Meachers Global, Steve Porter Transport and Red Funnel talk about their common purpose as part of Bank of Ireland UK’s Inspiring Partnerships initiative
The buzzword for many UK businesses epitomises the productivity problem that the nation is currently suffering from: Efficiency. The government has suggested that productivity is low and that businesses need to work harder to tackle the problem, but that is much easier said than done. One of the best ways to streamline businesses to boost the economy is to find a common purpose among the business community.
It is surprising, perhaps, that this term does not crop up in business discussions more often. The very basis of businesses, since the inception of its concept, is to notice a problem in a community and offer to solve it in exchange for payment. It is then, when businesses are effectively solving problems, that businesses become valuable members of the community and crucial for society’s progression. Businesses, since the dawn of time have been serving a common purpose, and it is time for leaders to remember this.
The real world benefits of finding a common purpose with other businesses is that it opens up opportunities for your businesses that your didn’t think were possible before. Collaboration and a sharing of purpose is a crucial aspect to, not just the survival, but the success of businesses across the country.
The interesting thing is that you might not be aware of the doors that can be opened for you until you consider sharing a common purpose with other businesses.
Whether it be sharing distribution and storage options with a fellow provider, sharing customers between retailers or offering discounts between loyal clients, entire revenue streams can be achieved, simply by having that conversation. Offloading workloads to start-ups and sharing clients and processes is one of the easiest and healthiest ways to boost productivity in the UK and contribute further to the economy in a positive way, as well as getting you on the way to survival and turning a profit.
Heinz and Ford Motor Company explain how their common purpose lead to an amazing partnership as part of Bank of Ireland UK’s Inspiring Partnerships series
As these videos show, sharing opportunities between businesses is a really good way to drive up revenue, turn a profit and benefit the wider society through solving a common problem. Problems shared between businesses can also be solved through this collaboration, whether it be an issue of marketing and getting your brand out into the community, or simply collecting more customers and growing your base.
Ensuring that you have a conversation that sets out your common purpose and lays out your goals to all businesses concerned, the common goal can be achieved.
Bank of Ireland UK is developing strong partnerships with some of the UK’s most trusted brands. In an exclusive collaboration with The School of Life, Bank of Ireland UK has looked at some unique, inspiring partnerships from all over the world to shine a light on the best ways to work in collaboration. Discover some of the most compelling #InspiringPartnerships stories here, and follow on Twitter @BankofIrelandUK