We are taught when we are young that it is nice to share: that it brings benefits to both parties. Although, to a five-year-old who is holding the goods, sharing can take convincing.

Sometimes sharing involves one person offering part of what they have to someone else. The sharer can feel good about it, and the one being shared with benefits from the receipt of whatever is being shared. Other times, the person sharing can receive monetary or other rewards, while the other person can benefit from services or using the assets of the sharer.

The second example is part of the sharing economy, which has played a part in the gig economy, with companies such as Airbnb, Uber, Rent the Runway, etc. becoming popular. These arrangements allow the people sharing to make extra money and the people using these services or items the ability to temporarily use the assets being offered.

There are growing options for end users such as sharing boats, jets, and so on. However, most people do not think to apply this concept to their small business. What if you could find ways to share things like spaces, vehicles, advertising or event costs? Could you limit your exposure to being short on cash flow and avoid having difficulties meeting fixed expenses? The answer is yes.

Depending on the type of business that you have, whether it is selling products or services, businesses can develop sharing strategies that will benefit and strengthen them. If you have a bookstore, work out an arrangement to have musicians come and play some music for free to advertise themselves and at the same time attract customers to your business. Neither one of you pay to promote your businesses. Or, if you are opening or just opened a family Italian restaurant, and you want to draw traffic, arrange to have another business come and sell gelato or Italian ice in your parking lot. Then offer those customers discounts to your restaurant. Do you own a pet supply store? Have mobile groomers come to your location certain days, or work out a sharing arrangement where a groomer can use your back area to groom clients. Your traffic can increase, and they can use a location to work for little or no cost, depending on the cost structure you work out (such as percentage of grooming sales or fixed cost for space).

Being creative in how you share your assets can assist you to grow your business in the long term and prevent cash flow issues in the short term. The various ways that this sharing can occur can be numerous and requires creativity. The key to being successful is looking for synergy with other businesses that will allow both parties to benefit. If done correctly, not only will your business be able to weather storms, but also navigate to sunny horizons.

If you would like to discuss various ideas to assist your business participate in the sharing economy in ways that will promote growth and opportunity, please reach out. Also, please find below links to more articles on business-to-business sharing.

Resources

The rise of the B2B sharing economy (fastcompany.com)

The Sharing Economy and How it Is Changing Industries (thebalancemoney.com)