One of the great things about working with business owners is the opportunity to share ideas, hear about their latest developments and innovations and to talk about the common challenges that many business owners face.

I’m a great believer in being open and sharing useful ideas whenever I can….both through this Blog and through our public education website Common sense money.  However a business owner client of mine last week provided a different perspective….

“Chris, I know you’re quite keen on sharing useful information”  The client in question said “I’m was interested in doing this too.  However my wife isn’t so sure…she feels that by writing about and sharing openly our knowledge about out particular area of expertise she’s concerned that we are giving away our ideas for someone else to read….and then implement and use.”

I think this concern is completely understandable.  For many of us our businesses are based on selling a service based on access to our knowledge and expertise. If you start to give this knowledge away ‘for free’ is there a danger that you are giving away your commercially commodity and, in effect, making yourself slowly redundant in the process.

Also by sharing your ideas, techniques and strategies openly are you providing your competitors with both an insight into your business and therefore an opportunity to take your ideas and implement and use them potential advantage.

However whilst I think these concerns have a degree of validity I’m determined to continue sharing my ideas and thoughts.  Let me explain why…

Maybe i’m naive but I believe that, on the whole, people are generally good.  There are many fellow professionals who I’ve shared ideas with who are generous enough to provide credit where credit’s due and provide their perspective on a particular concept.

I’ve also used ideas I’ve gained from the generosity of fellow business owners from a range of different professions, sectors and industries who were happy to share their perspective.

Also, when an idea might not be particularly good (yes it does happen!) sharing openly provides an opportunity to gain feedback, think about the idea in more depth and change your perspective or improve on the concept by changing certain aspects.

The other general concern is that by sharing your thoughts are you giving away your intellectual capital and, whatever your profession, putting yourself in a position where your clients don’t need you any more.  However I’d suggest that this concern is a misguided one…

Firstly it’s likely that, in your particular profession or industry, the depth of your knowledge means that it would take you years to communicate everything you know.

Also, most of your clients are busy working within and developing knowledge within their own business, sector or profession.  Sharing an idea which may benefit them doesn’t mean that they will find the time to develop their legal, accountancy or financial knowledge (among others) to a level which means they could replicate the service you provide.

I believe that sharing your ideas is actually commercially sensible.  In today’s crowded marketplace I believe that it’s important that your product and service is prominent.  Whilst there are many products and services which can be ‘sold’ many others are based on the engagement of your clients and this can be done by sharing good quality information.

I’ve also found that being open with ideas provides more opportunity than negativity.  You never know….there may be someone out there (either within or outside of your industry) looking for the opportunity to partner which may allow you to move your business forward.  I know that we’ve had a few beneficial partnership conversations since we decided to start sharing ideas which wouldn’t have occurred if we stayed silent.

So, whilst I understand the concerns…I’d humbly suggest you spend a proportion of the next week by going out and sharing.  You can thank me for it later…

As ever I’m interested in your thoughts.  Do you think being open in business is beneficial or detrimental?  Are there benefits (or concerns) I haven’t mentioned?  What approach do you take in your business?