We will know the actual value of the saying ‘Saathi haath badhana’ (friend, extend a helping hand) in the coming months. No business has been left unaffected due to the fear, lockdowns, and social distancing in the last couple of months. And though all of us are in the same boat, each of us will be strong in some way – whether we have enough money reserves in hand, or whether we have a strong asset base or whether we are technically strong. At the same time, many of us will lack something or the other to beat the crisis.
To ensure that most of us don’t suffer due to lack of resources, it will make more sense to collaborate – lend a helping hand and come out more substantial once the crisis is over. The business collaboration will be the new fashion, and we will see a lot of successful businesses rise out of the quagmire because of the joint synergies that such partnerships will enjoy. Collaboration is the key to defeating the economic crisis.
This will be true not only for businesses and corporates but also for other organizations and countries as a whole. Instead of blaming each other for the pandemic, it will make more sense to work together and gain from each others’ learnings.
Let’s take a look at some forms of collaborations we are likely to see soon:
Collaborations with suppliers
Supply chains have been disrupted all over, and businesses will be looking to ensure that this does not happen in the future. The best way to do this is a tie-up with your suppliers so that they make you their priority during difficult times like these.
Even buying out suppliers could be another way out for businesses that have deep pockets. For example, a computer manufacturer could buy a chip manufacturing company so that it has easy access to computer chips. Or a potato chips manufacturing company may purchase a business that owns potato farms.
Integration could also work the other way. After all, if you are a chip manufacturing company and want a ready buyer for your products, you might partner in or invest in a dozen computer manufacturing companies to ensure that your sales are secured, no matter what the situation.
Collaborating with Transport companies
Many businesses have seen their products either rot away in godowns or simply stay unsold because of a lack of transport facility during the lockdown. So it would make perfect sense for companies to now invest in or collaborate with transport businesses.
New Ideas in Collaboration
There will be countless other ways in which collaborations can take place. For example, housing societies can tie up with Kirana stores to supply them all essentials during lockdowns or even after. Or you can form a new company that can tie-up with many housing societies to provide them with all that they require right at their doorstep during and after the crisis. Building trust will be the key to such collaborations, and both parties will benefit from such alliances.
Thank you for reading this post, should you have any suggestions or feedback, please feel free to share your thoughts in the comments below.