Proposed government legislation would impact two industries, one positively and one negatively. As you would expect the industry who would be positively impacted supported the government. Contrastingly the other industry mobilised large numbers of its business members around their trade body and formed a partnership to influence the government consultation and engage in lobbying Ministers. After a year long campaign the proposed government legislation was reversed.
‘Synergy is the interaction of multiple elements in a system to produce an effect different from or greater than the sum of their individual effects. The term synergy comes from the Greek word synergia συνέργια from synergos, συνεργός, meaning ‘working together’.’ Wikipedia
The synergistic effect means that you can achieve more through mutually beneficial business relationships than you can going it alone. A dyad, triad or group partnership has the potential to produce a sum that is greater than the parts and a greater outcome than going solo.
The synergistic effect of a partnership is more than the additional benefits, it has a multiple impact on business. I have known this experience to be true on many occasions whether in the business world or beyond:
- A trade body lobbying government over proposed legislation.
- A group of angel investors joining together to fund a new venture.
- A team of people working together to overcome a challenge.
- A coalition of charities partnering to raise money for a humanitarian disaster.
- A family coming together to develop a new business partnership.
In addition the business world of mergers and acquisitions show the power of convergence and synergistic effect. You can often achieve more in partnership than you can in isolation from or in competition with one another.
If you want to leverage the synergistic effect for you and your business you may want to consider the following steps:
- Remind yourself what it is that you most want to achieve this year.
- Consider your relationship network and who else might have similar ambitions and goals for the year ahead.
- Arrange to meet with those people, individually or as a group, to discuss how you could work together in order to accelerate the achievement of your shared personal and business goals.
Question: How have you multiplied the impact of your business through synergy?