We find ourselves in the ‘new economy,’ which can be as challenging to navigate as rewarding. The new economy is unlike anything we’ve experienced before. It’s the reality that economic growth is driven by disruption from the rapid rise in digitisation, technology, and innovation.
It’s the lovechild of the knowledge economy, information technology, post-covid realities, adopted by a digital family and living in a share-house called the internet.
In the new economy, the pace of change is lightning fast, the customers’ needs are evolving as they try to cope with all their new-found choices, and successful companies are disrupting the market to stave off start-up ‘native’ disrupters. The opportunity is the accelerated rise to success, and the risk is the accelerated decline to failure. We all must jump off a burning platform of comfort and stasis, and it’s getting relatively warm!
So, what better way to jump off a platform, than holding hands with others?! In the corporate world, holding hands comes in many forms, but collaboration is one of the most productive forms. Collaboration is a must in the new economy. There’s too much going on, at too quick a pace, to do it alone.
So, what does collaboration look like in the new economy? Collaboration is not just about reaching out and finding like-minded individuals or businesses; it’s also about facilitating an environment where staff, clients, and partner businesses are encouraged to work together for a purpose.
This is best done when everyone knows the end goal, what they’re bringing to the table, what all other parties are bringing to the table, and why a collaboration is taking place.
This is easily done when you’re in a clearly identified ‘collab’, with some facilitator’s intro to the session. But collaboration can take place at any time. It’s fluid. It’s natural. It’s human.
Outside of the business world, we’re natural collaborators. Friendships, relationships, marriages – they’re all forms of collaboration. Like-minded individuals connecting for a purpose. So, what can the business world learn from the natural world?
Here’s my take.
Firstly, people collaborate with people they like (and even love). When we like someone, we enjoy spending time with them. Friends are people with whom we have something in common and we want to spend time together. When we have a great friend, we look for opportunities to spend time together – even just to hang out. It’s the same in the business world. If we like working with someone, or a company, we naturally think of opportunities to get them involved. If you’ve ever said, “You know who we should talk to about this, it’s ……”, your mind has naturally made the link to collaborate.
So, business leaders can ensure they facilitate an internal or external environment where people can get to like each other. Foster an environment where there are two critical agreements – respect and time, and there’s a good chance much liking will take place.
Secondly, know your worth and, more importantly, the worth of others. Pity friendships and relationships are never a good idea. Leaders can take the time to make sure their team understands what their business is great at and what and how other businesses can bring skills, perspectives, services, or products to the table. This can either be for a specific purpose, like a brief, or more general, like a strategic partnership. We don’t have to go alone in the new economy. The hybrid is the norm.
And thirdly, network. Just like friendships and relationships, you’ve got to get out and meet people. Mingle. Circulate. Connect. I’ve never been a big fan of networking events because I find them a bit artificial. “Ready, set, network!”. But in today’s business environment, it takes little to find yourself in a position where you’re meeting a new person or being introduced to a new business.
Leaders can ensure they recognise and respect the need for their team and themselves to get out and meet people. The person sitting by themselves at a seminar, or the quiet one on the video call, might be the person you could collaborate with on the next project.
The new economy presents a new set of game rules, and collaboration is a must if we’re going to be comfortable jumping off the tinder-dry burning platform. Business leaders can take some simple steps to ensure they foster an environment where collaboration is a natural way to get business done.
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