Business collaboration is becoming a smart way to increase profit and many mid sized businesses are looking for work with smaller businesses. Sharing knowledge as well as growth strategies and application are ways the two are working together but benefits are found across the operational scale. In the AmEx Business Collaboration Index, its found that profits can increase in less than a year of a partnership between the two when successful and that three quarters of all shared ventures were successful.
- Collaborating with small businesses can boost your ROI, on average 1.4 times the original investment
- The time it takes to turn a profit when collaborating is faster than other collaborations, only about six months.
- The more a small business helps our larger organisations, the more that small business will be hired to collaborate with in the future.
“The 2017 American Express Business Collaboration Index found almost half (48 per cent) of mid-sized businesses wanted to work more closely with smaller businesses in areas such as sharing infrastructure, knowledge, and marketing and sales activity.”