Efficiency – Page 13 – Minerva Accountants Bristol and Somerset

March 1, 2021February 12, 2021

Seeing the other side

I like information in order to make decisions.

In order to understand both sides of an argument I need to ask questions. And I make my kids do the same. Those of you who follow me on social media may have noticed that I have strong views on Brexit but I still want my kids to think for themselves so, even back in 2016, I challenged them to give me 3 arguments for and against leaving.

As business owners we often have to make fast decisions based on incomplete information but it is still important to look at the information that we have and to weigh up the alternatives. Throughout the pandemic and lockdowns businesses have been forced to pivot faster than the 32 fouettés in Swan Lake but pivots and fouettés are both about turning on the spot.

We run monthly Flyby sessions where business owners (accountants and others) can pop in to update their action plans monthly, quarterly or whenever, to that they are moving forwards rather than turning on the spot. It’s much more short term than our full Strategic Planning Day but it will keep you on track for the next month or quarter to ensure that you make real progress.

February 22, 2021February 5, 2021

How to manage a 25 hour working week

Initially I chose a 25 hour working week in order to fit around my small kids. These days they’re teenagers and (in normal times) busy with their own lives but I still continue to work shorter hours because, as the advert says, I’m worth it. But it’s not just me who is worth it, we all deserve a decent work-life balance.

It’s up to you whether you structure your time into fewer days a week, or 5 shorter days, or any other work pattern you fancy. Personally I prefer shorter days because I notice myself getting less effective as the day goes on.

Writing my first book made it quite clear to me that I have peak creativity and mental energy for about two hours per day. This is the time for tricky jobs or the really good quality stuff that moves my business forwards.

After that I switch on to less demanding jobs, the bread and butter of what I do.

Finally I move to admin and emails.

I flex the time to suit myself and I particularly like to take time to have lunch with friends or for language or singing lessons. This leaves the evenings free to focus on family. At the moment I’m using the time to get out of the house in daylight hours to get some exercise and increase my mental wellbeing.

Next week I’ll write about how you prioritise the work you do. (Or, if you’d like a hand to build a business you love, just book a chat about how coaching can help https://calendly.com/hudsonbusiness/consultation )

February 15, 2021January 29, 2021

Charlie’s MOT reminders

Are they helpful or salesy?

Charlie runs my local garage. As it’s just 15 minutes walk away it’s a convenient place to get my MOT done each year. And every year Charlie, or one of his team, sends me a reminder a month before my MOT is due.

I know that it’s now possible to get an email reminder via the .gov.uk website but Charlie has been doing this for years.

That reminder is true customer service because it helps me to ensure that my car is safe and compliant.

That reminder is good marketing because Charlie knows that I will pick up the phone and book my MOT with him. And, whilst doing the MOT, he may pick up additional work. And, as I see him as my regular garage he’s the first person I think about when the Service light goes on in my car.

What can you do to genuinely help your clients that will also lead to a sale?

February 8, 2021January 23, 2021

How to separate amicably

… with the help of a shareholders’ agreement.

A shareholders’ agreement is a bit like a pre-nuptial contract. I always encourage businesses with more than one director/shareholder to get one drawn up and, if they can’t afford the legal fees initially, to at least discuss and document the important parts.

It’s all very well going into business with a friend but I really want them to remain friends when the business has ended.

The agreement includes details of how the company should be run and how each director shareholder will be remunerated.
• What if one wants to work part time while the other is full time?
• What if one is out meeting and greeting and bringing in new clients while the other is in the back office fulfilling all the ‘work’ or operations of the business?
• What if one invests cash instead of labour?
• What if one has a long term illness and has to be carried in the business for a year?

It should also contain details of how the relationship should end.
• Can a minority shareholder be forced to sell out because the majority has found a buyer?
• Can a minority shareholder be tagged onto a sell out by the majority rather than be left with a partner they didn’t choose?
• Can shares be part of a divorce settlement so that a divorced spouse becomes involved in running the business?
• Can shares be inherited if one shareholder dies or will the company buy them back?
• How will the business be valued if one or more directors decide to go their separate ways?
• Can shares be sold to third parties or must they be offered to existing shareholders first?

If you don’t already have a shareholders’ agreement in place consider getting one drawn up now.

February 1, 2021January 15, 2021

How do you eat an elephant?

… One bite at a time. Or so the saying goes.

How do you complete a big project? One step at a time.

Whether completing a tax return, growing your business or constructing your dream house the steps are pretty much the same.

Decide what the finished thing will look like and when.
Work out the steps that are needed to get there
Put the steps in order of what has to be done first and what can be done in parallel. Some steps will be dependent on others. Eg You can’t put windows into your house until you’ve built the walls.
This is you project plan and can be mapped on software or just a simple checklist.
Break each step down into bite sized pieces. I like to tie this into the Pomodoro 25minute cycles* but this isn’t always appropriate. Eg writing my books I can do about 2 hours at a time straight off (if I’ve already done the research) so it’s better without interruptions.
Work out what resources you need for each step. eg You need all the paperwork etc before starting a tax return and you may want a coach or mentor to help grow your business.
Now that you have the steps and resources add some timings; working back from the final deadline.
Start. Don’t just dream but take action.

*For more on Pomodoro technique see Pomodoro Technique – Hudson Business Advice

January 25, 2021January 8, 2021

Is work-life balance really achievable?

Yes.

I started, grew and finally sold my first business all while working just an average of 25 hours a week. Some weeks were more but others were less. Here’s what I focused on to do it:

1.   Make it a priority otherwise you’ll drift into overwork habits.
2.   Focus on the non-work option. Mine was 2 small kids – see my Balanced 10 Talk.
3.   Focus while in work – see my articles on Pomodoro Technique etc.
4.   Say no to the wrong type of work – learn about marketing avatars in my books and courses.
5.   Set your prices to ensure that you cover your business and living costs – see my pricing articles and webinars.
6.   Systemise for maximum efficiency – see Scale Up Blueprint talk and course.
7.   Automate where possible.
8.   Delegate to free up your time.

November 23, 2020November 6, 2020

Trading through the tough times

Some businesses were founded during a recession:
Disney, Microsoft, Google, Facebook and Hudson Business Accountants and Advisers.

No matter how bad things are, we all have to do the right things in order to produce the best possible results:

Build robust internal systems for maximum efficiency
Recruit a service focused team to be the friendly human interface between these systems and clients
Be clear on who our ideal customers are and focus our marketing accordingly
Have consistent marketing and sales systems rather than relying on good luck
Nurture our clients through the early days and reward loyalty
Look after ourselves in order to look after everyone and everything else in the business (it’s why I write so much about self care)
Look after our team (whether employees, subcontractors or outsourced) so that they will look after our business
Get your pricing right

If you can manage through the tough times you will be a roaring success in the good times.

November 16, 2020October 29, 2020

How to balance working on and in your business

Small business owners usually do a mixture of working on and in their business. It’s very easy to get sucked into working IN your business to generate profits and income today but it is also essential to work ON your business to grow and generate future profits.

So how do we get the balance right?

I use a default diary to try and ensure that I get a good balance at the planning stage.

Monday: ON catch up on admin, clear my inbox, follow up leads.
Tuesday: IN Write, rehearse and record webinars and talks for the speaking and training parts of my business.
Wednesday: IN Minerva Accountants work.
Thursday: ON/IN Marketing and content writing for myself and third parties as I write content and articles for fintechs and accountants.
Friday: IN/ON Individual and group coaching for my various online programmes and then my own business development time, implementing ideas from books, webinars and conferences that I have attended.

Of course, in the real world, it isn’t easy to stick to this but having it in my diary in the first place means that I am more likely to move my work slots around than to cancel them completely.

On a Friday afternoon I like to plan out any remaining work in my diary so that I can hit the ground running on a Monday morning.

How do you structure your week?

October 22, 2020October 9, 2020

Working from home – the long game

As some parts of the country are in local lockdown and we’ve all been encouraged to work from home again we need to get set up properly for working from home.

For 7 months now businesses have been making excuses for poor service and blaming working from home. Frankly, apart from a few badly hit sectors, if you haven’t adapted by now then it sounds a bit hollow. (If you want ideas on how to adapt then watch Hudson Business Advice’s old ‘One for All’ Covid videos or book onto their 30 day Makeover course starting 1 November – see www.hudsonbusiness.co.uk for further information).

Employers still expecting their team to work from their premises need to have a pretty good risk assessment, and some types of business may also be called upon to explain WHY they can’t mitigate risks by working from home.

Make it easier to work from home with:

VOIP phone system for external calls or an alternative method of contacting the team. I have a VOIP phone but I also use Answer It answering service to take messages or redirect calls.
Paperless systems. Even the smallest businesses can store information in the cloud for free or cheaply. Where possible send out information electronically to minimise the number of people touching a document. I use the business version of Onedrive.
Online signatures for contracts, accounts etc. I use Signable and Accountancy Manager for the two sides of my business.
Internal communications for managing work. Invest in a workflow system. I use Trello, Active Campaign and Accountancy Manager for the different aspects of my businesses
Informal internal communications such as Slack or Microsoft Teams.

There are plenty of other cheap or free ways to run your business from home now that we have time to catch our breath and plan.