The Power Of Collaboration

October 31, 2016

If you rifle through a box of Lego blocks, you will find pieces with different stud configurations and colours. On their own they bear little meaning or context. However, if you are suitably skilled, these little blocks can be combined to make fantastic works of architecture.

Small businesses are like these Lego blocks. They share a simple and elegant idea that on their own they may appear trivial, but when combined properly, they can be formidable. Small businesses are self-sustaining and as such, there is also beauty in the idea of the economic freedom which it gives. However, many people do not realise that these small businesses can be combined to form very powerful conglomerates, joint ventures and/or alliances which can take on very big and ambitious projects.

For such combinations to happen, there are 3 simple factors to watch:-
a) Adopt a ‘win-win’ attitude. There is no point trying to exploit your alliance partners. It is not a zero sum game. Rather the objective is to hunt as a pack, so that the rewards are larger and can be shared around.
b) Have clear outcomes and rules which the group must agree to follow. These must be written down and signed.
c) Have clear rules on who is the project leader and how the rewards are to be shared.

VanillaLaw is designed to help small businesses realise their fullest potential by using collaboration agreements. Check us out at www.vanillalaw.com.sg