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Interactions with other companies

Businesses do not operate in a vacuum. Rather, for most companies, there are all kinds of other businesses operating within their geographic area and within their company’s industry (or in connected or similar industries). A company’s interactions with these other businesses could have considerable impacts.

There are many different relationships a company could have with another business beyond a competitor relationship. For one, they could have a learning relationship. Companies sometimes turn to each other for insights on how to handle new or challenging aspects of running a business.

For example, a recent Facebook survey points to learning from other businesses being fairly common for small businesses these days when it comes to determining how to adjust to the big role mobile technology is coming to play in business. Learning from one another when it comes to this topic is something that 42 percent of small businesses in the survey reported. The survey polled around 200,000 companies. These companies were from over 40 countries.

Companies also may have more direct relationships with other businesses; ones that are formed through business contracts. One example of this is a supplier relationship.

Sometimes, disputes arise between companies that have formed a business contract with each other. When these challenging interactions with other businesses arise, a lot of important things for a business can hang on how the dispute is resolved. When a business relationship it has with another company takes a downward turn, such as a contract being breached, a company may want to have a skilled business lawyer look into the situation and assess its options.

Source: Forbes, “Small Businesses Tee Up Success By Helping Each Other Manage Mobile,” Kathleen Chaykowski, May 8, 2017

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