When considering how best to unlock the potential within your business it can be tempting to focus only on what you can see: staff, premises, inventory or equipment for example. But it’s important to make time to think outside the box and consider the opportunities that networking, knowledge-sharing and collaboration can bring.
Most SME owners have flexibility, drive and pragmatism in their DNA. It follows that they’re likely to be open to leveraging the potential of the collaborative – or sharing – economy to bring significant benefits for their business.
NEW WAYS OF WORKING
The term ‘collaborative economy’ refers to a model whereby new technology enables individuals to buy, sell, share or rent goods and services. The focus is often on the consumer: subletting a holiday rental through an app or instant taxi rides booked on a smartphone. But it can also work for your business
From renting out unused parking spaces to participating in an online event, technology is a key driver in facilitating and monetising innovative and dynamic networks. This can also empower users with independence from the traditional corporate influences in their sector: whole ecosystems based on shared knowledge and skills have been developing and thriving across the UK.
Take supply chain efficiencies: by partnering with likeminded businesses on logistical issues and distribution networks, common pinch points can be ironed out, risks mitigated and savings shared. Apply the same collaborative attitude across other services such as ESG commitments, waste management or talent management and it can be transformative.
A NETWORKED AGE
Strip out the tech and at the core of this is networking, a term that can make even the most seasoned professional feel apathetic. But it’s an essential skill to have when growing a business. The Federation of Small Businesses has some valuable tips for those who may not find networking as effortless as others.
However they come about, these connections can then drive inventive ways of working together for little or no cost, even when the businesses operate in the same space. Businesses that offer complementary products or services represent further opportunities, or you might just choose to work with another brand you admire.
Examples include:
- Retailers serving or stocking coffee from a local provider
- Hosting a joint business event with a complementary provider – i.e. a lawyer and an accountancy firm on setting up a business
- Augmenting your offering with another company – e.g. a pub exclusively serving pizzas from a nearby restaurant
- Renting out unused meeting rooms, desk space or elements of your production line when not in use
- Renting out unused meeting rooms, desk space or elements of your production line when not in use
Marketing this offering can range from the traditional (such as leafleting) through to original and ambitious social media activity – and the cost will vary accordingly. Apply the same level of collaboration to the publicity push and it’s likely to be even more effective.
After the disruption of the past three years, many SMEs have had to develop resilience and adaptability as part of their operations. These qualities will be essential in embracing the potential of the collaborative economy, which requires fresh perspectives and ingenuity to unlock market potential
At Capify, we’ve been helping small businesses achieve their ambitions for over 15 years. We’re not a bank. Our lending criteria is different, and we look at more than just your credit profile. Don’t let a lack of funding hold your business back. Check your eligibility online in just two minutes and help turn your plans into reality.
