8 Ways Collaboration Boosts Revenue And Productivity by Sienna Brown T T T T Join 9K+ Subscribers January 11, 2019March 27, 2019 Every day brings in a different challenge for business organizations. A survey on 10,000 employees revealed that 85% of employees are unhappy with their workplace and find it hard to concentrate. Now, these hurdles become a lot easier to cross when there is effective collaboration at work. When great minds, with big ambitions work on a common goal, the outcome is always amazing. (Source: inews.co.uk) When employees complement each other’s strengths and weaknesses, they eventually become a formidable force that drives innovation and profit. Let us discuss how collaboration boosts efficiency and increases the revenue of an organization. Source: Pixabay.com 1. Collaborations Help with Scalability There is a good reason why the old proverb, “two heads are better than one” is still relevant even after centuries. While carrying out business operations, effective problem solving is possible when you accumulate the resources in talent, infrastructure, finances and experience. Utilizing and sharing these resources ensures that your reach to new markets is fruitful and strengthens the relationship you have with the existing customers. The crux of your collaborative business efforts should lie in the understanding that your company is part of a larger community and that there is power in this strategy. 2. Brings Down the Barriers to Business Growth and Productivity The prosperity of your business relies on how quickly people can connect with each other and work together. Projects and tasks that once used to require months can be accomplished in a few weeks through effective collaboration. Most significantly, individuals who are part of a team present many unique standpoints and expertise to complete a project. Different ideas and perspectives from different individuals make it convenient to find better solutions to specific business problems. Businesses today can access various collaboration systems and tools which help them to access crucial business information. 3. Increases Profitability This is kind of obvious, isn’t it? Collaboration escalates the profitability of businesses. After you’ve recruited the efficient talents from different fields, and established a work culture worthy of their skills, these employees feel more encouraged in terms of churning out innovative ideas. This will propel you forward and bring home more profit. The collective opinion of the business owners today have shifted in favour of collaborative efforts to carry out the business processes. Such practices automatically lead to winning more promising contracts and ultimately elevate the profits. 4. Promotes Innovation and Creativity Among the Employees Developing a fulfilling work culture that promotes innovation also facilitates collaboration. A business that presents the most intriguing ideas is not skeptical of letting the people involved to explore and experiment, even if that experiment doesn’t go as expected. This means the employees within such organizations can freely explore new ideas instead of feeling the pressure of failure. This is the kind of environment which brings innovation into the business processes. It’s true that collaboration isn’t like taking a walk in the park. At some point, it’s bound to generate some friction and disagreements as the people involved work towards a productive output. However, there’s a silver lining amidst all that friction between different individuals and work styles. That silver lining is effective innovation. After all, without those new and promising ideas, your organization just slips into the bottomless pit of mediocrity. Pixabay.com 5. Accelerates Retention Rates What’s the most important aspect of better employee engagement? Happy and satisfied worker. They will never consider leaving a job if they are excited about the projects they handle in their present organization. Also, if the colleagues they work with are excellent team players, and if they’re getting the recognition they deserve, then they are likely to stick around far longer. In fact, according to stats, 37% of employees believe “working with a great team” is the main reason for staying (Source: visix.com) It’s not that collaboration automatically results in all the above advantage, but it does put in place a more flexible work culture within the organizations. And it’s this culture that promotes the feeling of loyalty among the employees. 6. Facilitates Relationships with the Stakeholders When collaboration is in question, it’s always a wise idea to specifically focus on external collaboration with your vendors, and partners, basically the stakeholders who are related to your projects and products. If you utilize and incorporate crucial feedback from the stakeholders into your product development process, then you will be able to align the needs of the consumers with your product’s features in an appropriate way. Nurturing a strong connection with the stakeholder’s will enhance your company’s understanding of the marketplace. This further helps in identifying potential consumers, offer diversified services or products, cater to different sections of consumers, present effective customer service and subsequently compete more efficiently. 7. Employee Collaboration Benefits the Customer Employee collaboration has an incredible impact on your consumers. Employees within an organization can offer a better experience and unrelenting support by being able to tap into several vital information, and resources which can be used to assist the consumers. When employees have faster access to information through their colleagues in a collaborative environment, it becomes simple for them to offer apt solutions more quickly, which results in happier customers and prolonged business relationships. For instance, if your organization provides assignment help services, the collaborative efforts between the employees will help you to serve the students and enable you to meet a diverse range of academic requirements. 8. Propels the Business Toward its Ultimate Objective The impact of effective collaboration is undeniable when it comes to your business. True collaboration promotes competitiveness by facilitating better communication and better workflow between employees, partners, and consumers. When carried out appropriately, the collaborative efforts of the employees often exceed the expectations. There will be an increase in the efficiency among the employees, which will help in presenting innovative ideas and streamline the business process, ensuring the success of your organization. If your business is yet to reap the rewards of collaborative efforts, then you must invest sufficient time and resources in creating and executing an effective strategy. You need to celebrate teamwork, which is the driving force behind attaining the goals of your company. Train your employees and help them realize the importance of collaboration to maintain efficiency, and garner long-term profits. The Takeaway If you’ve gone through all the mentioned pointers, then you must know how collaboration is that one essential ingredient that your organization must focus on. This way, every other aspect, like innovation, efficiency, profitability and productivity will fall into place. It’s safe to conclude that better collaboration will allow new ideas to thrive and take your business to the zenith of success.