The benefits of collaborative working

This is an article publiced on tby PrimeGlobal about the benefits of working collaboratively and the business opportunities this can create. As proud member of PrimeGlobal, Association of the Year 2022, we see working collaboratively as a win for everyone.

One of the key benefits of PrimeGlobal's membership is the global network of first class accountancy and advisory services members have access to. Whether you have clients who wish to expand their connections into Asia Pacific, or you want to reach out to a member firm in North America for peer support, being part of PrimeGlobal gives you the platform to work collaboratively and create global business prospects.

What is Collaborative Working?

The Institute for Collaborative Working's (ICW) definition of 'collaborative working' is:

"Business relationships formed by committed organisations to maximise joint performance for achievement of mutual objectives and creation of additional value."

Collaborative working is about actively seeking out supportive relationships with other professionals in our field who help us to get the best out of ourselves, whilst simultaneously offering a reciprocal approach in order to fulfil our business goals, and ultimately create added value for our clients requiring accountancy and business advisory services.

Working Collaboratively within PrimeGlobal

As a member of PrimeGlobal, working collaboratively is clearly something our firms care passionately about and put a strong focus on, with over 700 business referrals reported on in the year 2021/2022. Some great examples of collaborative working happens at our PrimeGlobal in-person events, including the recent Business Leadership Forum in Manchester, UK.

During the Business Leadership Forum, member firm Larking Gowan were keen to address the unprecedented challenges that UK businesses are facing during a shrinking economy and increasing inflation rates, realising how more than ever it is important for UK businesses to plan and work with other trusted advisory firms if they want to ride the storm and avoid the economic fallout.

Benefits of collaborative working

During the collaborative presentation at the Business Leadership Forum, Erik Klop of member firm Visser & Visser and Anthony Casey of Noone Casey, spoke about the benefits of collaborative working, including how working collaboratively means you don't need to be 'experts' in everything, and that there is a place for both boutique firms and large multi-dimensional firms, as a collaborative approach combines the two business models with greater outcomes for everybody.

The simple and most effective way to work collaboratively is by building relationships, developing trust and rapport, and ultimately, requires patience for a collaborative approach to be truly beneficial.