In the modern business landscape, the term 'competitive advantage' has undergone a significant reinterpretation.  Gone are the days when merely having a unique product or a robust marketing strategy could put you leagues ahead of competitors. Today, the business sphere acknowledges a more sustainable and interactive edge - community. 

A Harvard Business Review article from 2020 elucidates how embracing community serves as the new form of competitive advantage, fostering a realm where relationships trump transactions. And indeed I choose the song linked above, as it started life as a community request. This transition from transactional to relational interactions has opened up a vista of financial implications, exploring which could unearth a treasure trove of sustainable growth and financial solidity. 

As an epitome of community-centric commerce, TableNetwork is at the vanguard of this evolution, creating a fertile ecosystem where entrepreneurs, business owners, CEOs, and MDs can congregate to exchange invaluable insights and foster growth, for the collective, and in doing so, for themselves. 

#StrongerTogether

Unpacking the Community Advantage 

Helen Keller, "Alone we can do so little; together we can do so much"

The concept of community-centric business transcends the mere transactional interactions that characterized traditional business models. It delves into creating a sphere where various stakeholders - customers, employees, external stakeholders, and often the society at large, interact in a meaningful and engaged manner. 

TableNetwork embraces this ethos wholeheartedly, establishing Tables, being regular mastermind peer groups, with an interactive online area that acts as a supportive environment for the wider community. Both platforms, designed to improve clarity, creativity and community, allow a seamless exchange of ideas, support, and insights among a community of forward-thinking peers. The advantages are manifold. 

By veering away from a solitary focus on profit and embracing a more holistic approach, businesses unlock a realm of potential. As highlighted in the HBR article, a robust community can significantly mitigate risks and cement a foundation of financial sustainability. 

Through shared experiences and collective problem-solving, that characterize Tables and the TableNetwork Community, participants find themselves armed with a diversified arsenal to navigate the often tumultuous waters of the business world. This embodiment of communal interaction and support forms the cornerstone of a new age competitive advantage, one that promises not just transient success, but a sustainable financial future.

But what is the financial upswing associated with community engagement? Why is TableNetwork’s community-centric model an exemplary embrace of this modern concept? And most importantly, how can businesses harness the power of community for financial growth and sustainability? 

Financial Upswing Through Engagement

The nexus between community engagement and financial prosperity may have originated accidentally, like so many things that prove successful in time. But community-centric businesses are now purpose built and well-orchestrated symphonies. 

Businesses with a robust community ecosystem tend to enjoy lower customer acquisition costs, higher retention rates, and enhanced customer loyalty. Think of Ken Blanchard’s description of a “Raving Fan”. 

A fervent community also serves as a crucible for innovation, where feedback and insights flow seamlessly, aiding in product development and service refinement. Indeed 86% of Fortune 500 companies report that their communities increase knowledge about customer needs. Moreover, community engagement provides a cushion against market vicissitudes, rendering a layer of resilience that is indispensable in a volatile market environment. 

TableNetwork, while still in its infancy, has already illustrated how community engagement can morph into a financial boon. The first test of the CashFlowClarity product alone, exposed a £65,000 potential saving for the business that volunteered to be used as a guinea pig. I recently posted on LinkedIn about free lunches, and that’s a lunch I certainly want to be at! 

The myriad discussions, problem-solving sessions, and brainstorming that can occur within the Tables and the online community are not just about addressing immediate concerns but fostering a culture of continuous learning and improvement. This culture transcends the immediate community, seeping into the individual businesses, nurturing an environment ripe for financial growth and sustainability. 

Through shared wisdom and collaborative problem solving, businesses within the TableNetwork community can find themselves better equipped to make informed financial decisions, optimize operations, and foster innovation, all of which are pivotal for financial robustness. 

For TableNetwork itself, the success of each entity should prove to help grow the ever-increasing community of customers and clients for both itself and its Partners. 

The Exemplary Embrace of TableNetwork

The TableNetwork paradigm is a stellar exemplification of how to create and operate a community-centric model. By fostering a vibrant community, TableNetwork curates a milieu where the collective supersedes the individual. 

A Forbes article reverberates the sentiment, asserting that community is the new competitive advantage. TableNetwork takes this a notch higher, demonstrating that community is not just a competitive advantage, but can be a financial fortress. 

The regular Tables and the community area are meticulously thought out to enable a smooth flow of communication, problem-solving, and support among members. This ethos of 'community over competition' pervades every interaction, making financial discussions more open, insights more valuable, and solutions more actionable. The atmosphere of collective growth and support has a tangible impact on the financial health of the individual businesses participating, and also the community as a whole. 

For the most part areas in TableNetwork, whether online or in person, are advertising free, reducing the noise and spam so often found on social media platforms and increasingly across all experiences in life. Partners, who are allowed to advertise in specified areas, undergo rigorous due diligence to earn a spot, reducing the number of frogs that must be kissed by users looking for services. And verification and feedback of Partners services is encouraged, and even rewarded, in order to maintain up to date information on the quality of each Partner’s services and products. This is all intended to form a symbiotic spiral of trust, across the community. 

TableNetwork’s community-centric model serves as a magnet for like-minded entrepreneurs and business leaders, creating a self-perpetuating cycle of trust, growth and financial sustainability. As more minds converge on the platform, the richness of discussions will escalate, the depth of insights will deepen, and the financial acumen of the community will amplify. It’s a quintessential demonstration of the adage, 'a rising tide lifts all boats' where the financial prosperity of one resonates through the community, establishing a robust base for collective financial growth and stability.

Creating a Financial Safety Net 

A symbiotic community not only propels a business forward during times of growth but also provides a safety net during adversarial economic phases. This cushion is especially crucial in the realm of finances. When businesses face financial hurdles, having a community to lean on for insights, advice, and support can be a game-changer. Innovation is key, and the diverse experience and expertise within the community can help navigate through complex financial challenges that otherwise might seem insurmountable. 

Financial benefits are, in business, what it’s all about, and so, below I detail some specific examples: 

• There are obviously infamous examples that spring to mind. The helping hands offered by the UK Government to many of their friends during COVID might be sighted as a rather underhand version of community support. r/wallstreetbets collaboration to manipulate the price of GameStop to their advantage is certainly a controversial example. But there are plenty of collaborative examples that serve all, and solutions found during lockdown are particularly relevant as they represent resilience during the most challenging times. 
• The outdoor retail cooperative REI encouraged its community to embrace outdoor activities during the pandemic, closing their stores on Black Friday and encouraging employees and customers to spend time outdoors instead of shopping. The move was well-received, and many people sharing their outdoor adventures on social media under the hashtag #OptOutside, reinforcing the company's community-driven ethos. 
• The UK Apartment Association held regular Zoom calls in support of its BTR operators where they were able to discuss challenges and promote solutions during lockdown. This helped many in their community navigate the turbulent times. 
• Fitness studios and personal trainers with active and engaged communities successfully shifted to online classes and coaching. They kept members motivated through virtual classes, one-on-one training sessions, and social media engagement. Restaurants that had built strong customer communities over the years were able to swiftly adapt, offering takeout and delivery services to their already loyal customer base. Education Platforms that switched to offering online courses and education materials experienced a surge in demand. EdTech companies like Coursera already had strong communities of learners, and continued to engage and educate during the lockdowns. 
• In the music industry many examples come to mind, and I shall cite two. Taylor Swift, whose community is part of her life, collaborated with Bon Iver to create Exile, a surprising and rather decent offering from the star that extended her reach further. Jacob Collier created a whole album during lockdown, Djesse Vol 3, including his two most successful recordings to date. One, All I Need,  was a collaboration with Mahalia and Ty Dolla $ign and led to various innovative performances and videos. 

It is hoped that the online area of the TableNetwork community will, over time, become a testament to this concept. 

There are threads, which can be used as a melting pot for ideas, experiences, and insights, where members can seek guidance on a plethora of issues, financial and otherwise. Whether it's seeking advice on budgetary control, cash flow management or understanding financial statements, the collective wisdom within a community of business owners should prove to be invaluable. 

Moreover, by sharing their financial hurdles and successes, businesses will contribute to creating a repository of practical financial and other knowledge that can be tapped into whenever needed. This collective wisdom will not only help to avert potential financial mishaps but also to identify new opportunities for financial growth. 

We hope, that by being transparent about our intentions from the start, our community will be motivated to help us get to the desired outcome. 

The Way Forward is a Community-Centric Ecosystem

In a business landscape that's perpetually evolving, clinging to outdated, siloed approaches can be detrimental, especially when it comes to financial management. The Forbes article echoes the necessity of community in contemporary business strategies, the philosophy that's been brought to life by TableNetwork. By knitting a tight-knit community of entrepreneurs, CEOs, and MDs, TableNetwork is braking the traditional barriers of financial management, establishing a community-centric financial ecosystem.

The Tables and the online community will become the conduits through which financial transparency, accountability, and innovation flow. This new model does not just point towards a trend but underscores a fundamental shift in how businesses can approach their financial strategies. By being a part of such a vibrant community, businesses no longer need to be solely reliant on internal resources for financial management but can take advantage of a vast reservoir of external insights and expertise.

The community approach is not new of course. From the Catholic church’s expansion across the globe, to Salesforce's community model significantly impacting its growth and customer loyalty, we see the benefits of community and loyalty throughout time. 

As we tread into the future, the community-centric model espoused by TableNetwork could very well be the new blueprint for how businesses manage their operations, similar to the transition from web 2 to web 3. The blend of community engagement and financial robustness isn't merely a theoretical construct but a pragmatic approach that has already been validated by Moore’s law. The trajectory is clear; community is not just the bedrock of competitive advantage but a cornerstone for financial solidity, sustainability and expansive growth.

In an era where the business terrain is constantly shifting, the pillars of clarity, creativity, and community remain steadfast. The venture into a community-centric approach, as delineated by TableNetwork, was something I was overjoyed to be lending my advice to, as it draughts a fresh blueprint for financial stability and robustness. 

The exchanges within a community foster a rich soil from which innovative financial strategies can sprout, shielding enterprises from the harsh uncertainties of the economic climate. The discourse in industry research and reports elucidates this notion well, underscoring community as a burgeoning competitive advantage in the business arena. 

The harmonious blend of community engagement and financial fortitude doesn't merely bode well for a business's bottom line, but elevates the entire business ecosystem to a plane of shared growth and sustenance. The narrative of community extends beyond mere interaction; it's about forging a financial fortress where collective wisdom and shared experiences are the bricks and mortar. 

TableNetwork is emerging as a paragon in this narrative, sculpting a community where discourse flows unbridled, forging pathways toward financial enlightenment and resilience. 

For advice on adapting your business to the changing landscape, please get in touch either directly or through TableNetwork. 

Ed Fowkes

October 2023