Why collaboration, not ruthless competition, is key to business success

Modern global challenges have made ruthless business competition unsustainable and counterproductive. Instead, increased collaboration has replaced the concept of cutthroat competition to encourage strategic business alliances that bring forth not just simple company growth but one that generates positive societal, economic and environmental impact.

Contrary to past beliefs, collective efforts among businesses within the same industries or across sectors lead to a range of benefits. The sharing of expertise and resources as a result of such cooperation, for instance, enables partners to address issues more efficiently, better optimise opportunities and gain more practical and creative perspectives. Under collaborative ecosystems, companies are well-positioned to flourish and strengthen their overall societal and economic contributions with immense benefits for the communities.

The significance of this cooperation is highlighted in the healthcare and pharmaceutical sectors under the present global health crisis. With industry players agreeing to exchange data, expertise and resources, the much-needed solutions are delivered faster and better.

In the realm of free zones, collaboration is preferred and encouraged to build a more streamlined system capable of promoting the ease of doing business, creating employment opportunities and bolstering trade and investment. It also results in sustainable business solutions. When joining forces, free zones across the world can utilise globally accepted guidelines integrated with regionally distinct strategies.

Bringing all free zones around the world under one shared forum is vital to developing a win-win situation for all stakeholders. World Free Zones Organization (World FZO), the global voice for free zones, has been working towards this end by implementing various relevant programs to achieve solid partnerships, establish cooperation in transport and logistics and ensure robust international public-private partnerships. These efforts have paved the way for smoother operational mechanisms and collaborative initiatives.

Amid the still raging pandemic, meantime, World FZO has left no stone unturned to protect free zones from the full impact of the challenging and still-changing market conditions. In this regard, it has deployed its partnership-driven New World Model (NWM) to not only support free zones in the face of these unprecedented challenges but, more importantly, future-proof them as well.

NWM follows the important principles of transparency and trust for alliances to be more dynamic and vibrant. Transparency allows for accountability and communication, leading to higher confidence between partners. Trust, on the other hand, empowers parties to make and implement better decisions and actions, knowing that they are working towards their best interests.

By opting for collaboration over ruthless competition, free zones are empowered to address the needs of their customers, improve their offerings and achieve more growth while fulfilling their commitment to the economy, society and the environment.

More than anything, collaboration highlights that businesses cannot exist and function in isolation. Business organisations should forge ties with companies of the same mind and goals as them to flourish, set themselves apart and achieve longevity and success.