For faster growth,small businesses can network and leverage on each others strengths at little or no costs.

Here are few tips to keep in mind when collaborating

1) Each party must be contributing something peculiar.
2) Enter collaborations with clear objectives.
3) Understand how the other party’s objectives can affect your business.
4) They will be occasional disagreements (and that’s okay)
5) Collaborations should have limits,be careful not to give away your competitive advantage.
6) keep an open mind,look out for opportunities to learn from the other party
7) Collaborations should make your business better than it was when you got into it.

photo credit; www.feastingfortcollins.com

Here are ways small businesses can collaborate with each other

-Join a local or virtual business community of credible entrepreneurs; develop good relationships within.You can tap into such relationships  for support,referrals and collaborations.
learn more about online business communities

– Form alliances that can bring value to your customers/audience. Build relationships with businesses that operate with similar values as yours such that you can refer your customers to such businesses and in return reach out to a new audience via these businesses.

– Direct other small businesses to potential business opportunities,this can help you grow your network of small businesses. This can also help you get new business since the favor will most likely be returned.

-Support small businesses on the various platforms you have.