complementary visions and common goals. This strategy succeeds when you implement systems for communication, accountability and feedback so everyone enjoys the benefits of cooperation. - Jerry Cahn, Age Brilliantly
8. Leverage Complementary Strengths
Identify how your company’s strengths complement other companies and how their strengths complement yours. Leverage these abilities for your companies to work together in some capacity to the mutual benefit of both. Establish trust through the actions you take to show that you are working toward the same goal. - Tyler Weitzman, Speechify
9. Prioritize Trust
Leaders can improve partnerships and collaborations with other companies in their ecosystem by prioritizing trust. This requires consistent effort and communication, transparency around goals, an openness to feedback and delivering on promises. Fostering a culture of collaboration within an organization also helps build stronger and more effective partnerships. - Matthias Walter Eser, ESER Capital Vermögensverwaltung GmbH
10. Do An Internal Examination
To improve collaborations with other companies in your ecosystem, introspect first. Assess your company's unique value and strengths. With this clarity, approach potential partners with confidence, but don't focus solely on self-gain. Successful partnerships require a give-and-take mentality. You need to be willing to listen to the needs of your partners and find ways to meet them. - Chris Kille, Payment Pilot
11. Develop Joint Strategies
Leaders can deepen and strengthen strategic partnerships by developing joint go-to-market motions focused on industry verticalization. This targeted approach enables partners to combine their unique strengths, expertise and resources to create tailored solutions for specific sectors, tackling clients’ challenges more effectively and establishing a competitive edge in the market. - George Alifragis, Sryas
12. Have An Invitation Mindset
An invitation mindset will inherently open the door to greater understanding and partnership. When leaders identify key subjects and issues where there is a greater mutuality between companies, taking the role of convener allows the leader and their company to demonstrate through action their intention to be inclusive. Even if the other party declines, the expressed partnership interest remains. - Lowell Aplebaum, Vista Cova
13. Share Media Opportunities
Consider sharing media opportunities. This includes initiatives, such as inclusion in gift guides or product roundups, that can benefit both parties involved. By doing this, leaders can create a mutually beneficial relationship where both companies will benefit from the exposure given by the press hit. Sharing the press hit on everyone's social media opens everyone to a wider audience. - Ashley Saye, Daily Rays Inc.
14. Schedule Regular Meetings
One effective method leaders can use to improve their partnerships and collaborations with other companies is by setting a regular meeting cadence. During this meeting, new initiatives, products and services, promotional campaigns and other growth activities can be discussed. This will lead to ideas on how both parties can work together in order to reach a wider audience, resulting in a win-win. - Javier Carlin, The Practice Revolution
15. Engage In Thought Leadership
Cultivate and engage in thought leadership that serves your ecosystem and your industry. Taking an active role in industry or community organizations is one of the best ways to collaborate with other leaders with similar interests. The opportunity to work together on issues or future planning for your industry paves the way for organic relationship building and partnerships. - Eileen Valois, Go West Creative
