In most start-ups, the initial knee-jerk reaction is to fixate on competitors – which wastes time, money, and resources.

If this is a current issue for your business, then maybe it’s time to shift your mindset: why not join forces and collaborate with another company?

Yes, it may scare those of you who are control freaks, but here are four reasons why collaborating may be a really good idea:

1. It’ll inspire you

We all have our own way of doing things and often get stuck in a rut. Sometimes we forget that there may be different ways of doing things that save time, effort, and money. Collaborating with different minds gives you a new perspective and may trigger some all-new creative juices to flow. Plus, you may also get introduced to new techniques and technologies you never knew about before.

2. Your business will grow

Collaborating is a great opportunity to get exposed to a different audience and, in turn, get them introduced to your brand. Granted, not everyone you reach out to will want to collaborate, but each new connection you make opens up the possibility of expanding your network. A successful business owner knows to continually make connections and form alliances. Work that room!

3. Two (or more) brains are better than one

There is power in numbers. Everyone that you decide to bring to the co-lab table will bring different viewpoints, experiences, and skills. Where you are weak or inexperienced in one area, others will fill that gap. Or, sometimes you just need input from someone who is outside the situation. Collaborating doesn’t necessarily mean you have to go into business with someone else – you can even just collaborate on a single project. Either way, you can pack a much bigger punch when collaborating versus doing it all on your own.

4. You can share the load

If you want something done right, you better do it yourself, right? While that’s true in some cases, there will come a time where you simply can’t do it all on your own. Partnering up with someone you trust can take a huge load off your shoulders so that you can focus on what you do best – growing your business! Collaborations also let you split expenses, so you can take on projects which you may not be able to afford on your own just yet. If both parties have an agreement to contribute equally, the majority of the time you would be able to double your budget while still reducing cost. Winning.

Collaboration is a powerful tool for any business: it builds connections and can take you to new heights. Simply start a conversation with like-minded people and see if there is an opening somewhere where you can work together… you’ll thank us later.

Want to get advice about collaborations, or just get the ball rolling with your business? Contact Outsourced Finance; we’re here to help.