Peer collaboration can benefit business strategies
Fri, 06 Feb 2009
The majority of small business owners could benefit from collaborating more closely with their peers, it has been suggested.
According to business coach Ron Sturgeon, author of How To Salvage More Millions from Your Small Business, a lack of strategic planning holds many enterprises back.
He suggests that by consulting with others in a similar position, company owners can form more sophisticated and successful business plans.
Mr Sturgeon comments: "The single most important thing any small business owner can do on the eve of a recession is to make a good strategic plan and begin executing it."
He attributes much of his personal success in the motor salvage industry to membership of an industry-specific planning group which met twice a year during the 1990s.
Advice and information gained from other industry players allowed him to transform his business into a more profitable operation, he claims.
Mr Sturgeon claims collaboration between non-competitive owners helped the members of the group lead their industry.
He adds: "Joining an industry specific group makes the battle with local competitors a ten-on-one fight - the insights that you'll get as a member have been tried by someone in your industry and they work. That's a huge edge in a tough market."
According to David Kern, chief economist at the British Chambers of Commerce, effective decision making increases the chance of businesses surviving and thriving in the current economic climate.
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