You might not be making any sales because your fashion business is set up to fail. There’s no sugarcoating it. That’s why I decide to give you the key reasons why collaborations fail and how to fix it.
You see, collaborations are a mutually beneficial and well-defined relationship of two or more brands or to achieve common goals. (Yes. Sometimes 3 heads are better than 2)
A winning collaboration require teams with different skill sets to achieve a specific goal. However, we can’t deny that coming together for the first time, also brings different unfamiliar people together. People with different ideas and different levels of expertise. So recognizing that there’s a possibility of this happening will help you take measures to nip it in the bud.
HERE ARE THE 4 REASONS WHY COLLABORATIONS FAIL AND HOW TO FIX IT.
1) Lack of buy-in AKA feeling cheated
This mostly happens when one partner feels that the project they are working on is of very little benefit to her brand and of huge benefit to the other partner. Other times, it is when a partner or members of one partner feel like their brand is superior and start playing the “I’m bigger than you card”, thereby destroying team spirit or when one partner feels like the other partner is the only one taking the decisions.
An attitude of constantly look at what the other partner will gain the course of the project is very wrong and will affect the project negatively and lead to unfulfilled goals.
How to fix it: Lay the groundwork at the beginning of the project. Outline goals state how profits will be shared, and get everything ready for the collaboration. When all the parties involved know how everything works even before starting, they’d not feel cheated or negotiate for a better deal if they think it is not favorable.
2) Not enough conversations
One problem leads to another. If people are afraid to talk, and can’t express their ideas or views, for any reason, then they won’t bring any value. They may see potential pitfalls in proposals or processes and have brilliant suggestions but never speak up. This happens because they are feeling cheated and don’t want the other party to profit too much at their expense, are feeling inferior etc.
It may also happen when one partner decides that they are the idea bank, know everything and don’t need inputs.
How to fix it: Conversations really help the process. Conversations should be encouraged from the onset. Explain why it’s important for ALL voices to be heard, and create an environment where one-on-one conversations are promoted, and potential barriers removed.
3.) No trust
Without trust, a collaboration is destined to fail. There is an absence of respect in one another’s work, confidence in the collaboration idea is lost and everything goes south. When one partner feels like the other won’t keep to the end of a deal, it affects their interest and dedication to the project at hand.
How to fix it: Build trust from the beginning of the collaboration. Partners and their teams should be encouraged to speak their minds, listen and do their part. Ensure that the process is transparent and everyone can air their views.
This is what happens when partners see themselves as rivals and competitors instead of collaborators. So they do not buy in, have enough conversations or even trust each other. Usually because one or both parties are hoarding their knowledge and remain unreceptive of the ideas from each other because they feel like it is a trap.
It is no news that when teams start working together initially, they may be some glitches due to personality or working process differences. Howbeit, not resolving this rivalry will make the collaboration fail or at best reduce profit and delay outcomes.
How to fix it: Encourage team spirit from the beginning and be crystal clear on the role each party plays and what they stand to gain.
Profitable collaboration works when everyone is working together, to achieve a common goal, dealing with problems that may arise and focusing on the outcome.
In my e-book I detailed all the information you need (and much more) to have to protect your business during a collaboration. While you plan for it to succeed and take the necessary steps, you need to legally protect your business so it doesn’t fail because the other party didn’t keep to their promise.