BUSINESS SUSTAINABILITY THROUGH COLLABORATION AND PARTNERSHIP
Small Enterprise|May 2021
Doing everything yourself can be tempting in the beginning when funds are few and ambitions high.
Dr.KIRAN KUMARI PATIL
BUSINESS SUSTAINABILITY THROUGH COLLABORATION AND PARTNERSHIP

While there’s nothing wrong with a hands-on approach, taking on more than you can handle, especially in areas where you lack experience, can be damaging. Sustainable growth is among the biggest challenges any business leader faces, but it isn’t a problem if we find right partners to collaborate with.

Collaboration is one of the keys for unlocking sustainability. No single organization or sector has the knowledge or resources to “go it alone.” Leaders from all sectors of society agree that solving sustainability challenges will require unparalleled cooperation. This report is a comprehensive review of what we know about partnering for sustainability. Many companies are actively integrating sustainability principles into their businesses, according to a recent McKinsey survey

Sustainability is “the primary moral and economic imperative of the 21st century,” according to Mervyn King. It is also considered to be “one of the most important sources of both opportunities and risks for businesses”.

Business collaboration benefits

Key benefits of business collaboration fall under several categories:

Financial benefits - for example, the ability to boost domestic or export sales, to tender for larger contracts or cut costs by sharing resources. H

Human capital - for example, the ability to develop employees' skills and capabilities, safeguard jobs, increase employment and encourage staff motivation.

Physical capital - for example, the ability to share facilities, resources, equipment and raw materials.

This story is from the May 2021 edition of Small Enterprise.

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This story is from the May 2021 edition of Small Enterprise.

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