There are all sorts of conferences and events you may attend for different reasons but you need to prioritise what you want to get out of an event in order to make the most of it.
For me it’s usually about the people and maximising the time. I try to meet all the people I chat to remotely throughout the year. Here’s how I go about it.
1. Wear comfortable shoes and make sure that you look like your social media photo so you’re easy to spot. For me this means an up to date, professional photo online and remembering to wear contact lenses, hair down, and usually a branded shirt at the event.
2. First plan any talks you want to see – If speakers are unpaid the talks are often just selling a product rather than real value to you so leave.
3. Next identify any exhibitors you want to catch up with or see new products. This is the time to meet the people. If necessary you can arrange a demo when you get back to the office. Worth having a separate email when booking to separate the more spammy follow ups. If you don’t want a follow up don’t agree to have your badge scanned or hand over your details (it saves their time too)
4. Book when and where you’re going to meet other business friends.
5. Carry plenty of business cards unless you prefer to keep your contacts on Linked In. (Whilst sales folks often have their contact details on Linked In many people don’t due to the volume of unsolicited calls. Having a Linked In profile doesn’t mean that people log into the app; even my retired parents have profiles for some unknown reason ??♀️)
6. Associated social events are an added bonus. Usually great for dancing but too loud for proper networking (or is it just my age?).
7. Transfer any items to your to do list on the train home so they might actually get done.
8. Book the next day as a quiet day for an introvert crash and/or to follow up on everybody that you met. Add new contacts to your CRM and connect on social media
Less is more
Management accounts. What should they include?
It depends very much on the users, their goals and their understanding of finance.
Most management accounts that I have seen over the years are just information overload. I prefer to focus on three key numbers at a time. These numbers may vary over time as focus shifts to improving different parts of the business.
Of course there should be more information available to drill down but most managers prefer to focus on a few key items at a time.
What do you like to see in management information?
Your business, your goals
When I talk to accountants about how to have a ‘better’ tax return season my assumption is that they want to avoid having to do all the work in a short period but I am aware that some accountants choose to work this way. They deliberately set aside December/January to do nothing but work, and then take most of February as holiday, and work part time the rest of the year.
And you will all have different goals for your businesses.
Most goals are a mixture of profitability, work-life balance, and final valuation on exit. But you might have a specific aspiration to drive a particular car whereas I’m happy with my battered old Skoda when it’s too far to walk/cycle or public transport isn’t suitable.
When we take on new clients the first thing we discuss is what motivated them to set up their business. We do this for coaching clients as well as for Minerva Accountants clients so that we can give the best advice. Not everybody wants to grow an empire. Other people are happy to put in longer hours short term in order to accelerate their new startup.
We run Vision and Values sessions for business owners and/or their teams. But you can read ‘Start with Why’ by Simon Sinek to ensure that you are clear about where you and your business are heading.
You can order ‘Start with Why’ here.
Aaaaand I’m back!
This is a bit of a personal one.
After 5 years of debilitating ‘women’s problems’ (not a secret but you probably don’t want the details so just take it from me that it made life seem twice as hard as previously) my recent surgery means I’m now feeling more energised and enjoying life again.
It’s been a long drag but I’m so please that I’ve succeeded in spite of this and it’s all down to discipline and doing the right things
So, what is happening?
1. My third book, ‘Changing the Numbers: how to deliver advisory services for success’ has launched and been shortlisted in the Business Book Awards. I’ve also been giving talks and training on the topic.
2. I’m expanding Minerva Accountants so watch this space
3. I’m opening up more coaching slots (group and individual).
4. Online courses are still available but you will be able to start any time and combine this with a rolling 6 months of group coaching. No more missing out on the start of a cohort.
As always there’s lots of free stuff available for those who want a taster but also for those who can’t afford me yet – Join us for any of the free webinars here.
But it’s not just about me. There is a lesson for all of us:
– discipline gets you through when motivation is lacking
– doing the right things gets you the right results
– coaching can provide the clarity to see what the right things are for your business and gives the accountability to follow through
– support through menopause can help the women in your life to keep achieving their best (thanks Lauren Chiren for your talks that made it clear that I wasn’t ready to retire)
If I can help you please get in touch. I’m looking forward to catching up and I still enjoy a pot of tea.
People are more important than things
| People are more important than things This is one of my fundamental beliefs although it may sound a little odd for an accountant who primarily advises people how to grow their business and/or how to make it more profitable. But many of the techniques we use to make a business less dependent on its owners in order to scale are the same ones that we use to make owners less essential so that they can have a better work life balance. It is really important to me WHO I work with as it’s about far more than money. While it is important to enjoy our work I also believe that we do our best work for people we like and where we are a good fit. That’s why I only accept about half the people who ask me about coaching. Sometimes it’s the wrong type of business, or they require different expertise, or it may just be that I don’t feel a connection. Because if you don’t trust me you won’t follow my advice. Not that you have to follow my advice but it would be a waste of your money and my time if you NEVER followed my advice. One element of what helps to develop a connection is shared values. We donate 1% of our turnover to charity, we make a donation to fund a day’s education for everybody who attends our free webinars (we like to think that it will encourage the right sort of people to attend), we run a paperless office and, when we can’t avoid travel, we offset. Not surprisingly many of our clients also include charitable donations such as 1% for charity and 1% for sustainability. Or they’re members of B1G1 doing business for good. So, if you’d like to help a girl to receive a day of education please join us for our series of Better Business webinars (for accountants and bookkeepers) or Money Matters webinars for other business owners. Details here. |
Are you too available?
Emails, phone calls, texts, messaging systems of every kind! Are we making ourselves too available at the expense of actually getting the work done?
I know lots of accountants suffered from this during covid with Friday evening announcements raising lots of client queries via multiple channels but it is often and issue even now.
We’re often encouraged to be available to clients the way THEY want to communicate but it’s a lot easier if we can streamline those communications.
This is how we control incoming communications at Minerva Accountants:
Mobile – This is not on my business cards. I guard my number and rely on voicemail when I’m in meetings or deep work. I block people who ring repeatedly but don’t leave a message.
Landline – this is a VOIP number which goes straight to my answering service (Answer-It.co.uk if you need a recommendation). They answer it professionally, get rid of sales calls, and email any genuine messages.
Calendly – I encourage people to book calls directly in my diary using calendly.com and so far only one person has abused this to book a sales call. Calendly links with my diary and only offers times when I am free. It emails me when a booking is made as well as putting the appointment in my diary. All bookings are for a phone call unless there is a reason to Zoom.
Webchat – this is run by real people (MeluChat.com) not bots so they can deal with some queries, book calls via calendly and email me messages.
Social media messaging systems – I’m careful who I connect with and block people who spam me this way. My usual response is to encourage people to book a call via Calendly or refer them to my website. As we have a lot of scheduled posts (we use Smarterqueue) people assume that this is an easier way to contact me but emails are always best.
WhatsApp – I don’t use this for business at all.
Course signups – these are all automated through the main website or through Thinkific. I only speak to people that we need to vet for our coaching and more expensive courses as I don’t want them to waste their money. Sign ups are forwarded to me by email and also linked to our CRM system (Active Campaign).
Emails – my favourite as I can review them when I’m free, forward them if I choose to delegate the task, link them to our practice management software, and there is a written record of what was said.
I don’t have notifications set for any of these systems as I log into emails and social media at least once a day to check for messages at a time that suits me.
To simplify outgoing communications we use helpsheets and videos. Clients often have similar queries. Whenever a client asks a question that I think may be asked again we create a Helpsheet or a training video that we can send to everybody who asks in future. It saves a lot of time and allows at least some of the replies to be delegated.
How do you control your communications in and out?
Why to enter awards
I love judging awards as I get a sneak preview of what the best accountancy businesses are doing. It’s really exciting to see people pushing the profession forwards. This year I’m fortunate to have been asked to judge both the Accounting Excellence Awards and the Xero Awards. (My atrocious memory means that I immediately forget who has been shortlisted and who has won so you can try bribing me with chocolates as much as you like but I just can’t remember)
I also enter my books into the Business Book Awards. The Numbers Business won first place in its category in 2019 which was a really pleasant surprise for a first time author. Growing by Numbers sank without trace in 2021. And just yesterday Changing the Numbers was shortlisted in its category. We’ll find out if it wins at the big awards dinner on 16 May.
Entering awards can feel like a lot of hassle or you may be afraid of ‘failure’ so why would you put yourself through that?
- Writing out your awards application helps you to realise how much good stuff your business has done.
- An award or shortlist helps you to stand out from your competitors
- Being shortlisted is as good as a win as far as your work is concerned. Making the shortlist is based on how good YOU are. The winner can depend on who else happens to have entered the same year. You might win or lose depending on your competition more than your own work.
- An award or shortlist is great for handling imposter syndrome
- An award is great for publicity as it gives you something to shout about in your local community and amongst your clients. Local papers like to hear good news although you may need a bit of an angle such as your reasons for starting the business or how you have overcome adversity.
Not all awards are created equal. Some seem to be more about making money for the organisers, either in large entry fees or selling tables at awards dinners. If the winner is dependent on paying to attend the dinner then it is not worth it.
But there are plenty of reputable awards out there.
Both the awards I judge and enter are open to anyone whether you can be there in person or not. And, if you can afford it, you can treat your team to a great night out to celebrate all their hard work. Or take along some clients to remind them that they have chosen to work with a (potential) award winner.
So go ahead and enter those awards. And let me know if you need a hand to prepare your entries.
The baby bear amount
Not too much, not too little, but just right.
If you’re reading this then you’re probably like me and read/watch a lot of other business advice books and other resources. Some appear to repeat the same ideas and other appear to offer exactly the opposite suggestions and sometimes it can be hard to figure out what is right for your business.
Should I invest in this course/software which will all but guarantee success or should I save my money and bootstrap? Although I’m generally in favour of wise spending I often have bootstrap moments.
Should I work longer hours just to ‘get ahead’ or would I be better off spending quality time resting like an athlete recovering from a sprint. After all, you can’t sprint a marathon.
You are not the same person as me and your business is not like mine. Mentoring can only get you so far by sharing my expertise. That’s why I’m so pleased that my qualification is coaching AND mentoring. People come to me for my expertise as a mentor who has been there, got the t-shirt and even written the book but the coaching techniques help me to focus on YOUR business for maximum impact. Together we can stop any prevarication, financial waste, and work out the best strategy and actions for your business.
When you’re running your own business it’s too easy to get bogged down in the day to day which is why I also use a business coach to help me view my business more objectively. So far, so good.
What else do you do to devise your business strategy and to keep on track between too much and too little, too sweet and too salty?
I want you to pay more tax
If you make more profit you will usually end up paying more tax BUT you also get to keep more for yourself so everybody wins.
Whilst Minerva Accountants is mainly about the compliance work of keeping businesses legal and providing management information the main business, Hudson Business Advice, is about helping business owners to build a better business.
Whether you want more profits, more time, or to increase the value of your business prior to sale you need to do the same sort of things,
– Systemise the business so that it can run independently of you and can be scaled more easily
– Automate where appropriate as this will minimise manual errors and save time
– Let go and delegate, whether to employees, outsourced services, or experts
You can come along to our free webinars or join me on one of our courses or group or individual coaching. The accountability ensures that you will take action to improve your business. And pay more tax.
Late payment? It’s just not good enough!
Most of my clients pay me by direct debit on a monthly contract but I recently took on a speaking engagement at short notice to help somebody out. It was a substantial fee but there wasn’t time to take a deposit so I squeezed in 4 days of preparation, rehearsal, travel, and delivery before I finally invoiced the full amount.
When the due date passed I sent a polite automated reminder from Xero and then rang the organiser in case there was a problem with the invoice. Just as well because it turned out the bookkeeper had paid the wrong person!
Mistakes happen and the other supplier who received my payment had immediately notified my customer. But the company hadn’t bothered to contact me to explain or to offer any apology.
This made me ‘a bit grumpy’ but I got even grumpier when I had to keep chasing each week. This was definitely not a business that I wanted to work with again. I always pay my own suppliers promptly as they are usually small businesses like mine.
So, as the law allows, I raised an invoice for interest on late payment of 8% over base rate plus £70 debt collection charge. Eventually the original invoice was paid and, after further chasing, the penalty invoices were paid too.
Even if people know that they are entitled to claim this interest and debt collection charge not many people actually bother. And many cancel the interest once the main invoice is paid. Why?
It is important to ensure that small businesses are paid promptly and part of that is making it more painful for the defaulters than for the unpaid victims. Let’s all make sure that we charge interest and collection fees so that we gradually get larger businesses to comply with their agreed payment terms.
Details of your payment rights are here.