While competition keeps prices low and encourages innovation, working together also has its benefits.
Accessing local businesses and partnering within an industrial cluster on a regional level helps you pool resources and provide complementary products and services to larger businesses.
Face-to-face networking is the easiest way to identify and establish trust with local suppliers and regional partners for future cooperation. You can maintain these connections by attending peer-to-peer educational events as well as by utilizing online networking groups, forums and databases.
Partnering with local resources means:
- Lower transportation and handling costs.
- Reduced brokerage and logistics fees.
- Lower insurance costs.
- No currency conversion fees and risks.
- Easier crating and packaging.
- Reduced supply-chain disruption risk.
- Increased buying power by purchasing goods and services as a group.
- Access to expensive machinery through technology sharing.
Network in order to:
- Learn about industry trends by talking to local peers.
- Share capabilities statements … do so easily in the Hub’s Regional Capabilities Catalog!
- Build trust by getting to know each other.
- Learn more about the needs of your Quad Cities partners to help diversify your products and services.
- Receive and give referrals.
- Find partners with complementary products and services to go after larger contracts together.