Wednesday, March 3, 2010

Play Nice with Others in the Sandbox for Business Success

We entrepreneurs tend to be the fiercely independent types. But - being too independent can often do more harm than good when it comes to the success of your business! With many of us concerned about the survival of our businesses in these tough economic times – it makes smart business sense to look for ways to collaborate with other businesses to save money and improve visibility.

Here are 3 ways you can collaborate with other businesses

One - Consider joint marketing or advertising
Now is not the time to stop promoting your business – quite the contrary in fact. Consider getting a group of businesses together that share a common theme or location and market or advertise as a group rather than individually.

Two - Organize events in collaboration with other businesses
For example you could host an open house at your place of business – and invite other businesses to participate. This is great way for multiple businesses to get exposure and more people will attend if more than one business is represented.

Three - Trade services
Consider bartering with other businesses. This is a great way to get what you need when cash is tight. For example a retailer might swap merchandise with a business that provides accounting services. Speaking of accounting – do check with your accountant to be certain you are keeping track of bartering activity properly.

Think creatively about how you can collaborate with other businesses to increase your visibility while reducing your expenses during these challenging times and we’ll get through this – together.

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