conceptualising business matching
Business matching is a powerful tool for entrepreneurs looking to build meaningful collaborations and grow their businesses sustainably. The practice is becoming more popular in an increasingly borderless world where businesses must expand into new markets and territories to stay competitive. By aligning business ideas, concepts, and models with the values, culture, and economic climate of a given market, businesses can improve their competitiveness and leverage their strengths and resources to gain a competitive edge in their industry.
As expounded by the International Trade Centre (ITC) in "Business Matchmaking: A Platform for Global Trade", it is an essential tool for identifying potential partners and collaborators that share similar goals and objectives. By connecting with other businesses and entrepreneurs, companies can leverage their strengths and resources to gain a competitive edge in their industry ie. Learning from each other and sharing of best practices. This collaboration helps to build a community of like-minded individuals who can provide valuable insights and support for each other's businesses.
Collaboration between businesses can bring about great benefits, especially for online businesses that collaborate with Micro, Small, and Medium Enterprises (MSMEs) that offer unique and high-quality local products. In today's digital age, this presents an opportunity for fruitful business matching collaborations. One of the main advantages of this collaboration is that MSMEs can expand their reach to a wider market, ultimately leading to increased competitiveness in the market. (Syafei Ibrahim, 2021)
Overall, the importance of business matching cannot be overstated. It is an essential tool for businesses looking to improve their competitiveness and connect with other entrepreneurs in their industry. By facilitating the sharing of ideas and resources, business matching helps to drive innovation and growth, leading to a more sustainable and prosperous business community.