I’m the first person to remind you that you need to work ON your business as well as IN it and I will only take on coaching clients who agree to commit half a day per week to working on their business, but I’m a business owner too and I know how hard that can be to make the time.
We’re always torn between things that earn money now and things that will earn money later such as marketing and business improvements. Not to mention that we’d like to spend some time on the things we enjoy.
I’ve written before about my default diary which includes time for marketing and my own business and personal development. I then allocate particular tasks to those slots. But if you truly want to improve your business then you need to learn to delegate and think systematically.
I love lazy marketing when I use one piece of content in different ways. I also know that my strength is in writing/recording the content and then my wonderful VA tidies it up and distributes it across multiple channels. Whether you’re reading this in our Top Tips e-news or a blog or on social media then she is the one who has put it there (with the help of some software).
My job is to prioritise getting the content out each and every week. When I tried to do the whole job myself it took four times as long so I only got around to it about once a month, maybe less.
Look at everything you do, maybe keep a rough timesheet for a week or month, then go through the list with a highlighter to see what could be delegated to the right person. Then find that right person.
Your priority should be the things that only YOU can do.
If you’re an accountant, you can find somebody else to do the accounts themselves and some of the marketing (I write a monthly content pack for accountants who don’t want to do it themselves) so that you can focus on being the face of your business. If you’d rather be the one doing the accounts, then find somebody else to manage your business. Don’t think that you have to be the MD just because you’re the majority shareholder.
To create the business you want you need to be clear on your priorities.
Do you carry a condom on a first date?
I don’t know about you but I use social media for networking rather than selling. Like face to face networking I like to take my time to get to know somebody and find out what interests we have in common, exchange a little bit of information about our respective businesses, and to see whether we actually like each other. I’ll then arrange to meet for a coffee if they’re nearby or if we’re going to be at the same business event.
The other form of networking I’ve been doing recently is internet dating and, rightly or wrongly, I follow the same sort of format. I get to know somebody online before meeting up to see whether we get along in real life.
But both forms of networking have pushy people.
Linked In has the annoying people who connect with you only to try and sell you something, or to persuade you to give up your valuable time for a “free” software demo (hint: my time is a limited resource so it has a value). The online dating arena is full of people wanting to promote their “assets” by sending photos or wanting sex before you’ve even met for that first coffee.
Whether in business or dating, timing is everything. Please take your time to get to know people and don’t assume that people want to see the whole package before they have got to know you. A good relationship is worth investing a bit of time up front.
How welcoming is your business?
I’m on holiday and the town I’m staying in has all sorts of churches in the centre. But the thing that strikes me is how uninviting some of them are. I’m sure these churches would probably say that they want to welcome and encourage outsiders to come inside but that’s not the message they’re putting across.
One has a sign ‘Consecrated ground – no dogs’ which is short and to the point. Could this have been worded in a gentler way? And how many people know what consecrated means anyway?
One has a sign ‘John 3:16’ which is just a mystery to everybody apart from the initiated. Could this have been written in plain English without code or jargon?
As an accountant we’re often guilty of making people feel excluded through our use of jargon and poor communication skills. Have a look at your own business with the eyes of an outsider and see how you could be more inclusive and welcome in people who want to know more.
And don’t forget to book your holiday if you haven’t yet done so.
Do you invest in yourself?
Several years ago I started speaking to promote my old accountancy business, Hudson Accountants. Like most people I hate public speaking but I went to a school that taught this useful business skill and, by about the third event, I felt reasonably comfortable.
Until I joined the Professional Speaking Association!
Being an occasional speaker is very different from being a professional speaker and so I felt that I needed to relearn my craft. Fortunately the PSA is really good for helping speakers to speak more and speak better and I am now a full member, a former Regional President, and I’ve been invited to speak at one of their national conferences for the second time.
Usually I speak to accountants and business owners who are more interested in my content than the way I deliver it. At the PSA my peers will (kindly) analyse the way I deliver my expertise too. It can be quite scary but I know that, if I’m brave enough to ask for feedback, they will be very helpful.
How do you make sure that you’re always getting better at what you do?
PS. If you’re new to speaking then I recommend joining your local Toastmasters or ask me about individual speaker coaches.
Sustainable business: how to run a paperless office.
Both Hudson Business Advice and Minerva Accountants are paperless businesses. It feels great but, if you have a lot of paper in your business you may wish to start by becoming a less-paper business.
Look at all the ways that you handle paper in your business:
Paper in – can you get your clients to deal with you electronically through email, online portals and electronic forms etc. (Don’t forget to offer a telephone option). Ask suppliers to send their invoices electronically and use bank feeds instead of paper statements. We scan all incoming mail and file electronically.
Paper processing – try to replace paper with electronic systems as much as possible. Use workflow management software or even something simple like Trello to manage the processes in your business. Keep all your working papers electronically and look at the, on a second (or third) screen rather than printing them out. If your work involves going to site then use a laptop or other handheld devices to access your business software rather than carrying around piles of paper. Use client portals for sharing confidential documents. You can also use client portals for getting signatures or we use Signable software for ad hoc signatures.
Paper out – Use email and client portals to send information out. The only things that we send through the post are gifts.
Paper storage – You may use a DMS (document management system) or a series of folders on OneDrive or similar. If you have archives of paper information then it is rarely worth scanning these unless you are desperately short of space. You will rarely refer back to documents over a year old and few papers need to be kept more than six years. Start your paperless systems from today and dispose of your old papers as they pass their relevant date.
But it doesn’t end there. Now that we’ve reduced our paper, we’re working on reducing our digital footprint.
How do you capture good ideas?
I am so annoyed with myself!
Last night I woke up with a brilliant idea for this article but I failed to make a note. Not surprisingly I had forgotten it by the time I woke up properly this morning.
I have the memory of a flip flop (or a thong as my Aussie friends call them which can lead to some misunderstanding). Usually when I have an idea I make a note on my phone so that I can then make sense of it when I’m properly awake. Or I make a voice note if I’m driving.
I don’t just keep ideas for articles, I also keep ideas of projects that I think will drive my businesses forward so I also keep a folder of ideas amongst my other documents. Far too many of these are on Excel as that’s my app of choice as an accountant but it doesn’t really matter as long as they’re out of my brain and stored somewhere reliable. I also used to keep a box file of paper ideas and a folder full of photos or screen shots that I want to think about properly.
Once a year I spend a couple of days pulling around 12 business improvement projects together by wading through my random notes. I then implement these throughout the year. This means that I have separate times for ideas, deep thinking, and implementing my plans.
How do you capture your ideas until you’re ready do turn them into projects?
How can tech help a small business?
With MTD on its way for sole traders and then limited companies it is essential to get everybody keeping digital records sooner rather than later. But, while MTD are wielding the big MTD stick, what are the benefits to small business owners of using modern cloud software for their bookkeeping?
- Multiple users can log in at the same time so accountants can help clients more proactively with queries or business issues
- Gone are the days of manually typing everything. Software can link to data entry apps to do your bookkeeping from a photograph or PDF thanks to OCR (Optical Character Recognition) or can link directly to electronic tills or online shops as well as automatically uploading your bank statements.
- Invoices can be raised from the app on a phone and card payments taken before leaving site. Saving Friday nights for relaxing rather than paperwork
- All this automation means that business owners can do some of the work themselves to reduce their bookkeeping bills.
- With remote access to the business numbers accountants can finally be more proactive
- Management information is available at the touch of a button. Of course, more complex businesses may need proper management accounts but even that is quicker with up to date bookkeeping.
- We run monthly bookkeeping health checks* for all our clients so that, even when they do it themselves, we can ensure that their record are up to date and in a good state each month.
- With up to date bookkeeping year end accounts can be produced much faster.
- Accounting software can be attached to hundreds of apps to help project management, staff scheduling, stock control, and all sorts of other parts of the business.
- It is easier to have regular contact between business owner, bookkeeper and accountant and to provide the best service possible.
*At Minerva Accountants we use Dext Precision, formerly Xavier, for most of our health check reports.
When should I recruit?
It’s a question I’m often asked.
You need to recruit BEFORE you get busy so that you have time to train your latest employee. Particularly if this is your first employee as all the training will be down to you. With my first employee, a trainee accountant, I was doing my own work in the evenings for the first two months.
You need to recruit early to allow your new person to get up to speed with the work, your clients, and your systems. Even with fully qualified accountants this took about three months.
You can accelerate both of these with a good induction programme. (I share ours on our courses)
You need to recruit early in case you find that you have chosen the wrong person. It’s something we all fear when recruiting but better to move them on quickly (and kindly) if they’re not a good fit so that you, and they, can find something better.
So, my rule of thumb is to recruit 5 months ahead of when I need the team member to be at full capacity. 3 weeks to advertise, 1 week to interview and decide, 1 month for them to give notice, and 3 months for them to get up to speed.
It’s much easier getting new business than new team members so, if you have the right person, you can soon find the extra work for them to do that will cover their costs.
What’s your experience of recruiting and onboarding new people?
We don’t need another hero
I’m currently reading Building a Story Brand by Donald Miller which is about getting the right marketing message for our business. It’s very good and I recommend it.
Miller suggests that we make our customer/prospect the hero and that we are not a hero but their guide. As you can imagine it set off a train of thought as I reimagined my own business in this light.
How do you and your product/service guide your clients to solve their problems and reach their goal? Now, how can you build this into your marketing?
Bring it on
2022 is here and, one week in, I’m still hanging on to my business plan.
What helps is that I have a list of specific actions for all 12 of my main projects for the year. And the actions for the first couple of projects have deadlines and time allocated in my diary. I know some of them will slip, especially the ones for later in the year, but at least it helps to make a good start.
Have you turned your New Year’s Resolutions into an action plan? I really find that it helps.
Make sure that your goals are SMART.
• Specific
• Measurable
• Achievable
• Realistic
• Time-bound