In business we all have competitors, but can you afford to keep them at arm’s length?

For us, cooperating with other Accountants brings untold benefits. It allows us to share knowledge with others, create an environment of  trust, build up many really useful contacts and sometimes just enabling us to have someone to bounce ideas off.

Arthur Kay at the Guardian has published a balanced article  where he illustrates some of the benefits and pitfalls of collaboration. He questions whether or not the numerous potential benefits of working with others outweighs the possibility of distractions and time wasters, while discussing if it’s possible to bridge the gap between smaller companies and much larger ones, and describes the necessity to organise yourself appropriately to hold up your end of the bargain.

Our approach at React Accountancy has always been a collaborative one and as we discovered at an event hosted by our friends at Xero last week we’re not alone. The overwhelming feeling was that extending an olive branch is always the best practice and the Partner Panel of 5 fellow accountants happily shared some of their most tried and tested business tips and experience with us. All in attendance although technically rivals, were particularly friendly and helpful to each other.

We think there’s enough business for everyone, but what’s your opinion and how do you collaborate in your industry?