My 'big 3' for business success

What makes an enduring, successful business?

Well lots of things. There is no magic formula. For most small businesses, success and longevity is down to the drive and commitment of the business owner. More often than not, that's a single individual, the founder - or maybe a small group of 2 or 3. If they are lucky, they are supported by a capable and loyal team.

That's fine but what attributes must the owner have to achieve sustained success over several years? I've boiled it down to three, based on working with and observing successful business owners over the years.

The first attribute is focus. The business is the most important thing in their lives. Ok, family first, but its a close second. It's an obsession. They are never 'off'. If it's a choice of missing a nice relaxing weekend away or finding time to prepare that urgent proposal, the proposal wins. There might be tension with loved ones due to the owner's inability to switch off. Their reading list is business books so even when taking time out they are learning. On holiday they observe other businesses, see how they act, what they do, see what can be applied to their own business. They will always put the business first. That's their main focus. It beats everything else.

The next attribute is resilience. Often things don't go right. A key employee leaves, computers break down, a big client moves to a competitor, business partners fall out. The owner needs to fix it and move on. Sure they might get upset. They might rant and rave and moan and gnash their teeth. But eventually they need to take the medicine, face the problem and get on with the next thing. Here's where having a great support network helps. For most people it might be their spouse or it could be a trusted employee or business pal. Someone to listen and give you perspective. It's then up to the owner to just get on with it.

My last attribute for a successful business owner is being 'sales-minded'. You can be the greatest technician in the world - the best widget-maker, best accountant, best carpenter, best project manager, best shopkeeper, but if you can't find customers and sell to them, you don't have a business. So sales and selling needs to be part of your make up. Not everyone who starts a business is a natural salesperson. But I would argue they need to learn fast. They need to put a lot of thought into why their product or service is different and what price they should sell at. And they need to sell.

There is another attribute which didn't quite make my top 3 but is very important. That's watching the money and the numbers and ensuring the business finances are well managed. You would expect an accountant to squeeze that one in wouldn't you?

So that's my top 3 attributes for business success (or 4 if you include financial management). Following these may not guarantee success but will I think be a step in the right direction.

www.base52.co.uk

Tailor made or one size fits all?

I'm thinking about booking a holiday.

We know what we want. A bit of a tour with some sightseeing and then a few days at the end in a nice hotel to relax and unwind. We have spoken to a few travel companies to see what they offer. Some are fairly rigid. ' This is the tour we offer and it can't be changed'. Some are happy to tweak parts of the tour to fit in one or two extras we would like to see. One will make it completely 'tailor-made'. We can have what we want and they will price it up accordingly.

It made me think about my own accountancy practice and how we have evolved into more of a 'tailor-made' approach. That wasn't necessarily my intention when I started out 15 years ago. The aim was to provide accountancy support to small businesses. Naturally, in the early days we tried to fit in with what our customers and prospective customers wanted and the tailor made approach developed from there.

We have different 'products' or bundles of services from a basic, 'essentials' service focussed mainly on compliance to a full 'expert' service which is more akin to having your own outsourced finance department. If our customers want something more bespoke than our standard products we are happy to look at this and see if we can provide a more individual service.

Like in other areas, technology is having a huge impact on the accountancy sector. HMRC's major change programme, 'Making Tax Digital' is encouraging (and will ultimately compel) businesses to maintain their records in a digital format. New scanning software is able to read receipts and categorise expenses without the need for manual input, bank data feeds automatically into accounting software.

These changes have driven some accountancy practices towards a 'one size fits all' strategy. They choose a single software provider, throw all their eggs in that basket and provide their clients with a standardised way of working. It's ruthlessly efficient and in the longer run will drive down their costs.

But is it what their customers want? Sure, many will be happy with the one size fits all package if the price is right. But some won't. They may want to move at their own pace. Hang on to their manual records for a little while longer. Stick with the software they have been using for the last 10 years and fits well with their business.

We intend to  stick with our tailor made approach. That's not to say we will ignore the march of new technology. Far from it. We need to embrace this change and offer it to our customers who are ready to make the leap.

That's a little more complicated to manage as we have multiple accounting systems and multiple processes to work with. Following our customers has served us well so far however so that's what we will continue to do.

Oh, by the way it looks like the 'tailor-made' holiday option is the front-runner -  Viva Mexico!

www.base52.co.uk

Let's dance!

When I was coming up to 40 I learned to juggle. 

A set of juggling balls appeared in my Christmas stocking with a little instruction book. So I thought, 'Let's do this'. Following the little book I practised for 5 or ten minutes a day. The first attempts were pretty hopeless but then gradually I started to get the hang of it. Starting with 2 balls, then (with a struggle) moving to 3, then clubs, then rings, then a few tricks. I never mastered 4 balls though and soon stopped practising.

Twenty years on I can still do a basic three ball juggle but that's about it. If I had kept practising, who knows I may have had a second career as a street entertainer in Covent Garden.

So what, you may say. Well, it kind of stuck with me that something that seems impossible can be achieved with practice and consistent effort for just a few minutes a day. Not rocket science I know but it works for me.

So l'm doing the same thing now with dance. Dancing is not my thing. I'm really, really bad at it. Which is very annoying considering I am part of a large family where all my siblings are naturally good dancers. I just missed out on the dancing genes.

A few weeks ago I was asked to join in for a charity dance event. Me and eleven other novices have been paired with 12 people who can dance. We get a month to practice and then we perform at a glitzy event. A bit like a local, low budget Strictly Come Dancing.

I know that I will never be the next Anton du Beke and will probably never reach even Ed Balls standard (No offence Ed - I think you did really well). At my first lesson I quite literally was unable to move my feet. A couple of weeks on and with daily practice, I can see some progress. That's a wonderful feeling. Going from no knowledge and no proficiency to the semblance of a routine in a short space of time.

I'm not sure how the event will go but whatever happens I will have gained on a personal level. I've made a new friend in my long suffering and patient dance partner, I've started to learn a new skill and who knows, at the next family gathering I might be able to give my dancing siblings more of a run for their money.

I think the lesson for me is that it's never too late to learn something new. You may not reach dizzy heights of brilliance but great enjoyment and satisfaction can be gained from achieving your own personal goals

Oh the charity we are dancing for is Pancreatic Cancer Research. If you are able to support this cause with a small donation I would be really grateful

https://www.justgiving.com/fundraising/fredhcd