• Home
  • Business
  • Companies
  • Economic
  • Management
  • Marketing
  • Partnerships
  • Services
Thursday, April 22, 2021
Business System Guide
Advertisement
  • Home
  • Business
  • Companies
  • Economic
  • Management
  • Marketing
  • Partnerships
  • Services
No Result
View All Result
Business System Guide
  • Home
  • Business
  • Companies
  • Economic
  • Management
  • Marketing
  • Partnerships
  • Services
No Result
View All Result
Business System Guide
No Result
View All Result
Home Business

8 Reasons to Choose Cooperation Over Competition in Uncertain Times

by Nala Samir
8 months ago
in Business
0
Why Cooperating Is a Smart Business Move When Times Are Tough
155
SHARES
1.9k
VIEWS
Share on FacebookShare on Twitter

The COVID-19 crisis has been a painful reminder for the business community that hard times are unavoidable.

In uncertain times, it’s easy to slip into an “every man for himself” mindset. Although entrepreneurs are independent by their nature, cutthroat competition isn’t always the smartest strategy.

Why do tough times call for cooperation? Here are nine reasons why they’re great opportunities for teaming up:

1.   Two is better than one.

When the economy falters, you have two choices: You can either fight for yourself, hoping to survive while the competition does the same, or you can work with others to stay afloat. Teaming up enables you to pool your resources and expertise.

Although you can always forge partnerships on your own, it’s easier to join an established group. Industry associations are a good example: Because members face similar problems, such as finding technical talent, they get together to find solutions.

Another is group purchasing organizations. By joining a GPO, you benefit from the buying power of the entire group. Many suppliers offer discounts for bulk orders, which no one member could meet by themselves.

2.   Everything is salvageable.

If you’re willing to put in the effort, every product and service line is salvageable. What if you don’t have the resources to do it yourself? Then strike up a partnership with a company that does.

Take Trimeras, a small biotech company that developed an AIDS drug. Despite the drug’s effectiveness, Trimeras couldn’t seem to commercialize it. Instead of ditching the project entirely, it partnered with a major pharmaceutical company on production, marketing, and distribution.

By teaming up, Trimeras was able to make something out of nothing. While it won’t be able to claim all the profits, cooperating ensured its investment didn’t go down the drain.

3.   Getting along is less stressful.

If COVID-19 has taken your stress levels up a notch, you aren’t alone: According to the Kaiser Family Foundation, 53% of U.S. adults say the virus has negatively affected their mental health.

If stress management is an issue for you, stop worrying about winning. It’s not worth jeopardizing your mental health, not to mention that of your team members. Cooperation is proven to be better for your mental well-being than competition.

Take it easy until you’re ready to go all-in again. When that time comes, your partners will be willing to work that much harder to succeed.

4.   Relationships pay off down the road.

Entrepreneurs you cooperate with today won’t simply forget about it tomorrow. Whatever happens to the economy, the relationships you build will remain valuable.

Relationships are like any other investment: If you dedicate yourself to them, you’ll see them grow. You never know which startup partners will grow into billion-dollar companies some day. If even one of them hits it big, you’ll be among the first to benefit.

To be clear, this isn’t to say you should cooperate only for selfish reasons. Getting to know people is rewarding in its own right, and it’s important to look out for those who gave you a hand.

5.   Networking is the best way to bring in business.

Research by the Massachusetts Institute of Technology proves what entrepreneurs have long known: Leaders with large, active networks are more successful, both in terms of their revenue and their number of employees.

Business is less about what you know and more about who you know. Networking opens up opportunities, lands partnerships, and closes sales — all of which are tough to come by in a time like this.

If you aren’t willing to cooperate with others, you won’t be a successful networker. The best networkers are helpful people who genuinely want to lend a hand.

6.   Businesses run on teamwork.

Remember, your team members will also be under stress during difficult times. It’s not just important to cooperate with other organizations; it’s also important to promote cooperation within your own.

While a certain amount of competition can be motivating, too much of it can be downright discouraging. When in doubt, ask your team. Are people worried that they’ll be on the chopping block if they don’t make the most sales every month? Do they understand that everyone is in it together, regardless of who happens to win each month? Don’t underestimate the feelings of support and togetherness during uncertain times.

7.   Your brand needs the boost.

Hard times bring out your true colors. When people can’t pay the bills, is your brand understanding and gracious? Or does it extract every last dollar it can from people, no matter their situation?

Nearly two in three consumers prefer to purchase from purpose-driven brands. If your only goal is to make money, most of your customers will think about taking their business elsewhere.

Particularly at a time like this, helping those in need is a social purpose everyone can get behind. And because consumers have long memories, they’ll continue to reward your goodwill well into the future.

8.   Mashups make for the best products.

Remember Taco Bell’s Doritos Locos Tacos? Of course you do — they were the fast-food phenomenon of the decade.

When sales are hard to come by, tapping a partner’s customer online whiteboard base is a smart way to boost sales. The good news is, every sector has opportunities for product mashups; all it takes is a little creativity. Take trash bags: Realizing that nobody likes the smell of trash, Glad partnered with Gain to develop bags that won’t stink up a kitchen.

What if you’re in the B2B space? If anything, business product partnerships are even easier to forge. If you’re a 401(k) provider, maybe you can team up with a bank to broaden its investment offerings — in exchange for simpler transfers and better rates, perhaps. An email marketing company is a natural ally of a social media consultancy.

Cooperation may be key in a time like this, but the truth is, it’s rarely a bad idea. While competition has value, letting mutually beneficial opportunities go to waste isn’t a good business move. In those situations, go ahead: Put on a smile, offer something of value, and strike up a partnership.

Related Posts

Main differences between online marketplaces and online stores
Business

Main differences between online marketplaces and online stores

April 22, 2021
Save Your Precious Time with Call Screening Services
Business

Save Your Precious Time with Call Screening Services

April 16, 2021
Effects of Digital Marketing On The E-commerce Market
Business

Effects of Digital Marketing On The E-commerce Market

April 16, 2021
HOW TO IMPROVE EFFICIENCY AND PRODUCTIVITY IN WEAVING MILLS
Business

HOW TO IMPROVE EFFICIENCY AND PRODUCTIVITY IN WEAVING MILLS

April 12, 2021
High Lumber Prices in the US- All you Should Know
Business

High Lumber Prices in the US- All you Should Know

April 10, 2021
How the Keyword Research Process Can Help SaaS Companies Target Their SEO Efforts
Business

How the Keyword Research Process Can Help SaaS Companies Target Their SEO Efforts

April 7, 2021
  • Trending
  • Comments
  • Latest
What is the difference between PHP, Ruby on Rails and Python?

What is the difference between PHP, Ruby on Rails and Python?

February 1, 2020
Why You Should Hire An Extended Development Team

Why You Should Hire An Extended Development Team

January 16, 2020
The Benefits Of Operating In a Healthy Working Environment

The Benefits Of Operating In a Healthy Working Environment

January 17, 2020
Business Partnerships – 2 Tips about Remaining Connected

Business Partnerships – 2 Tips about Remaining Connected

December 16, 2019
5 Critical Basics of Social Media Marketing

5 Critical Basics of Social Media Marketing

0
Small Business Details to help you get Began

Small Business Details to help you get Began

0
Economic Development Assistance Revives the American Dream

Economic Development Assistance Revives the American Dream

0
Small Company Marketing Ideas – Three Strategies for Success

Small Company Marketing Ideas – Three Strategies for Success

0
Main differences between online marketplaces and online stores

Main differences between online marketplaces and online stores

April 22, 2021
Energy Saving Tips for Lighting Your Home

Energy Saving Tips for Lighting Your Home

April 19, 2021
Save Your Precious Time with Call Screening Services

Save Your Precious Time with Call Screening Services

April 16, 2021
Effects of Digital Marketing On The E-commerce Market

Effects of Digital Marketing On The E-commerce Market

April 16, 2021

Recent Posts

  • Main differences between online marketplaces and online stores April 22, 2021
  • Energy Saving Tips for Lighting Your Home April 19, 2021
  • Save Your Precious Time with Call Screening Services April 16, 2021
  • Effects of Digital Marketing On The E-commerce Market April 16, 2021
  • HOW TO IMPROVE EFFICIENCY AND PRODUCTIVITY IN WEAVING MILLS April 12, 2021
  • High Lumber Prices in the US- All you Should Know April 10, 2021
  • How the Keyword Research Process Can Help SaaS Companies Target Their SEO Efforts April 7, 2021
  • Cybersecurity Issues to Look Out for as a Business April 7, 2021
No Result
View All Result

2021

  • – April (10)
    • Main differences between online marketplaces and online stores
    • Energy Saving Tips for Lighting Your Home
    • Save Your Precious Time with Call Screening Services
    • Effects of Digital Marketing On The E-commerce Market
    • HOW TO IMPROVE EFFICIENCY AND PRODUCTIVITY IN WEAVING MILLS
    • High Lumber Prices in the US- All you Should Know
    • How the Keyword Research Process Can Help SaaS Companies Target Their SEO Efforts
    • Cybersecurity Issues to Look Out for as a Business
    • Tips for Businesses Planning to Expand Their Data Centers
    • What You Need to Know When Managing a Virtual Team
    • Using a Contract to Build Trust in Your Business Relationships
  • + March (17)
  • + February (22)
  • + January (17)

2020

  • + December (22)
  • + November (19)
  • + October (20)
  • + September (31)
  • + August (26)
  • + July (20)
  • + June (25)
  • + May (15)
  • + April (18)
  • + March (21)
  • + February (23)
  • + January (24)

2019

  • + December (2)
  • + November (24)
  • + October (3)
  • + September (2)
  • + August (2)
  • + July (4)
  • + June (2)
  • + April (1)
  • + March (1)

2017

  • + March (1)

Tags

Amazon Keywords Champions Academy coding classes Competitor Analysis cost-effective development company Development Team Building Ecommerce hiring an extended development team printer toner from Toner Bee South Point Casino

Recent Posts

  • Main differences between online marketplaces and online stores
  • Energy Saving Tips for Lighting Your Home
  • Save Your Precious Time with Call Screening Services
  • Effects of Digital Marketing On The E-commerce Market
  • HOW TO IMPROVE EFFICIENCY AND PRODUCTIVITY IN WEAVING MILLS
April 2021
M T W T F S S
 1234
567891011
12131415161718
19202122232425
2627282930  
« Mar    

Site Navigation

  • Home
  • Business
  • Companies
  • Economic
  • Management
  • Marketing
  • Partnerships
  • Services
Business

Main differences between online marketplaces and online stores

If you’re managing an online store, transforming it into a marketplace platform might sound like a significant next step to ...

April 22, 2021
Technology

Energy Saving Tips for Lighting Your Home

As vital as good lighting is to a home, not doing it right can end up costing you a lot ...

April 19, 2021
Business

Save Your Precious Time with Call Screening Services

Possibly 24x7 is less for business owners as they have more than enough to think and do. With such a ...

April 16, 2021
Business

Effects of Digital Marketing On The E-commerce Market

Now more than ever before, people are spending so much of their time online, and the number of online shoppers ...

April 16, 2021
Business

HOW TO IMPROVE EFFICIENCY AND PRODUCTIVITY IN WEAVING MILLS

Productivity is an integral part of every industry. It aims at improving profits by achieving more using fewer costs at ...

April 12, 2021
  • Home
  • Your Inquiry

© 2020 Business System Guide. All Rights Reserved.

No Result
View All Result
  • Advertisement
  • Contact Us
  • Homepages
    • Home 1
    • Home 2
    • Home 3
    • Home 4
    • Home 5

© 2020 Business System Guide. All Rights Reserved.

Login to your account below

Forgotten Password?

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In