Tag: business owner

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What’s your UX like? 

User experience (UX) can make or break your business.  

I woke up at silly o’clock this morning dreaming about the poor UX in a particular bit of our accounting software. Every time I use it I get annoyed. There’s a similar irritant in our practice management software. Things that were poorly designed. 

We try our best to ensure that dealing with Minerva Accountants is smooth and seamless. We work with tech-savvy clients so we use a lot of automated chasing BUT we also ensure that any client who replies to the emails is met with a human response. 

We prefer to communicate by email for traceability and so that the whole team can see what is happening with clients BUT, if something is not straightforward, we leap onto a telephone or Zoom call. 

AI and technology can make things run smoothly behind the scenes but it takes a human to think through a human friendly UX. Take some time this week to review the customer journey in your business and make it as smooth and friendly as possible. 

1.How do the first contact you? 

2.What is your onboarding process? 

3.What is the process for delivering your goods or services? 

4.What happens when something goes wrong? 

5.How easy is it for customers to speak to a human being of they need to? 

What one thing can you do to improve each of these touchpoints? 

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Would you give up your business and go back to employment? 

Every business owner has probably considered this at some point, and you may even think about it on a regular basis. 

Comfortable, regular income, regular hours (even if you do end up working more than your contract), the ultimate responsibility lies with somebody else, and you can hand in your notice and walk away if things become too much. 

But compare that to the freedom of running your own business. I set up my own small accountancy business after I was unable to find flexible work that would allow me to prioritise my young children. I was only going to do a few sets of accounts from the kitchen table but my corporate background running businesses meant that it grew far beyond that. I started, built, and eventually sold, Hudson Business Accountants and Advisers while working an average of just 25 hours per week. (If you want to know how then read my first book, The Numbers Business: how to build a successful cloud accountancy practice) 

Now that my kids have grown and flown, I work a full week, but I run three businesses. Okay, two businesses and a side hustle. Whilst I still enjoy flexible hours, all my businesses are remote as I like to work as I travel. And our whole team have the same freedom. 

As the business owner I also get to choose the work that I do and the clients that I work with. We only have the nicest clients which make work more enjoyable AND we are more motivated to do more for them. And I love it when we can help others, whether business owner clients of Minerva Accountants or accountant clients of Hudson Business Advice, to have that same business that they dream of. 

If I could find an employer who shared my values and provided enjoyable work and the same flexibility, I would jump at the stability of employment but, until then, I love what I have built. And I want to help others to fall back in love with their business too. 

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We all have the same 24 hours per day … 

How patronising! Am I the only one who gets wound up by trite comments like this?  

We might all have 24 hours per day but we have very different responsibilities and priorities. 

You might have family to care for, health issues, different work/business commitments, different commutes, gym and fitness requirements, food prep, and a need for good sleep AND quality relaxation. 

There are all sort of processes/hacks that we can implement to get more out of our 24 hours. I try to share many of them here.  

But please, don’t judge others or feel that you have failed because you don’t get as much done. 

When I had small children I worked a 25 hour week which taught me to be very efficient and to insist on well trained clients who fitted our business well. Now that my kids have grown and flown my time is my own.  

I still choose to work ‘only’ 35 hours per week using the processes and automation that I learned in my first businesses. These days I am able to travel more freely and take advantage of working holidays. I still don’t seem to prioritise the gym though! 

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Compliance alone won’t grow your business

Good compliance is essential. It keeps you legal. But it is always looking backwards and does little to help a business to grow. Many accountants only do once a year accounts and many business owners are happy with this.

Real growth comes through planning, looking forward, and taking actions.

To help with this we run FOUR strategic planning days Jan – Mar (2 for accountants and 2 for other business owners) and another in the Autumn.

But we don’t just run them for other people. My year end is July, a legacy from when my life and business revolved around my young children and the school year. I work through the same SPD myself every Summer to work out my priorities and plans each year.

We look at:

  • Personal goals
  • Business goals
  • Your offer
  • Your competitors
  • Your ideal client
  • Your positioning and USP
  • SWOT analysis
  • Goals
  • Blockers
  • Actions

Yes, I know that covers more than strategy but, for small businesses, it’s enough to have a clear plan and we have clients who come back to repeat the exercise with us.

When did you last look at your own business in this way?

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Slowing down to move faster 

December is our busiest month of the year. We have lots of limited company deadlines* for companies with March year ends as well as personal tax return deadlines* in January. AND we close the office for 2 weeks so that the team can spend time with their families. 

This December has been busier that usual with trying to prepare sole trader and landlord clients for MTD in April at the same time as talking limited company directors through verifying their ID for Companies House* 

The only thing for it was to escape for a day with other UK based members of GWAI (Global Women Accountant Influencer group) discussing future plans and sharing ideas while also relaxing at a spa. We’re all back at work revitalised and ready to power through to Friday when Christmas holidays begin and we can switch off completely. (For those with families they just switch their accountant/business leader role for their mum role) 

Sometimes you can move faster if you just take time to rest. 

*None of these would be at all stressful if clients responded to our first, or even our second reminder earlier this year 

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How SMEs can scale without cashflow chaos 

Scaling is both an opportunity and a risk for businesses. It isn’t for everybody and you may prefer to stay small and focus on improving yout profitability instead, in which case many of the same advice can apply. 

Rapid growth can often mean increased costs ahead of receiving the additional cash and this can cause a cashflow bottleneck. We believe in sustainable scaling so here are a few tips: 

  1. Have a cashflow first approach to scaling 
  1. Forecast your cash requirements and the same time as you forecast your growth 
  1. Review your payment terms for both sales and purchases 
  1. Tighten up your credit control processes. Chase early, and chase hard. If a customer isn’t paying then you will lose whatever costs you have incurred. 
  1. Review your terms of business to ensure that you are invoicing promptly or even getting paid in advance 
  1. Arrange the right type of debt. Lower interest secured debt may be cheaper than short term credit card borrowing 
  1. Consider taking on more equity funding but be aware that this will dilute your ownership and control of the business 
  1. Track your cash balances and forecast daily if necessary  
  1. Keep an eye on your run rate ie the number of days of overheads your current cash balance will cover (Even my son did this when first setting up as a freelancer!) 
  1. Tighten inventory management, work in progress, and costs that aren’t generating a decent return on investment. 

Minerva Accountants can help with all of this by reviewing your current processes, preparing forecasts, arranging finance, and recommending useful software. Even accountants need to pay attention to their cashflow when scaling. 

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10 reasons to use a mentor 

  1. Experience – unlike a coach they can offer real world advice as they’ve been where you are before and survived 
  2. Some mentors, like me, are also qualified coaches so they can help you do what’s right for your business rather than just share their own stories. This gives you the best of both worlds. 
  3. They speak the same language 
  4. They will always be in your corner to support you 
  5. They can offer friendly critique of your ideas 
  6. They may have a black book of useful connections for you 
  7. They can act like a NED for an individual business owner 
  8. You can bounce ideas off them before you implement 
  9. You are allowed to disagree as your business is not the same as their business 
  10. As somebody on the outside of the business looking in, they may have a better view from the bridge while you may be busy in the engine room of your business
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KPIs for a better work-life balance 

You probably know by now that, in order to focus on getting something done then you need to start measuring it. 

I love what I do and we only have good clients so it’s too easy to work when I should be doing other things. Like relaxing. Two KPIs that I use to ensure that I maintain a decent balance are total hours worked and profit per hour. 

The first one is fairly clear. I ran my first accountancy practice on 25 hours a week (the length of a school week) to fit around my 2 small children. I do work longer hours now they’ve grown and flown but I still want time for me.  

By measuring profit per hour I have a clear benchmark when deciding whether to do something myself, to automate it, or delegate it. Whilst somebody else might take the same time as me they may be cheaper or, they might do something faster because they are an expert more familiar with the task. Software may cost money but it can save time which is why we invest quite a bit in order to run a lean business.  

Taking yourself out of the day to day of the business will also increase the value if you are considering a business sale at some point in the future. A business that operates independently of you will give you a better balance AND allow you to scale AND increase the value when you finally exit. 

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“Your success in life depends on your ability to speak, your ability to write, and the quality of your ideas, in that order” Sir Patrick Winston 

Professor Winston is a computer scientist and director of the MIT Artificial Intelligence Laboratory 1972-1997. Somebody renowned for the quality of his ideas, and yet he promotes communication over this. 

And I have to say that I agree. We need good communication, whether on a stage or in a book, to demonstrate what we know. It isn’t much good if we can’t share our ideas in a way that others can understand and act on. 

I’ve worked in companies, and with accountants who appeared to believe that ‘knowledge is power’ and kept everything to themselves. But that only gives power to one person. Let’s find ways to share our good ideas with those who need it. Not regurgitating unsolicited advice for our own ego but because we are genuinely able to help. 

If you’d like to learn to speak then I recommend Toastmasters or I know several good speaking coaches such as Scott Johnston. 

If you’re already comfortable and speaking regularly and want to do this professionally then I recommend joining the Professional Speaking Association

Writing is harder but AI can help to improve your writing.  

  1. Draft it 
  1. Pop it into AI along with the tone of voice, intended audience, and purpose eg please (I always say please because, who knows, it might make a difference when machine rules the world 😉) rewrite this draft in the tone of voice of Della Hudson FCA for an audience of accountants/business owners wanting to grow their business. 
  1. Re-edit it back into something a little more human and in line with something that you might actually say. 

Have fun experimenting with the right AI prompts for you.

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Les bons comptes font les bons amis 

It’s a French saying that means that keeping good accounts makes for good friendships.  

Usually this means that debts should be settled promptly. I’ve written before about how important this is in the business world whether you’re the one paying promptly or ensuring that your clients pay you on time. 

But it could also be used to talk about the quality of your accounts and the importance of keeping them up to date. And this is why I’m (broadly) in favour of MTD (Making Tax Digital) which finally goes live in April with the requirement for maintaining digital records and making quarterly submissions to HMRC.  

The benefits I see are: 

  • Up to date information for decision making, debt collection, and just knowing roughly how much tax is due, and how much the business owner can take for themselves. Anybody who has dealt with the extortionate rate of ‘penalty’ tax on overdrawn directors’ loan accounts will understand the importance of this. 
  • Faster year end accounts when seeking finance or renewing mortgages. 
  • Processing bills faster with the use of technology just by taking a photograph or forwarding an email. No more mourning over lost receipts, without which VAT can’t be claimed. 
  • Tools to store receipts electronically and saving the need to print out paper invoices which frees up space and is much better environmentally 
  • Faster cash collection with recurring invoices, prompt invoicing from a phone, connecting to direct debit software, or card reader apps on your phone. 

And I believe, with such a tech savvy nation, this is the time for it. Most people have a smart phone on which to take photos of their children or their receipts to upload into bookkeeping software (the receipts, not the kids although we don’t mind seeing pics of the latter too) to be processed by the business owner or bookkeeper with the help of AI suggestions.  

Up to date record keeping will allow accountants to provide much more proactive support to clients and, as somebody who likes to see my clients thriving, I’m looking forward to it. No more websites with the empty promise that ‘we’re PROACTIVE accountants’; it’s about to become reality.