Category: Efficiency

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Continuing professional development

This week I’ve been busy with my QAD inspection. As a chartered accountant I have these inspections regularly. Although I like to think that we do everything ‘by the book’ at Minerva Accountants I always worry that I’ve missed something. While these inspections can be quite nerve wracking they can also be reassuring when everything passes with no queries or comments. It’s also reassuring for my clients to know that our regulators are checking up on us to ensure that we reach their required standard.

As a member of ICAEW Council and speaking, writing and coaching accountants to run a better business, it is important that I set a good example myself in my own accountancy business.

One of the things they check up on is my CPD, aka continuing professional development. Complying with this is no problem for me as I write books and articles to help accountants as well as business owners so I’m always researching.

Here are just some of the areas that I read up on, attend webinars and talks, and research in depth.
• Latest tax and accounting developments to support our clients at Minerva Accountants. No mean feat with 4 ‘budgets’ already this year and MTD (Making Tax Digital) on the horizon
• Latest research into growing businesses or making them run more efficiently for my coaching clients. Also useful for running my own businesses better
• Latest coaching developments as I’m a qualified coach and mentor as well as an accountant
• Ways to improve my speaking as a member of the Professional Speaking Association
• Anything interesting as I love to expand my mind

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Education is the wing on which dreams fly

I’m not sure of the original source of this quote but it strikes me as very true.

As a chartered accountant I get hung, drawn, and quartered (or something similar) by ICAEW if I don’t keep my knowledge up to date through CPD (continuing professional development) ever year. But, as a business owner, I need to develop so many skills beyond just my accountancy ones.

I’m a member of the PSA (Professional Speaking Association) to improve my speaking skills, I used a writing coach for my first book, I have a formal coaching and mentoring qualification to help both my coaching clients and because it is a great way to help advise business owners.

And that’s without going into all the books and articles I read, some of which I recommend here.

It’s why I like to speak, write and run courses for business owners of all sorts. Yes, you’ll pay a premium for the most valuable courses (which all come with a guarantee) but I hope you’ll get a lot of benefit from the free webinars too. We run the Minerva Money Matters series for general business owners and the Better Business series for accountants and bookkeepers.

What other means do you use to educate yourself on how to run a good business that will not just survive, but thrive, through these tough times?

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What business owners can learn from cats

Bryony Thomas (author and founder of Watertight Marketing*) may liken customers to cats in the way we tempt them in but never own them. But I think business owners can learn by watching cats themselves.

Cats generally spend vast portions of their day sleeping. Many business owners don’t get enough sleep. Learn how to take better care of yourself in this, and other ways.

Cats do as little as possible and we should all learn to work more efficiently so that we can work fewer hours. The recent trial of the 4 day week has left 90% of the participants intent on adopting this as a permanent measure as they became much more productive.

Cats can become quite loud and insistent when they want food. Do you need to ask for what you want more clearly? Perhaps a little more politely though.

Cats are very good at expressing their thanks. Do we need to say thank you more? Although I wouldn’t suggest rubbing yourself all over your customers.

Cats are all about cupboard love. Whilst this isn’t a good way to develop real relationships being nice to people will definitely smooth the wheels of industry.

Many people are allergic to cats and we should accept that not everybody will like us. That’s why we tailor out marketing to the type of client where we can help most.

What qualities do you think dogs have that business owners can learn from?

*If you haven’t yet read Watertight Marketing I’m happy to recommend it. You can buy a copy here and don’t forget to register for Bryony’s free workbook.

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Good causes vs charities

Not all good causes are charities and not all charities are UK charities. Why does this matter? Only donations to UK charities are tax deductible.

Please don’t let this stop you donating to good causes around the world but I just wanted you to be aware that your donations can go further if they’re to UK charities.

I also meet a lot of people wanting to set up charities for very good causes. The regulations around running a charity are enormous so, if you’re just running a few events, it may be easier to treat it as a fundraising event for an existing charity. Why saddle yourself with all the additional accounting, admin, and audit of setting up a charity when you could use that energy to raise money for the good cause itself?

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You are not a bank!

And, as far as I know, you are not a charity. So why are you lending clients money by allowing them extended credit or even working for free?

Here are some tips to help you collect money faster:

  • Invoice promptly. Xero can help with repeating invoices, invoicing from quotes, and invoicing from your phone while on site
  • For longer contracts consider getting paid up front or in instalments. Minerva’s clients pay us over 12 months as we are doing work for them throughout the year with monthly bookkeeping health checks and other advice as a minimum
  • Make it easy for people to pay you. Make sure that your bank details are on your invoice. Our regular clients pay by direct debit through Gocardless. We can also take payment by card and there is a button for this on our invoices or we use Zettle to take payments for booksales at conferences etc.
  • Send invoice reminders. We can help clients to set up the automated reminders in Xero. The first one is just a polite enquiry to check that they have received the invoice and that everything is alright. Later ones are more severe. If clients require more functionality we can help them with Satago or Chaser.io
  • Credit check your clients with an app like Satago.
  • Be prepared to take legal action. Clients pay for their services. Requesting services without the means to pay is like shoplifting. If they’re not paying they’re definitely not clients. Clients ghosting you is definitely a broken relationship, get paid and get out!

You work hard so you deserve to be paid.

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The most important training session

The most important training session isn’t the toughest one, and it isn’t the last one before your A race. It’s the one that you really don’t want to do but you do anyway. It might be a cold, wet, or icy morning. Or it may be during a heat wave. But having the discipline to do that tough session instead of skipping it is what will make all the difference on the big day.

That’s why we include actions and accountability in all our courses*, group coaching sessions, and of course our individual sessions. Yes, I like to think that you’ll feel motivated by my eloquent words and inspirational ideas 😉 but on Monday morning it’s up to you to get things done.

Discipline is worth much more than motivation.

*next cohorts start 15th Sept so do get in touch if you keep meaning to book but haven’t got around to it yet. You can find out more about our courses here.
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What sort of business do you want to run?

I recently quoted a prospective accountancy client. Part of the agreement is that she would move her paper records onto the software that I recommended in order to be ready for MTD (Making Tax Digital).

She asked whether it was compulsory to use software and whether other accountants would insist on the same. I held firm and explained that it would be an essential part of working with Minerva Accountants as we want all our clients to get the benefits of using software and to prepare early for MTD while we have the time to help them get used to the software and quarterly deadlines. I was also honest and explained that many accountants haven’t started this move to MTD yet.

Would you rather work with an accountant/expert who is preparing you for the future or somebody who will let you do what you want?

This week’s reading has been ‘Rich Dad Poor Dad’ by Robert T Kiyosaki, I think that is a good book for business owners and also for teenagers.

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How’s your memory?

I have the memory of a flip flop (that’s a thong for my Aussie readers but a thong in British English is an item of underwear so stand by for maximum confusion). I remember preparing for interview questions “What’s your worst point?” “I have a terrible memory … which is why I take excellent notes and ensure that everything is properly documented.”

I talk a lot about having systems in your business to improve efficiency and the simplest system is often a checklist. These were great when I was trying to run my first business around two small children as I was always able to pick up again reasonably quickly after interruptions “Mum, J’s dangling from the blind cord” (fortunately it was by his ankle and not his neck!).

I recently stayed at a Premier Inn. I’m happy to mention them by name as their service is usually excellent. But on this occasion the bin in my room had not been emptied before I arrived. A simple checklist before the cleaners left the room would have avoided this oversight.

Checklists are also good for having a replicable process to save reinventing the wheel each time. Especially for things in your business that don’t happen all the time. We have detailed processes for completing accounts and tax returns, for onboarding clients, and for regular marketing work. In an ideal world we’d have a written process for everything but I run a small business with limited resources. For less frequent work we just rely on a quick checklist

I recommend Michael Gerber’s E-Myth revisited for ideas on how to systemise your business (and of course, our own course and coaching ?)

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Process thinking

As you know I really believe in the power of systems for running a an efficient and rewarding business. But what does that mean?

I’m visiting clients at the moment so I had a hotel breakfast buffet. For some reason they had decided to put the plates in the middle of the two hotplates of food. This meant that

  1. They weren’t where everybody expected them at the end
  2. People had to join the queue in the middle
  3. People had to cross over to get from the food on one side of the central queue to the food on the other side
  4. It was all slightly chaotic and much slower than it needed to be

Another common example is the chaos at the tea/coffee table at events. The first thing somebody needs is a cup so these should be at the end. Tea drinkers need somewhere to put their teabag before they add milk (for the non-tea drinkers, tea is a chemical reaction and adding milk too soon cools the drink and quenches the reaction ? ) so they need a spare bowl/bin for the teabag packet near the milk. Getting everything laid out in the right order helps to avoid bottle necks. Moving the table away from the wall can allow people to get their drinks from both sides of the table.

When we first started using Receipt Bank (now Dext) software for processing invoices back in 2013 there was a delay between scanning invoices and the OCR process of around an hour. Our bookkeepers were used to working on one client at a time and complained that they had to wait for the software. So we changed the process to scanning all the invoices for all the clients first to allow time for the first client’s invoices to be ready.

This is the sort of thing that a business coach can often see straight away when observing your business from the outside. Quite often there are quick fixes that can make a huge difference for little effort. Generally the big wins require longer projects and a little more planning

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A mindset for distinction

Today I learned that I had earned a distinction in a singing exam that I took earlier this month. But it almost never happened.

Mindset fail: I spent too long believing that I couldn’t sing.

After failing to get into my school choir I spent most of my life believing that I couldn’t sing. A few years ago I took a few vocal coaching lessons with my daughter’s singing teacher to help strengthen my voice as I was doing more professional speaking.

I was pleasantly surprised to find that I could sing better than I thought and I went on to get a merit for my grade 3 Musical Theatre just before lockdown.

With lessons and exams cancelled through lockdowns etc it has taken a while to get around to my grade 4. My exam was in the morning (I’m not a morning person) but I didn’t want to postpone any longer. My daughter also needed to get her grade 7 out of the way so that she can squeeze in her grade 8 and diploma before she heads off to university.

The first two songs sent okay although I could hear that my voice was a bit husky due to hay fever but I carried on as best I could.

Mindset fail: I let one small problem take over my mind

Then we came to the third and final song which I usually sang a whole tone lower than the official score. It’s easy to turn a knob to transpose on an electronic piano but this was a new venue and there was only a grand piano! I had a panicked talk with my accompanist and asked what key I should sing in. There was no choice but to go for the original key. I knew I could only just make the top notes which is why we’d chosen to sing it lower so that I could belt them out with confidence.

I was so fearful that, part way in, I had a complete mind blank and forgot the words! It’s not like when I speak on stage where nobody knows if I’ve diverged from my script; the examiner had the lyrics and score in front of him. I carried on singing some made up words and may have got away with it but then I couldn’t even do that so I had to stop to ask my accompanist for a prompt. I knew I’d blown it and I wanted to leave the room so I could have a comforting cry.

I was cross with myself for letting my terrified thoughts force me into such a simple mistake. But at least I had nothing to lose so I carried on.

Mindset success: I stopped being scared

Just before the belt with the terrifying high notes I remembered my teacher’s instruction to ‘relax’ and her tips on using less breath.

I didn’t just hit the notes, dear reader, I hit them well!

Overall I lost a few marks for the memory lapse but I handled it professionally and didn’t allow it to affect the rest of the performance.

But how many times do we fail just because we’re too scared to try?

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