Communal route to success
With the current unusual environment, we are seeing more consultants considering working privately with colleagues, whether that be in a loose association or more formally in a group. Ian Tongue looks at some of the important factors when considering working with others.
Working with colleagues can take many forms and these can have different commitment levels.
When deciding to join with one or more as a group, it is important to ensure that everyone has the same common goals and objectives.
The timing and method of achieving these goals may differ between each member.
This is usually not a problem, as a road map can easily be agreed, but is it important to establish those that are committed from those that are perhaps curious of the arrangement.
Common goals and objectives can simply be a cost or expense-sharing agreement or it could be running a commercial business together.
It is important to establish these matters early on, as this usually determines the accounting and tax structure of the group.