Category: Balance

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What do you value?

Struggling to write this today as I hide in a café in the village while a house clearance company dispose of 14 years of my life.

But I’m a natural optimist (and the future is looking very good once I’ve waved goodbye to the memories here) so it’s easy to see the silver linings.

I’ve always believed that people are more important than things and so it was a no-brainer that I would choose to run my first business on just 25 hours per week so that I could spend time around my kids as they were growing up. I also worked from home until the team grew beyond 5 people and we had to take on external offices in the next town.

Working on limited hours meant that I soon became an acknowledged expert on how to run my business as efficiently as possible and it’s something that I love to share with accounts and business clients through coaching and courses. Which is how my second business was born.

Seeing my possessions go out of the door (some to new homes via a charity, and some to the dump) is hard but they are just objects compared to the family, friends, staff, and clients who ate around my dining table or shared their dreams in my offices.

What are your most precious memories? Does your business allow you to do what you want to do?

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Should you be selfish in business?

I believe that you should be selfish in business, but perhaps not in the way that you think.

When you set up your business you gave up regular income and security in order to run the business of your dreams. Your dreams may be similar to mine or perhaps not, but the point is that we want something out of our business in the form of work-life balance, profit, or passion.

And we should be selfish about structuring our business to achieve our personal goals.

I see far too many business owners who are working long hours for below minimum wage or just not enjoying whatever their business has become. Some of them come to me for coaching. They are worse off than if they had stayed in their imperfect employment and they need something to help them out of the rough and onto the fairway towards their original goal. (And there, as a non-golfer, my golfing analogies end!)

Are you where you want to be in your business? If yes then give yourself a round of applause, if not then reply to this email for news on our various coaching programmes.

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The problem of growing too fast

It sounds as though it’s a nice problem to have but many small businesses fail at this stage

  • Overtrading – lack of cash to cover your higher costs while you wait to collect those higher debts. Clamp down on your credit control to ensure that you have sufficient working capital
  • Lack of systems – don’t reinvent the wheel but create a system for anything that you’re likely to do more than once. I’m running a live webinar for accountants on Tuesday 16th so email us for the link
  • Unable to find the right people – you will probably need more staff but you may also need different staff for a scaleup rather than a start up. If you prefer to do the work then you could employ a manager to run your business. I like to train my own team as we work very differently to many traditional accountants but you will have more choice in recruits if you offer REAL flexibility on hours and location.

What have you found helpful as you grew your business?

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How I manage to run three businesses (and still sleep 8 hours a night!)

People often ask me how I manage to run three businesses.

It started 15 years ago when I set up Hudson Business Accountants and Advisers to fit around my small children in just 25 hours per week. There was a lot of juggling parenting and business responsibilities to get the balance I wanted. I sold this business for 32% above average as it was set up to run efficiently without me.

Roll forward a few years and those small children have now left home for university and I run three new businesses

  1. Minerva Accountants does what you might expect: accounts, tax, bookkeeping and business (not just tax) advice
  2. Minerva Technology is a small fintech startup
  3. Hudson Business Advice is mainly me speaking, writing, and coaching other accountants and business owners how to run their own business more efficiently and profitably.

So how do I do it?
• I employ people better than me
• I am happy to delegate to these and other experts and subcontractors
• I invest in technology (hence why I had an idea for the tech business!)
• I choose clients that are a good fit for our services and don’t try to service unsuitable clients.

How could you manage your business more efficiently and profitably?

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How to spoil your clients 

I often write and speak about how important it is to move along clients who aren’t suitable for your business. But today I want to speak about how you can spoil the clients who are right for your business.

You obviously need to do the work as efficiently as possible. This usually means investing in good technology and the best people.

And then you need to offer a wow customer service. If you are too busy doing the work then you may not have time to do this. In order to spend time with your clients you need to have time when you’re not involved in the day to day work. This means having a good team and not taking on more clients than you can handle.

Charging a good price will allow you to pay for your team and technology and means that you don’t need to take on too much work.

“Charge a fee you’re happy with. Find clients who are happy to pay it. And then spoil them. Answer their questions. Proactively support the needs they didn’t know they had”. – Megan Guest

If you want to spoil your clients (don’t we all?) then you need to charge enough to build this into your business.

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The ‘Icarus’ budget 

I set up my first business with the intention of doing a few sets of accounts from the kitchen table to fit around my kids. But my background BC (before children) was running larger businesses and, if you do the right things, you get the right results. I needed to decide whether to limit my activities or to deliberately grow the business which would entail taking on staff and premises.

In the meantime somebody talked me into running the Bristol and afterwards, high on endorphins, I wrote my ‘Icarus’ budget. Yes, I really did name it that as I didn’t know if what I was planning would be achievable on just 25 hours per week (because I still wanted to fit it around my kids)

The rest is history*. Stay off the endorphins kids, you never know what might happen 😉

What would you do if you were feeling brave?

*If you haven’t heard the story then ‘The Numbers Business: how to grow a successful cloud accountancy practice’ is available on Amazon and Audible

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36 percent 

We submitted 36% of our self assessment returns in January! 

Last year I submitted only one in January so what changed? 

Well, I acquired Longhill Accounts in June and we spend three months meeting, greeting, and onboarding nearly 200 new clients May – July. For the most part this went through smoothly although some had problems signing up to Accountancy Manager as they weren’t used to technology. Poor rural internet service means that many clients still do things manually as it’s more reliable. 

Once they were on board we then had to set each new client up on Xero or Xero Ledger in order to use XeroTax. And, of course, each client takes longer in the first year as we had to familiarise ourselves with them and their business. Because no two businesses are identical. 

But we don’t just do self assessment returns, we also has to keep up with limited companies’ accounts and corporation tax, bookkeeping, VAT, and management accounts. So when we had caught up everything that clients had sent in proactively we STARTED to send the annual reminders. Usually we would send reminders in April, June, and September with final reminders going out in October. This year we didn’t send the FIRST reminders until the end of November.  

Then Accountancy Manager rebranded as Bright Manager AND CHANGED ALL THE LINKS! So our poor new clients now had to handle a second set of instructions from us (once we realised that this was the problem!). 

In spite of all that the team worked their socks off over weekends and evenings in December and January and we finally submitted the last return with 3 days to spare.  

But this fabulous team shouldn’t have to work so hard and neglect their personal lives.  

We’re busy celebrating now but today we had our quarterly planning meeting to make sure that we have a much better tax return season this year. I intend to go skiing in January 2025 so we need everything submitted before Christmas. Watch this space … 

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Software efficiencies

When you started up your business you probably ran it using a spreadsheet or a Word document. But now you’ve filled your time and you’re trying to grow you need better to software to ensure that everything runs as efficiently as possible. Here are some things that I use in my businesses:

Marketing – I use Active Campaign as both my CRM (customer relationship management system) and to email things like this top tip to our clients and prospects. Active Campaign links to forms on our website and to our scorecards.

Process management – Minerva Accountants has lots of beautifully repeatable processes so we use Bright Manager (formerly Accountancy Manager) to manage those processes, client documents, file client emails (so anybody on the team can see all the communication), and automated reminders. My coaching and consultancy business has fewer repeatable processes but it is much smaller so I manage my to do list on Trello

Cash collections – as far as possible we use recurring monthly invoices on Xero and collect payments through direct debit using Gocardless. Any invoice on Xero is automatically fed to Gocardless and, when payment is made, the receipts are matched to the invoices on Xero. Clients can also pay by card using Stripe which also matches the invoices. These save hours of debt collection time and bookkeeping in a small business.

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New year clear out

You don’t have to wait until the new year to do it (see also Spring cleaning and back to school flurries of activity) but I do like an excuse for a good declutter.

Here are some things you might want to look at:
• Stationery – we run a paperless office and don’t have a printer but it still amazes me how much stationery we have around that might be useful to somebody else
• Poor clients – yes, we have a clear out of these every February after the big tax deadline. You probably have a few clients who could be moved on to make room for more suitable ones
• Inbox – how many emails are you subscribed to that you don’t read. If they’re not useful to you (including this one) then don’t just delete them but unsubscribe
• Wardrobe – not a business one but, unless you already do Project 333 you can probably get at least one bag of clothes and shoes to the charity shop or bin
• Client files – archive any paper or digital files you no longer need

Make space to plan your year with our budget workbook and video.

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Success is not a solo sport 

I like to think that I work hard but nothing that I have achieved has ever been done alone. 

Both Hudson Accountants and now Minerva Accountants owe a lot to my fabulous teams. When starting out I learned so much from other accountants and coaches who generously shared their ideas and experience.  

I have used a fabulous business coach to help me clarify those ideas and apply them to my own business. And to hold me accountable for getting things done! 

I’m pretty sure that my books wouldn’t have won the awards they did without the skill of my publisher gently helping me to share my expertise in my own words but also in a form that is easy for you to read. 

As a parent I was fortunate that my children had a wonderful father and, although I chose the traditional female role of primary carer, he did a lot to support me. 

I’m currently doing Couch to 5k for the umpteenth time to recover my running fitness after my operation earlier this year. It’s the first time that I’ve done it with a group of people and it has been great for keeping me motivated on rainy evenings. 

To everybody who has helped me along the way, a big thank you.  

But what can I do for you? I provide individual and group coaching sessions which have helped clients to develop award winning businesses themselves. And, for those just starting out we have free webinars each month.  

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