Category: Business

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The power of niche positioning and how specialising can help you to win more clients 

Have you ever tried to hit some of those moving targets in tan online shooting game?  

How much time do you spend wavering between targets? And how many potential targets do you miss as a result? On the other hand, if you are clear about your target and track it for a while, you have more chance of hitting it. 

Vague, generalist messaging doesn’t resonate and it is hard for prospect to see the relevance of it to them. 

Having a strong niche means that you can share messages and advice that are relevant to your audience and feel as though they were written just for the person reading them. This brings in higher quality leads and leads to faster trust as they feel that you truly understand them 

1.Choose your niche which may be clients you enjoy working with and where you are able to deliver the most value (providing that they have sufficient profit to pay you, of course) 

2.Update your website messaging 

3.Update your social media profiles and refresh your content 

4.Share case studies relevant to your niche 

5.Share advice for their specific problems 

Be known for something and your message will be much clearer for the right clients. 

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Be your own cheerleader!

As a business owner you’re often on your own making decisions and living with the consequences. Even if/when you have a team you’re still ultimately responsible for running the business.

As a kid my parents were often overseas but, whenever they were in the country, my mother would be in the front row of every performance, waving away. When I ran the Bristol 10k for the first time she even borrowed my daughter’s pompoms and cheered me on. And for my ironman triathlon in 2017 the whole family turned up with wigs and inflatable palm trees and they played the LOUDEST music which motivated all the runners throughout the long, gruelling marathon element that finishes the 226.3km (140.6 miles) of this hardcore event.

As an introvert who prefers to avoid the spotlight I found all this EMBARRASSINGLY supportive. But it’s also good to have somebody in my corner. No matter what. Unconditionally.

Who supports you in the lonely role of running your business? Who is there for you on a bad day/week/month/year?

Business coaches can help (I like to think that I provide this support for my clients) but it’s also important that you build a whole network around you. The accountancy world is very collaborative so I’m lucky to have people around me who understand my issues a bit better than my adoring family.

But again, the buck stops with you and YOU are responsible for motivating yourself through the dog days.

I recommend:

  1. Keep a list of your successes to refer to when imposter syndrome strikes 🎉
  2. Keep a list of quick fixes when you’re struggling to start something eg I like to get outside, preferably by water but, if short on time, I have recorded 1min of waves breaking on a beach. 🔧
  3. Keep a reminder close by of your reason for your business. I have a shell on my desk that is a visual and tactile reminder that I am building my life as a digital nomad. 📌
  4. Keep a playlist that will lift your mood 🎵

What do you do to motivate yourself?

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How to prepare your business for sale

I don’t know about you but I hope to retire some day. I’m not in a hurry as I love what I do but I thought I’d share some of the factors that helped me to obtain 32% MORE than average on the sale of my second business. (My first business was a small partnership with a friend that we wound up amicably when I returned to the UK)

Yes, buyers will look at the profitability but there’s more beyond that so here’s a checklist for you to work on. The difference between and average and a premium valuation often depends on preparation.

1.Stable revenue and profit trends – stability is often better than erratic growth. The new owners want to know how much profit they will be able to generate. Clean, well-organised accounts – these give an impression that the whole business is well run. EBITDA is more than a buzzword, it’s an adjusted profit measurement that allows buyers to compare like with like when looking at different businesses

2.Minimise risk for the new owner – reduce risk leads to higher multiples. Assured future revenue through contracts, retainers, subscriptions, and repeat customers will guarantee the new owner their first income. This assured revenue also gives confidence over future cashflow

3.Diverse customer base. A big ‘name’ may sound impressive but they may be at higher margins and/or the business may be overly dependent on them. Risk concentration is a concern for prospective buyers. Diversified income streams (customers and products) increase stability and confidence

4.Strong brand and market position. Brand recognition and reputation will continue to attract customers to your business in the future. If you have a niche it may be easier to stand out as a specialist. Identify any competitive advantages that you have in terms of USP and intellectual property. A trusted brand will often receive a premium offer.

5.Documented systems and processes – these will help the business to run smoothly without you making the transition easier for the new owner will also increase the value of your business

6.Reduced dependence on the owner. If the business is dependent on you to continue running then it may well collapse without you and so will be valueless to the new owner. Start your retirement now. Ensure that others in your team have knowledge of operations and sales as well as customer and other business relationships. It is important to delegate to your team.

7.Experienced and reliable team – they will keep the business running day to day when you have exited. Retention of employees post-sale is often desirable for the new owner so ensure that the buyer is aligned with your key team. This will reduce operational risk for the buyer (as well as looking after the team who have served you well)

8.Potential – Buyers will pay for potential growth and scalability. Ensure that you have up to date, scalable systems in place (this is where many retiring accountants fail to prepare leaving the new buyer with too much work to do). Identify untapped markets, new products, and expansion opportunities

9.Clean compliance position. Ensure that all contracts, licences, insurance, etc are in order and settle any outstanding disputes or liabilities

10.Clear exit preparation and timing – spend 1-5 years preparing* in advance of the sale by improving financial metrics and reducing risk.

Increasing the value of your business is not just about increasing profit but also reducing risk and proving that profits are sustainable. Put yourself in the position of the buyer. Small improvements can often significantly increase sale price.

*Warning – when Della has coached business owners to prepare their business for sale two thirds of them have liked the new business so much that they have deferred their retirement!

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She made me cry

Last week at Accountex somebody made me cry. 

I was heading into the restaurant in my hotel for a quiet dinner and somebody recognised me and followed me in. With minor celebrity status (more Z list than A list) in the accountancy world I’m used to people stopping me because they’ve read one of my books or seen me speak. 

This time they wanted to thank me for an encouraging comment that I had made when she first set up her business in 2019. A single comment that I made to a stranger and she still remembered it 7 years later. Words really do have power! 

As an author I love the precision of words and deliberately dwell on the exact vocabulary to express my meaning as accurately and concisely as possible. But I’m not so careful when I’m just chatting, in person or on social media, as those words are very much ‘in the moment’.  

As a mother I was aware of the way that words can build up or tear down my children. Usually after I’ve said the wrong thing! 

As a boss I need to remember to take time to thank my team for the good job that they do looking after me and our clients. I’m often busy and just spit out instructions without thinking of the  human impact.  

We use words in our marketing all the time and our tone of voice, as well as the words themselves, allow readers to imagine themselves working with us … or not. 

So, today, I encourage you to look at the words that you use. In seven years time will somebody be thanking you or recovering from a damaging throw away comment that you have made while feeling stressed about something completely unrelated? 

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Minerva Momentum Review 

To keep your business moving forwards (without the faff). 

The Minerva Momentum Review is a sharp, monthly business check‑in for owners who want progress, not another report they’ll never read. 

In 30 minutes we boil your business down to one page: 

  • 3 key numbers that actually matter 
  • What’s going well, what needs attention, and what’s quietly shouting for help 
  • Clear actions, with names next to them (because things only get done when someone owns them) 

No jargon. No waffle. No 40‑page management accounts destined for a drawer. 

This review keeps you focused, accountable, and looking forwards, not just backwards at last month’s numbers. It’s structured enough to be useful, relaxed enough to be human, and designed to keep momentum going month after month. 

Think of it as a regular business MOT; quick, practical, and far cheaper than fixing things once they’ve broken. 

One page. Three KPIs. Clear actions. Real movement. 

Contact to book yours.

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How to improve profitability without cutting costs

1.Increase average order value – cross sell to existing clients. What else do you offer that they could use? (This could be the case for business advice sessions or our monthly Minerva Momentum Reviews) 

2.Improve client retention – it is always cheaper and easier to retain your existing clients than to go out and win new ones. Stop the leaks before you try to fill the bucket. 

3.Upsell to existing clients – who has grown and is now in a position to upgrade and take on a new level of service? 

4.Reduce scope creep – be clear on what is included in your contracts. Anything extra should be charged BUT make clients aware of this beforehand so they don’t get any nasty surprise. Every request for extra work should be greeted by “Yes and … that will cost £X” 

5.Improving operational efficiency – with so much technology and AI around there is plenty of opportunity to improve your internal efficiencies allowing you to take on more work without impacting on your existing clients. 

6.Pricing strategy tweaks – don’t forget that increasing prices is the single most effective way of increasing your profitability (but do make sure that you’re still providing sufficient value) 

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How do you know when it’s time to hire your first manager? 

You’ll probably hire your first manager when your team reaches 5-8 people. It’s at this level that communication starts to breakdown with too many direct communication lines and you may run out of time to train more junior members of the team

As a rule of thumb, if you’re spending more than 1/3 of your time managing your team, answering questions, reviewing work, chasing updates, or managing issues then you would be better off employing a manager. Whilst you will have to cover an additional salary you will also free up your valuable time. It will also mean that you have the right person in place BEFORE to accommodate further growth.

If you’re becoming the bottleneck because everything needs your approval then it may be time to find the right person to delegate to. A good manager should make 80%+ of decisions independently and you won’t need to handle questions from the rest of the team.

Your first manager should be hands on and comfortable doing the work AND managing the team. They should also be a good communicator to liaise with both the team and yourself.

You will then be freed up to move to deciding the direction of your business while your new manager will ensure that everybody on board is pulling in that same direction. As you move away from the day to day you will also have a clearer view of your business which will enable you to lead it better.

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Building a business that doesn’t depend on you

Whether you want to make your business more profitable, scale up, have a better work-life balance, or to make your business more saleable than you need a business that is less dependent on you.

If you can’t go on holiday for a week without having to keep an eye on your emails, then your business is too dependent on you.

This isn’t about abdicating your responsibilities and letting your business go haywire, it is about delegating your day-to-day involvement in the business. When I sold my first accountancy practice, I achieved 32% above average because the business wasn’t dependent on me. It might not grow without me at the helm, but it definitely wouldn’t collapse. Everything was delegated to a competent team, reliable software and repeatable processes.

Yes, this takes work.

  • Designing and refining repeatable processes that will produce the best results again, and again, and again.
  • Investing in software and setting it up so that your business is less dependent on humans as experts, including yourself.
  • Hiring or outsourcing strategically where you need the human touch.

I love helping business owners to design all this for themselves. To date every business owner (accountant or otherwise) who has come to me for help in preparing their business for sale has ended up liking it so much that they’ve kept the business for a few more years as they’ve been able to work part time hours.

So don’t wait until you’re ready to sell to create a desirable business! Get a coach and get your life back.

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The THREE numbers to transform your business 

It’s too easy to have KPI overload. Even accountants can lose focus with too many numbers so it helps to have just THREE numbers to monitor that will help to transform your business. Having just 3 key numbers helps to create clarity rather than getting lost in the fog of too much data. KPIs shouldn’t just be passive but should show the results of your ACTIONs. 

So which ones should you choose? Well, it depends on your business goals so your three KPIs will probably be different to mine. Are you aiming for growth, profitability, cash stability, efficiency, work-life balance or something else? Proactive accountants can focus on the three numbers for each of their business clients in order to offer the most appropriate advice. 

Start by thinking what a good year would look like for you. 

You can then identify one KPI in each of the following areas:

1.Profitability

e.g. gross or net profit.

This helps you to develop a sustainable business and should be a consideration in all pricing conversations. As our overheads are fairly fixed I focus on monthly turnover.  

2.Cashflow

e.g. cash runway, debtor days.

Cash keeps you in business and gives you the stability and confidence to invest in whatever you need to achieve your efficiency or growth targets. Most of our clients are on monthly fixed fees and direct debits but I focus on any late payers amongst our smaller annual clients and ad hoc consultancy work.

3.Performance/growth

e.g. revenue per full time equivalent employee, average client value, utilisation rate. 

This is an essential part of efficiency and scalability. I track my total working hours so that I don’t get sucked into the long bours trap. When my kids were small and my working week was capped at 25 hours (the length of a school week) I focused on my profit per hour. My favourite KPI was with a coaching client who tracked her golf handicap to ensure that her work-life balance allowed her enough time on the golf course and not slaving over her desk.

KPIS should be simple to understand and measure and directly related to the management action.

KPIS are not set and forget. They should be reviewed weekly, monthly, or even daily. And you may change your KPIs as you grow stronger in one area and need to shift focus a little as your business evolves.

Clarity beats complexity and using just three KPIs keeps things clear and simple.

If you want somebody to help you set and track your three numbers for a successful business then please get in touch:

Business Advice & Part‑Time FD Services
Coaching and Mentoring

https://calendly.com/hudsonbusiness/minerva-clarity-review-business-advice-350-vat

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Why every small business needs business advice 

Times are tough at the moment and small business owners don’t know where to turn. Those who are fortunate to have an accountant who already provides business advice have a headstart on their competitors. The real value of a good accountant goes far beyond ticking boxes, filling in forms, and meeting deadlines. This is the basic service that we offer our ‘Essentials’ clients in return for a ‘no frills’ fee.

Business is advice is more than just tax advice! Business advice is about improving profitability, growth, and work-life balance. More and more of our clients are asking us for additional advice sessions throughout the year.

It’s not just about preparing management accounts that nobody bothers to look at but about sharing ways that will improve the business. An accountant can explain what the numbers mean, highlight trends, and identify issues early. I’m not just an accountant and an entrepreneur myself but am also a qualified Coach and Mentor so at Minerva Accountants, we are able to provide so much more than just financial advice.

Business advisers can play a vital role in strategic planning and decisions such as pricing, hiring staff, investing in equipment, raising finance, expanding into new markets or just growing your share of your current market. And they have an open book of contacts when it’s time to call in experts.

Why wouldn’t any small business take advantage of business advice from their accountant when times are tough? And why aren’t more accountants able to offer this advice?

In short, business advice from accountants is not a luxury for small businesses, it’s a strategic asset. By working with an accountant who focuses on understanding the bigger picture, small business owners gain clarity, control and confidence. Compliance keeps a business legal, but advice helps it to grow, even through tough times.

If you’re looking for support in this area, we have a few options for you:

👉 Business Advice & Part-time FD Services 

👉 Coaching and Mentoring for Business Owners 

👉 Minerva Clarity Review and Business Advice