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Collaboration – A Key to Business Development Success

December 20, 2022

Collaboration – A Key to Business Development Success

By Leticia Esnayra, Business Development Manager

With so many uncertainties and changes in the business world today verses 2 years ago, it is tough to figure out which direction to head to make meaningful collaborations. COVID has turned the business world upside-down. Primarily, it has taken away the personalized touch from everyday business interactions. In the new world of working remotely, where no one is available to meet face-to-face, they often are not accepting or returning phone calls, and emails are routinely disregarded. This has made business development and consultative sales a challenge. The casual days of dropping off brochures and meeting people in company lobbies are long gone.

Now more than ever, it is essential to learn how to be creative, consider new ways of doing business, forge new partnerships, and learn to recognize that every business has the potential to bring something to the table, regardless of business size. This is especially true in collaborations in high technology areas, where the large Original Equipment Manufacturers in that industry do not yet participate.

Collaboration

Teaming is collaborating to achieve a shared outcome, which means bringing together people with different skillsets, talents, expertise, and perspectives, uncovering relationships, and interacting with people from different cultures. This means allowing ourselves to trust others and take risks with strangers, letting go of our fears, and embracing the power of collaboration, which can introduce new mutually beneficial opportunities. We have all been in a situation where we must ask for help, or admit that we cannot immediately recall, or simply do not know something that someone expects us to know. Well, it is time to put our egos aside and learn to embrace the power of collaboration to reach our goals and acquire this knowledge. We need to realize that the days of the solo approach, personally and corporate-wise, no longer exist since one organization cannot be an expert in every aspect of business and technology at the same time.  If so, we would not have outsourced functions like Human Resources, Customer Relationship Management, and Technology Consultants.

In a relatively new high-technology field such as Edge AI, almost every business facet depends on some strategic partnership. It is crucial to recognize the importance of each organization’s strengths, whether it is synergistic product lines, complimentary capabilities/competencies, technological advances, or just coming together as one to dive into new markets. Collaborations mean work for both parties, including an investment of time and money. It will certainly not be easy to find trusted partnerships, and unfortunately, there will be failures along the way. However, to avoid disappointment, one must establish a successful teaming arrangement; discussing and aligning strategies in advance is essential – keeping in mind that communication is vital! Expectations should be addressed and agreed upon upfront in a memorandum of understanding, OEM agreement or statement of work. There should be openness, yet no unanswered questions.

Fostering relationships across both virtual platforms and in-person events brings talent together through collaboration and establishes creativity, innovation, and growth from both parties. Collaboration in today’s ever-changing business world is key to success; the possibilities are endless.

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