#2 Why putting competition aside for collaboration may be the key to growing your organization

Why such a high-stakes decision may be beneficial to any organization in today’s corporate environment

Competition is a significant component of any business. There will always be others who have similar products or services that are trying to take over your customer base. However, collaboration has grown significantly in recent years. Having collaboration as a higher priority than competition may greatly benefit businesses.

With data and industry trends being updated constantly, it has become more difficult for professionals to ensure that all aspects of their workplace are as efficient as possible. In order to keep track of what is going on, collaborating with others in the industry is key. Industry leaders are spending time attending conferences and networking events where they can meet others who share similar business interests and then make an effort to maintain those relationships. This ensures that anytime another professional learns a new business technique that will amplify their performance, they can share this with their network.

COVID-19 has played a significant role in this change within the corporate world overall. During a time when collaboration was nearly impossible, businesses will now try and do anything to utilize this asset. As a leader in the insurance industry states, “I’m seeing a lot more of the leaner networks. If you want the old traditional, have-your-cake-and-eat-it-too network with benefits, it’s going to cost a pretty penny. Employers are willing to offer it, but maybe it’s a buy-up option, which gives the employee the option to pay the difference. Regardless of what you do, not everyone’s going to be happy, but there are tough decisions to make.”

Organizers have realized that there is no benefit to completely isolating themselves from their competitors. In order to guide their customers and clients to their ideal goals, professionals must take in all information possible. Even if this information comes from a business that they never would have imagined having a relationship with years ago.

Take a professional from the healthcare industry for example. When asked about how she utilizes collaboration with her competitors, she states “I have a village of competitors — not a huge village, but a village — that I know I can trust, and we’ll shoot straight and talk as we’re trying to make the industry better. We’re not worried about someone trying to steal our clients, right? It’s collaborative. I really appreciate those relationships so much.”

Corporations change their methods of practice often, but avoiding discussion with competitors has always been an aspect of business life. However, the increasing trend of collaboration has brought the idea to life that being open with competitors is useful. Current trends and ideas can be discussed, and organizations can use these new ideas to better assist their clients.