Saturday 28 July 2018

Filling the void

Most entrepreneurs don't like uncertainty. Like nature they try to fill the void and create certainty. Something they can act on and get done.


Deciding and doing something may not always be the best thing though. From time to time when a problem or opportunity arises the best thing may be to do nothing or wait and mull it over.

I'm not very good at that. Sometimes my mulling can go into overdrive and I have numerous options floating around and keeping me awake at night. First one idea comes to the top as a clear front runner and I've decided to act on it very soon. Then I'm not so sure. Idea number two fights back and is maybe not so bad after all.

This is where I look for help. Cue calm, sensible 'sounding board' type person. This could be a trusted business pal (I have several), a work collegue or more often than not, my long suffering spouse. They patiently listen to the different options and pros and cons and help me make my mind up which way to go. I end up happy and decisive. They are slightly frazzled and worn out having had to listen to my musings.

Then the mulling continues. What if Plan A is not so good after all? There was that zany option which we ruled out but maybe, just maybe that could work?

Back to trusted business pal, work colleague or spouse. 'You know that thing we were talking about the other day?' 'Yeah, the one where you decided to....'

And then you go through all the options again but explain why zany plan E has come to the top of the list.

This is where timing is critical.

If you have timed it right your sounding board will listen attentively as you go through everything again. Get this wrong and your spouse may chew your head off and trusted business pal or work colleague may rush for the broom cupboard if they think you are heading their way for another chat.

Problems, problems...

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Friday 20 July 2018

Tax, lies and stereotypes


Let's start with the stereotypes. Accountants are steady, boring and cautious. Phillip Hammond rather than Bojo. Well, some are but many aren't.


I've been told many times that I'm not a 'typical' accountant because I'm approachable and easy to talk to. I'll take that as a complement but I can do dull, boring and cautious if I need to.

I had an accountant pal who was (and probably still is) charismatic, energetic and persuasive. He is also a risk taker and his cv is a roller coaster of exceptional highs and near catastrophic lows.

He also has a tendency to be 'economical with the actualite'' to use Alan Clarke's phrase. I found this out to my cost which is why he is now an ex pal. I think this expression is particularly apt. Often it's what's not said rather than what's said by an untruthful person that is most deceptive and damaging. 'Risks? You never asked about the risks'

My ex buddy's gambling tendencies mean that he is willing to push the boundaries with tax planning. This, along with his charm and persuasive skills can be attractive to a hard-pressed business owner. Saving a load of tax - what's not to like?

Well, each to their own but when it comes to choosing an accountant I think risk taking, charisma and persuasiveness are overrated. There lies the probability of early and easy wins, followed by inevitable losses and possibly worse.

As an entrepreneur and business owner I am happy to take calculated risks. I don't want my accountant to be a risk taker too so I'll settle for steadiness and caution every time


Saturday 14 July 2018

Give your business a boost with your own advisory board

It can be lonely being a business owner.


Most of us need an outlet, a sounding board to share the highs and lows with, ask for advice and to provide support. It could be a spouse, a trusted member of the team, an old business pal, a paid advisor - I've offloaded to all of these over the years and continue to do so.

But what if you could have your own informal board of fellow business owners? A group of people who understand the issues and challenges you face, who want you to succeed and are there to help you. Wouldn't that be great?

Well it is. I can say that with confidence because I've had my own informal board for the last few years. We meet every couple of months or so and take it in turn to be the host - providing a meeting space and copious amounts of coffee and biscuits.

We met this week and we were reflecting on the amount of change we have seen in the few years we have been getting together. We have all seen significant change, both in our personal lives and in our businesses. Nothing stands still.

For me, the main purpose of groups like this is to support and challenge. Our group is particularly good at the 'support' bit. I think we are all naturally helpful people so we look for the positive and try to encourage and motivate each other. 

For me that has been brilliant. I have floated a number of what I thought were crazy ideas with the group. They have built on these and offered encouragement and I have gone on to launch them successfully. A couple of examples which spring to mind are starting our own networking group, 'Growth Club' and developing and launching our own printed newsletter, 'Beans Talk'. 

I don't know if my colleagues would agree with me but something we are perhaps not so good at is challenging each other. We do it but our challenges can be subtle and nuanced. I'm sure that some groups are more direct and as a consequence their meetings may be more uncomfortable. It comes down to what works for a particular group. Having a disruptor or two amongst you may add some value but it may mean that a group is short-lived.

So if you get the opportunity to form your own group I would recommend it. A good place to start is to chat with some business colleagues you already know and trust and see how they feel about making a commitment to meet regularly. It could just be one of the best business decisions you make.



Friday 6 July 2018

It ain't over 'til it's over

Turning 60 this week was something of a milestone. 


I had a nice relaxing day off work and England rounded things off by beating Colombia on penalties. Not that I could watch the finale, I had to walk around the block and learn the result when I got back. A good ending.

It does make you focus on your mortality. I'm set to draw two occupational pensions this year. So if I had stayed employed that would be it. I could hang up my boots (metaphorically speaking) and like Marlon Brando in the Godfather tend my vegetables and play with my grandchildren. Marlon did become a nicer version of himself in his old age (It's not hard to improve on murder and corruption) but he came to a sticky end in his pepper patch. Although I love my grandchildren, that's not overly appealing.

One of the plusses about running your own business is that you have choices.You can sell up and retire. You can carry on with 50 or 60 hour weeks and hope you keep your health and energy levels. Or you can keep going but change how you work and what you do. Maybe do less of everything but more of the things that you like and are good at. This last option appeals to me most.

My favourite quote about retirement comes from an unlikely source. Ex US President, Richard Nixon may not be everyone's idea of a role model. Sure, he had his faults but a strong work ethic and sense of duty (occasionally flawed) were part of his make up. His view on retirement was, 'To me, the unhappiest people in the world are those in the watering places, the international watering places like..uhhh..the south coast of France and Newport and Palm Springs and Palm Beach; going to parties every night, playing golf every afternoon, then bridge. Drinking too much, talking too much, thinking too little. Retired. No purpose.' The Palm Springs set may disagree. Pottering about in the sun sounds fun but I think the novelty would soon wear thin. So I'm with Richard on this

Then there is Stephen Hawking who says, 'Work gives you meaning and purpose and life is empty without it'. People find meaning and purpose in different things. To Stephen it was understanding the universe. Most of us have more modest ambitions. For me, being 60 changes very little. I still find purpose, great enjoyment and satisfaction in running a business. If that changes I may try something else but for now its business, more or less, as usual...

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