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1+1=3 The ‘Synergistic Effect’ What Every Business Needs To Know

Laura Hughes, Accountant and Principal at Rethink Accounting

 ‘Say what?’ you might be thinking. How could an accounting firm think that 1 + 1 = 3? It’s a business theory you may have heard of, known as the ‘synergistic effect’. The ‘synergistic effect’ arises when two or more businesses, agents or entities come together and collaborate creating an effect greater than the sum of their individual parts.

Newcastle and the Hunter are brimming with passionate and talented businesses, so as business people we have a prime opportunity to leverage from the benefits of the ‘synergistic effect’ in our home community.

How to easily create the ‘synergistic effect’

It can be as simple as enlisting the support of a local external service provider such as a bookkeeper, accountant, payroll agent or human resources manager, basically anything that you don’t enjoy doing or don’t believe you have the best expertise to handle.

As a business owner or manager it’s likely that you’re passionate about running the business and concentrating on the tasks you love doing. But if you’re like most business owners/managers, you’re not so interested in recording all the details of every financial transaction or employee administrative tasks. The day-to-day of running a business can take over and get in the way of you and your businesses’ strengths and the stuff you love doing.

By engaging an external expert in a field you don’t love and are not strong at, it allows you and you to play to your strengths and focus on what you’re good at. Not only does the ‘synergistic effect’ create an effect greater than doing it alone, but it allows you to do more of the things you love!

How to choose an external business partner

It’s important when searching for a business to synergise with, that the business has the skill set your company requires. However, it’s equally important to ensure that you connect with that business culturally, share their values and understand what each business is trying to achieve. It needs to be a mutually beneficial long-term relationship to create the ‘synergistic effect’.

Special offer for readers

At Rethink Accounting we have an amazing, skilled, passionate, understanding team of financial accountants, bookkeepers and payroll experts.

We’d love to invite you to connect with us and come in for a complimentary chat and review of your current bookkeeping, payroll and/or financial management process to understand how we can possibly create something greater than ourselves.

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