Collaborative Events

A recent entrepreneur asked me this question, “More businesses seem to be creating collaborative partnerships, events and programs to generate more revenue for their companies. Have collaborative partnerships worked for you? What are some of the benefits?”

I believe very strongly in collaborative partnerships between businesses, especially regarding events, in order to increase opportunities for corporate visibility and sales for both companies. This is a practice I suggest to women entrepreneurs through Women TIES. In fact two other women and I are collaborating on an event in a few weeks which benefits all three businesses.

Creating collaborative events with complimentary companies provides valuable marketing to potential new customers, creates additional revenue, and splits expenses between participating businesses. Creating a budget, marketing plan and management responsibilities is essential in establishing successful partnerships and events.

Make sure to seek out complimentary businesses with similar corporate images and ethics as yours. Make sure you clearly outline duties and monetary transactions. Create an informal agreement if you feel it is necessary. Set periodic meeting dates to review progress.

When you have the organization of one collaborative partnership under your belt, it will be easier to form similar productive and prosperous relationships with other businesses.