Collaboration works well for fast growing small businesses
Collaboration works well for a fast growing small business as it struggles to stay relevant with fast changing business needs.
In today’s hyper-speed business world consumers have come to expect immediate-responsiveness, complete-transparency and total-accuracy on every business transaction they undertake.
This dynamic has forced huge creativity within the manufacturing sector. Successful vendors have shifted to more flexible product configurations and just-in-time delivery models. These require that modern technology systems have improved communication and visibility across the entire business process.
It would seem that larger companies, using economies of scale, are better positioned to adapt for this. It leads to a constant downward pressure on prices and increase in expectations that transparency and global competition brings.
However, thousands of smaller, more nimble manufacturers have also successfully carved out their own niche by understanding that collaboration works. Often, they have adopted modern, cloud-ERP (Enterprise Resource Planning) technology as a foundation for competing effectively and have partnered. They have done this as co-collaborators with large brands, and sometimes as individual entities selling directly through extended networks – to fill the missing elements of their own supply chain.
This understanding that collaboration works well is especially critical for SMB’s as they will not have all the resources they need to grow quickly.
This is the first article in the series of articles by the VersAccounts Team on “Can small businesses thrive using strategic collaborations with supply partners and customers?”