As accountants and tax practitioners, we specialise in accounting, taxation, payroll, and related business financial management services and advice. However, I feel that a unique service that we supply to our customers is definitely our customer service and our attention to detail. We really do pride ourselves on the way we approach a client's specific needs and requirements. We want to provide a solution that is truly customised to their specific scenario and, in certain cases, their budget.
For our clients, most of whom are small business owners, our industry might be a very intimidating aspect of their business. So, we would like to simplify the process and provide them with a unique service and experience.
What do you attribute your growth to?
Well, I would say that our growth is definitely a direct result of our determination to truly serve our clients and provide the high-quality service that they deserve. This enables us to build loyalty and maintain a trustworthy relationship with them. As a result, we then indirectly target a market that is closely related to their own business environment – through a simple word-of-mouth approach. Therefore, I would say that our growth lies very much in our ability to maintain our client relationships, by presenting a structure that they can trust and remain loyal to – and then ultimately recommend to others.
What was your biggest learning experience as an employer since you started the business?
To be an employer is a massive responsibility. There are many risks that an employer needs to manage and understand within a very complex labour relations environment. I would say that my biggest learning experience as an employer was definitely realising the importance of implementing or investing in a good HR function. This enabled me to navigate through these labour complexities while also providing a platform that allows staff to maintain a positive and transparent working environment.
How do you balance your personal life with the demands of running a business?
Well, as an entrepreneur, it is not always the easiest thing to do – and I guess that it is also one of the most challenging things to do when you are a business owner. However, I really do believe that you should maintain a good relationship between the two. You should simply force yourself to make time for your personal life, because if you don’t force that on yourself, then you will simply drown yourself in your work. And that might not be the best thing for you, your staff, or your business at the end of the day.
This is why I force myself to break away over weekends. I get out of my usual routine and environment and spend as much time in nature and with my family as possible.
When recruiting new team members, what qualities are you looking for and how do you foster a productive working environment?
Apart from the other more obvious requirements a candidate will require in our industry, I would say that I focus mainly on the more personal qualities of what makes the person unique. And how that ‘uniqueness’ can make a difference in our business and for our clients. I have found that in most cases, all candidates might have the right qualifications. However, each person will have a unique quality that will enable that person to truly grow and develop in our specific environment, and that is what I’m looking for.
Fostering a productive working environment is one of the most important aspects of our business – and we do that by constantly communicating with one another. Basically, we make sure everyone understands what is expected of them and when.
I also think that a productive environment relies on providing your staff with the ability to maintain good self-esteem and equipping them with the tools they need to succeed during that process.
What are some common misconceptions people have about running a business, and how do you address them in general?
I guess the most obvious one would be that you should have endless streams of cash resources available. And that you then have complete freedom to just take time for yourself whenever you need it. And probably the most common one is that you think you can do it all on your own.
My advice would be that prospective business owners should understand that managing a business is not a straightforward undertaking. There are many unforeseen elements that can hit you by surprise. How you manage these elements will ultimately determine your ability to be successful and influential in what it is that you are trying to accomplish.
As an accountant (by the way, I do not define myself as such but rather as an entrepreneur), I would recommend that one of the first things you should do as a business owner is to establish a good and open relationship with an accountant or business coach. Someone who can help you navigate through the complexities of general business and tax compliance requirements.
Essentially, someone who makes sure you understand the real implications of poor tax administration and -financial management on your business. Things that can ultimately destroy your prospects of continuing with business or future development.
This person can also be a good mentor in your business to advise you and be there to redirect or change the strategy if that ‘surprise’ comes along.
To summarise, I would suggest that you surround yourself with competent people who can assist you with the things that you do not truly understand. Also, accept that you will not always be able to understand and control all aspects of your business.
What advice would you give to new business owners regarding financial management?
Well, as I mentioned before, appoint an accountant!
Financial management is something that a new business owner should focus on from the first day. I have seen this in many cases where I worked with clients that have been in business for, let’s say, 3 years and have never implemented a proper financial management system. Then suddenly, they start to realise that the figures do not make sense and that their cash flow is actually under a lot of pressure.
This is why it is important to implement a stable platform where you can analyse your business data and performance. This enables you to make decisions based on accurate data that will ensure your business is financially stable.
Have systems in place that you understand and that you feel confident with.
Make time to sit down and understand your financial reporting; this is extremely important for any business owner.
Where do you see yourself in 5 years from now?
As an entrepreneur, you will always have the desire to become more successful, build more, be more, and make as much profit as possible. However, I do see myself and my business becoming more of a strategic partner for start-up entrepreneurs. Enabling them to have access to these professional services at a more affordable rate. I also want to make it possible for young and upcoming accountants to become part of a bigger organisation that can provide them with the opportunity and experience to engage with like-minded entrepreneurs. All within an environment where they can provide them with a service that they are very passionate about!