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Lloyd & Co
Chartered Accountants

103-105 Brighton Road
Coulsdon
Surrey, CR5 2NG
020 8668 0500
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Source: Other | | 17/12/2020

Independence is a cultivated concern. We all want to be self-sufficient.

In a business environment this might manifest as having a separate Wi-Fi source even though it may be possible to share Wi-Fi with a number of business neighbours and divide the cost between you?

There will always be what-ifs to this type of co-operative effort but if the cost sharing made a joint contribution to cost savings wouldn’t it be worth exploring your options?

Retail outlets in a common location could club together to promote their mall or street.

Could you share a group-branded delivery van?

Practically, it may be necessary to form an umbrella management company to deal with the costs and recharge members for their share of costs. But as long as there are overall cash savings to be had why not at least consider this as an option?

Disruption in 2020 has taught us that flexibility is a key element if you want to stay afloat. For many businesses, the stresses and strains have proved too much and cherished family businesses have been forced to close. But those businesses that have survived are leaner and better able to cope.

It may well be that co-operation of this sort may not be an option for your business, but you have nothing to lose by considering your options to cost share. 

Just as we have all at some time in 2020 directed staff to work at home – an unlikely option in normal times – surprise, surprise the strategy has worked. In fact, many staff now prefer working from home.

Sharing costs may be one of a number of strategies that you could consider. If your business has survived thus far we should not only count our blessings but constantly be on the lookout for options to make our continued success more likely.



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