The Significance of Business Collaboration with Requisite Stakeholders!!!
A Presentation by Edobong Akpabio at the Archbishop Vining Memorial Church Cathedral, Ikeja "Agro Food Processing & Packaging Seminar" on Friday 18th June, 2021
@Agro_Centre
@GreenAnimalia
@FarmersStories
A Presentation by Edobong Akpabio at the Archbishop Vining Memorial Church Cathedral, Ikeja "Agro Food Processing & Packaging Seminar" on Friday 18th June, 2021
@Agro_Centre
@GreenAnimalia
@FarmersStories
What is collaboration?
A working practice whereby individuals and organisations work together for a common purpose and to achieve mutual benefit.
Collaboration between business entities is as old as time. But the basics have remained;
1. Common purpose
2. Mutual benefit
A working practice whereby individuals and organisations work together for a common purpose and to achieve mutual benefit.
Collaboration between business entities is as old as time. But the basics have remained;
1. Common purpose
2. Mutual benefit
A popular African proverb says:
"Walk alone, walk fast,
Walk together, walk far."
Our entrepreneurship journey isn't like a 'walk in the Park' and we can find strength, better productivity and sustainability walking with other like-minded individuals and/or organisations.
"Walk alone, walk fast,
Walk together, walk far."
Our entrepreneurship journey isn't like a 'walk in the Park' and we can find strength, better productivity and sustainability walking with other like-minded individuals and/or organisations.
A stakeholder collaborative relationship identifies interconnected entities that depend on each other for mutual survival. We call this the Business Ecosystem.
Every entrepreneur that desires to be successful needs to capture their stakeholders through an Ecosystem Mapping.
Every entrepreneur that desires to be successful needs to capture their stakeholders through an Ecosystem Mapping.
Stakeholders are entities that have an interest, whether good or ill, in your business. The mistake some entrepreneurs make is to narrow down their stakeholders to regulators and customers. Employees are usually included after an "A-ha" training session. It's a 360-degree view!
When your business engages in stakeholder collaboration, you will always consider their interests and factor them in your decision making. You will see them as partners, not adversaries... even when they are!
Recently, a newly opened gas plant was shut down my neighbourhood.
Recently, a newly opened gas plant was shut down my neighbourhood.
We gathered that some residents close to the site of the facility petitioned the authorities on the risk to their lives and property.
Summary: The business owner didn't consider their concerns or even engage with them. Today, they face the risk of losing millions of Naira.
Summary: The business owner didn't consider their concerns or even engage with them. Today, they face the risk of losing millions of Naira.
When some of your business stakeholders are 'on your side', take note but don't be too comfortable. But don't lose sight, at all, of your adversaries. In fact, you should appreciate them because they will keep you on your toes.
Build a good relationship with both sides.
Build a good relationship with both sides.
Benefits of Business Collaboration
1. They say that "No man is an Island" and that "A tree cannot make a forest." This is true in business. Solutions cannot be found in isolation. Collaboration brings different actors, ideas and contributions to address pressing issues.
1. They say that "No man is an Island" and that "A tree cannot make a forest." This is true in business. Solutions cannot be found in isolation. Collaboration brings different actors, ideas and contributions to address pressing issues.
2. For sustainable development of our communities, nations and continent, we need collaborative relationships. Groups, communities and nations are involved in progressive development. This is what is on the global agenda today.
@ecowas_cedeao
#AfCFTA
@AfricanUnion
@UN
@ecowas_cedeao
#AfCFTA
@AfricanUnion
@UN
3. Apart from rubbing minds and exchanging ideas, stakeholder collaboration brings experience, competence, value and networks to the table of decision making. These enrich the discussions and provide different perspectives on the dialogue between the partners in the ecosystem.
4. Stakeholder collaboration gives all the participants a sense of belonging and risk sharing. Then, every entity is aware of the common purpose and the direction towards achieving the mutual goal.
Not that it is a perfect relationship but that it is less rancorous!
Not that it is a perfect relationship but that it is less rancorous!
Barriers to Stakeholder Collaboration
1. Lack of trust. Poor relationship, mostly, stems from poor communication/bad attitude. This breeds suspicion/lack of trust. We already have trust deficit in our 'neck-of-the-woods' & shutting out your stakeholders will only worsen things.
1. Lack of trust. Poor relationship, mostly, stems from poor communication/bad attitude. This breeds suspicion/lack of trust. We already have trust deficit in our 'neck-of-the-woods' & shutting out your stakeholders will only worsen things.
2. Missing the collaboration principles
Problems in a collaborative relationship may be due to a lack of understanding of the common purpose and the mutual benefit. Where the relationship isn't properly defined and there's a mismatch of expectations... trouble ooo...
Problems in a collaborative relationship may be due to a lack of understanding of the common purpose and the mutual benefit. Where the relationship isn't properly defined and there's a mismatch of expectations... trouble ooo...
3. Corruption
Corruption isn't only about inordinate tampering with communal funds. It's also about abuse of office/authority. Many collaborative relationships have been wrecked by corrupt practices. When a party or some of the parties engage in corrupt tendencies... wahala!
Corruption isn't only about inordinate tampering with communal funds. It's also about abuse of office/authority. Many collaborative relationships have been wrecked by corrupt practices. When a party or some of the parties engage in corrupt tendencies... wahala!
Let me leave you with this quote:
"Collaboration is the essence of life. The wind, bees and flowers work together to spread the pollen."
- Amit Ray
End.
#collaboration
#stakeholders
#business
#workingtogether
#commonpurpose
#mutualbenefit
#ecosystemmapping
"Collaboration is the essence of life. The wind, bees and flowers work together to spread the pollen."
- Amit Ray
End.
#collaboration
#stakeholders
#business
#workingtogether
#commonpurpose
#mutualbenefit
#ecosystemmapping
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