Spending time on your business is important - but working with others is powerful!

Running a business is often seen as a solo endeavour, especially for entrepreneurs and small business owners. However, spending time working with others, whether they are employees, business partners, mentors, or even customers, is powerful.

Last week I had the pleasure of going on a work based retreat, something I'd never really done before but something I will definitely be doing again. I wanted to share why it was so powerful and how you can utilise this sort of opportunity and the benefits you will get.

The collaboration element not only introduces new ideas and solutions but also provides emotional and professional support of others with differences of perspective and opinion, it helps to navigate the challenges of entrepreneurship more effectively.

In this article, I highlight the many benefits I received of spending time on my business with others, how it will significantly enhance both my personal growth and my business performance.

1. Collaboration Drives Innovation

Innovation is the lifeblood of any successful business, and collaboration is one of the most effective ways to drive it. When you work with others, whether they are your team members, business partners, or even external collaborators, you tap into a wider pool of ideas and perspectives. This diversity of thought can spark creativity and lead to new solutions that you may not have considered on your own.

For example, I knew I wanted to change some things, but I just hadn't worked out a path to do it. As solo entrepreneur I was overlooking opportunities simply because I don't have anyone to bounce ideas off of. By spending time with others, I found myself in an environment where new ideas were able to flourish, and more importantly, how to make it happen! For me, that’s essential for staying ahead in a competitive market and being able to differentiate myself from the competition.

2. Networking Builds Relationships and Opportunities

Networking is an essential part of business growth. Building relationships with others in your industry or related fields opens doors to new opportunities. Whether it's meeting potential clients, finding new suppliers, or forming strategic partnerships, spending time with others can significantly expand your business horizons.

I came out of this experience with an accountability partner who not only understands me and my business, but she knows where I want to go and is happy to help me stay accountable to my plans. In the broader business sense, maintaining strong relationships with other entrepreneurs and professionals will lead me to collaborations or partnerships that will help push my business to the next level.

3. Shared Knowledge and Expertise

The old adage “two heads are better than one” is particularly true in business (in this case it was 15 heads!).

I found that working with others enabled me to share my knowledge, skills, and expertise and benefit from the others in the room. This collective intelligence led to smarter decision-making, improving my processes with a desire to create a more sustainable long-term business model.

4. Accountability and Motivation

I certainly find that whilst working alone, it's easy for me to lose focus or get distracted by day-to-day tasks. However, because I am collaborating with others, there is a natural sense of accountability that helps keep me on track (reference my accountability partner again - she is awesome btw). Regular meetings with her mean I am more likely to follow through on my plans because I have told here that is what I am going to do.

It also helps me to maintain my motivation levels. Running a business is hard work, and it's easy to feel overwhelmed or lose momentum when you're facing challenges alone. By regularly engaging with her, whether it’s through meetings or informal discussions, I have an environment where I am pushing towards a solid and defined goal, and she wants me to succeed. This shared sense of purpose I find incredibly motivating, particularly during tough times.

5. Constructive Feedback for Improvement

Feedback is essential for growth, and the best feedback often comes from spending time with others who understand your business. Whether it's from a mentor, a business partner, or even a group, constructive criticism can guide you in making necessary improvements. It helps you identify weaknesses or areas for improvement that you may not have noticed on your own.

For example, one member of the group suggested changes to the business model I had originally mapped out. It was something I hadn't even thought of, let alone considered previously! By actively engaging with others, I'd created an opportunity to receive this valuable feedback and used it to refine my business.

6. Problem-Solving with Diverse Perspectives

Problems are an inevitable part of running any business. However, the way you approach and solve those problems can be significantly improved by working with others. Different people bring different perspectives and experiences, and this diversity can lead to more effective and creative problem-solving.

If you're able to build a team around you, of likeminded people in a similar position to yourself, with a range of skill sets can tackle challenges from multiple angles, you will find solutions that you may not see if working alone. For example, I run monthly mastermind groups for small business owners and the challenges they face, in these groups no obstacle is too much to overcome as other members of the group always have valuable input on the challenges put forwards,.

7. Emotional Support and Building Resilience

Entrepreneurship can be a lonely journey, particularly in the early stages of a business when you're trying to get things off the ground. Spending time with others who are going through similar experiences can provide emotional support, which is vital for maintaining resilience in the face of challenges.

Sharing your struggles and successes with like-minded individuals helps you realise that you're not alone, and that many of the difficulties you're facing are common. This kind of support can help you stay positive, focused, and resilient, even during tough times. Mentorship, in particular, is a valuable source of emotional and professional support. In my role as a mentor I regularly offer guidance, encouragement, and a sense of perspective that can helps to weather the ups and downs of business ownership.

8. Opportunities for Collaboration and Synergy

Spending time with others not only helps you grow your business, but it also opens the door to new collaborations and synergies. By engaging with other businesses or professionals, you may find opportunities to collaborate on projects or create partnerships that benefit both parties.

For instance, the number of times I have seen two small businesses collaborate to offer a joint product/service or referring each other to their own clients allows them to reach a wider audience than they could individually. These kinds of collaborations can create synergies that result in increased market reach, improved offerings, and ultimately, greater business success.

In summary, spending time on your business with others is not just a nice-to-have; it’s a critical element of success - especially in a small business. Collaboration drives innovation, while networking builds essential relationships and opens doors to new opportunities. Shared knowledge, accountability, and constructive feedback lead to improved decision-making and faster problem-solving. Emotional support from like-minded individuals builds resilience, and collaborations offer new pathways for growth. Whether it's with employees, partners, or peers, spending time with others accelerates business development, fosters innovation, and helps create a strong, positive business culture.