The months of November, December and January are extremely busy for all accountants paticularly those heavily involved in tax. The deadline of 31 January for submission of personal tax returns tends to take over and the other urgent things, that need to be done in these months, leaves very little time for doing the other important things.
It is hard at times to realise that not putting time aside to spend on the less time critical, but no less essential, matters such as strategy and planning means that you are no more than a busy fool.
Please do not think that I do not recognise that phones need to be answered, e-mails need to be responded to, questions dealt with and scheduled work completed. It makes the business go around and is very rewarding but if you spend all your time working "in" the business you are just dealing with the present and neglecting to think about what you need to do so the business has a future.
Unfortunately having ideas and developing a plan is only part of it. Until there is action things do not happen. So you do not only have to do the "normal" work - you also need to have plans and carry them out. It sounds daunting but can be best achieved by setting aside specific time to work "in" the business and other time to work "on" the business, i.e. working on your plan.
It can help to "keep you honest" if you have someone to help you work on your plan and this is, of course, something we can do.
Wednesday, February 15, 2012
Friday, December 30, 2011
What do you look for in chosing an accountant?
Back in September I was privileged to hear Hamish Taylor speak at the Annual UK MindShop conference which this year was held in London. But this blog is to ask you something about a comment that was made at the end of his presentation.
Hamish has a CV that the Times said "takes some beating". He has been Head of Brand Management at British Airways, CEO of Eurostar and of Sainsbury's Bank and told an interesting story of how when working for Proctor and Gamble he went to peoples homes to see how they used their products. Clearly as an Accountant we cannot go to see how people use their accounts but we can ask them what are they looking for from an Accountant.
And it was this question, the final question of an excellent presentation that was asked of Hamish. What do you look for from your accountant?
His answer was firm and unequivocal.
I think that will not be an uncommon answer from people but at Crowther Beard along with other MindShop trained firms we assist our clients with all three.
Do you agree with Hamish's view of what you should expect from an accountant and if so do you get it from your accountant?
Hamish has a CV that the Times said "takes some beating". He has been Head of Brand Management at British Airways, CEO of Eurostar and of Sainsbury's Bank and told an interesting story of how when working for Proctor and Gamble he went to peoples homes to see how they used their products. Clearly as an Accountant we cannot go to see how people use their accounts but we can ask them what are they looking for from an Accountant.
And it was this question, the final question of an excellent presentation that was asked of Hamish. What do you look for from your accountant?
His answer was firm and unequivocal.
- He expects that all of the worries about filing deadlines and compliance with tax and accounting laws are taken away and dealt with.
- He expects to pay the minimum amount of tax legally and simply, no fancy schemes but make sure he has claimed all that he should.
- He expects the accountant should help him grow the business.
I think that will not be an uncommon answer from people but at Crowther Beard along with other MindShop trained firms we assist our clients with all three.
Do you agree with Hamish's view of what you should expect from an accountant and if so do you get it from your accountant?
Sunday, November 6, 2011
Getting that Marketing Strategy Right
I had a very unusual experience on Thursday. I had agreed to a meeting with a contact a couple of weeks ago and they arrived at my office for coffee at 11 am. What I hadn't realised was what they wanted to speak about.
When she sat down and we had got the usual pleasantries out of the way I was asked what their business could do to break into the local market place as they didn't have any clients locally.
I asked whether they had defined their ideal client and their target market, and spoke about how Crowther Beard identified the property and construction, agricultural, transport and engineering industries, and the medical profession as target markets and had a definition of an ideal client too.
I then moved forward to discuss where we find those clients, joining clubs where they go and how we are setting about creating a following through the Crowther Beard Community on LinkedIn amongst other areas. But the main things that I said that were needed was a plan, commitment and hard work.
We spoke for over an hour about how our marketing was beginning to reap its rewards as I have always believed in the Accounting Profession that it takes at least 12 months for marketing to be effective. I spoke about attending only the networking events that we thought would be beneficial to us because our targets would be there and how we planned each year setting some big targets and then reviewed the plan on a regular basis to ensure that we kept on track towards our goals.
At the end of the meeting my contact was generous enough to thank me for my time and for the advice that I had given.
However I later thought that what I had done was also very important in a marketing plan. Most of the greatest leaders in the business world will give things, their time to worthy causes or just to explain what they have done and how they achieved their goals. That is what I had just done. It is the giving that is important, something of value to others.
That will raise your profile.
When she sat down and we had got the usual pleasantries out of the way I was asked what their business could do to break into the local market place as they didn't have any clients locally.
I asked whether they had defined their ideal client and their target market, and spoke about how Crowther Beard identified the property and construction, agricultural, transport and engineering industries, and the medical profession as target markets and had a definition of an ideal client too.
I then moved forward to discuss where we find those clients, joining clubs where they go and how we are setting about creating a following through the Crowther Beard Community on LinkedIn amongst other areas. But the main things that I said that were needed was a plan, commitment and hard work.
We spoke for over an hour about how our marketing was beginning to reap its rewards as I have always believed in the Accounting Profession that it takes at least 12 months for marketing to be effective. I spoke about attending only the networking events that we thought would be beneficial to us because our targets would be there and how we planned each year setting some big targets and then reviewed the plan on a regular basis to ensure that we kept on track towards our goals.
At the end of the meeting my contact was generous enough to thank me for my time and for the advice that I had given.
However I later thought that what I had done was also very important in a marketing plan. Most of the greatest leaders in the business world will give things, their time to worthy causes or just to explain what they have done and how they achieved their goals. That is what I had just done. It is the giving that is important, something of value to others.
That will raise your profile.
Saturday, October 15, 2011
Some People Just Have Got It Right!
Being content with your life is not too difficult but some people manage to do it with ease and at a much slower pace than others accepting the cards that they have been dealt and making the most of their lives.
Over the last 2 or 3 weeks I have been running around like...I don't know what. Meetings here, networking there, golf, rugby, football etc and visits to the Cheltenham Literary Festival and on Sunday last to Swindon for dinner with my elder daughter whose birthday it was on Tuesday. I think that the expression is "burning the candle at both ends". To crown it all I had designated Monday to take a 500 mile plus trip to Cornwall to see a client that I hadn't visited for a little over 4 years.
I have acted for the client, a holiday park owned and run by a husband and wife team, since they bought the park around 16 years ago and until recently had visited them every year, and sometimes twice a year. Over that time we have become good friends. Rather than bring their children up in South London they chose to give up the day job and move to the quieter, prettier countryside of Cornwall and the business is very much a lifestyle business. The husband is now 58 years old and his knees are the worst for sporting injuries in his younger days, his wife a little younger but now they are looking to sell the park together with their home.
Once I had reached their part of Cornwall and driven the half mile or so down an unmade road to their home I was greeted as an old friend and as we chatted over a coffee they were eager to know news of my family (my elder daughter once called to deliver some records back to them when she was camping in Newquay) and of my own health. They remembered about the back operation that I had had some 4 years ago a short while after they had last seen me and how it had left me.
So what is unusual about that I hear you ask? Well when they bought the Holiday Park they had 2 sons, aged 4 and 1, and within a year of moving the younger son was diagnosed as autistic. The lifestyle business was not necessarily always good for him as he needed more care, more supervision and more time devoted to him than sometimes the business would allow. However the solitude of the location meant that there was plenty of space for him to run around in and let off steam and my clients have managed it magnificently.
Their elder son is now at University almost 200 miles away from home and has always had his parents time when needed or wanted. He also has helped with his brother, who now clearly misses him. I recall being there on one occasion a few years ago and he was off to football practice. Someone was picking him up to drive to the practice from the top of the lane but he didn't ask his parents for a lift the half mile or so. As I was just leaving I offered him a lift and for a teenager he was a very well balanced and articulate young man.
Given the circumstances you can imagine my surprise around 8 years ago when they told me they were going to adopt a young girl of 7 years of age. She had a number of behavioural issues at the time and because of the family unit that has been created not only has she learnt to deal with these, she also has helped with the care of her adoptive brother. Their daughter is looking to train as a teacher for children with special needs.
One reason that they are looking to sell their business is that it will allow them to spend more time with their younger son once he leaves school as he will most probably need to have permanent care.
A friend of mine once told me that he would only work with people that he would invite into his home and these people are just those kind of people. There is no resentment in the family simply love and love for their friends and extended family.
I think that they deserve to have a happy retirement, don't you?
Over the last 2 or 3 weeks I have been running around like...I don't know what. Meetings here, networking there, golf, rugby, football etc and visits to the Cheltenham Literary Festival and on Sunday last to Swindon for dinner with my elder daughter whose birthday it was on Tuesday. I think that the expression is "burning the candle at both ends". To crown it all I had designated Monday to take a 500 mile plus trip to Cornwall to see a client that I hadn't visited for a little over 4 years.
I have acted for the client, a holiday park owned and run by a husband and wife team, since they bought the park around 16 years ago and until recently had visited them every year, and sometimes twice a year. Over that time we have become good friends. Rather than bring their children up in South London they chose to give up the day job and move to the quieter, prettier countryside of Cornwall and the business is very much a lifestyle business. The husband is now 58 years old and his knees are the worst for sporting injuries in his younger days, his wife a little younger but now they are looking to sell the park together with their home.
Once I had reached their part of Cornwall and driven the half mile or so down an unmade road to their home I was greeted as an old friend and as we chatted over a coffee they were eager to know news of my family (my elder daughter once called to deliver some records back to them when she was camping in Newquay) and of my own health. They remembered about the back operation that I had had some 4 years ago a short while after they had last seen me and how it had left me.
So what is unusual about that I hear you ask? Well when they bought the Holiday Park they had 2 sons, aged 4 and 1, and within a year of moving the younger son was diagnosed as autistic. The lifestyle business was not necessarily always good for him as he needed more care, more supervision and more time devoted to him than sometimes the business would allow. However the solitude of the location meant that there was plenty of space for him to run around in and let off steam and my clients have managed it magnificently.
Their elder son is now at University almost 200 miles away from home and has always had his parents time when needed or wanted. He also has helped with his brother, who now clearly misses him. I recall being there on one occasion a few years ago and he was off to football practice. Someone was picking him up to drive to the practice from the top of the lane but he didn't ask his parents for a lift the half mile or so. As I was just leaving I offered him a lift and for a teenager he was a very well balanced and articulate young man.
Given the circumstances you can imagine my surprise around 8 years ago when they told me they were going to adopt a young girl of 7 years of age. She had a number of behavioural issues at the time and because of the family unit that has been created not only has she learnt to deal with these, she also has helped with the care of her adoptive brother. Their daughter is looking to train as a teacher for children with special needs.
One reason that they are looking to sell their business is that it will allow them to spend more time with their younger son once he leaves school as he will most probably need to have permanent care.
A friend of mine once told me that he would only work with people that he would invite into his home and these people are just those kind of people. There is no resentment in the family simply love and love for their friends and extended family.
I think that they deserve to have a happy retirement, don't you?
Thursday, October 6, 2011
The Computer Says No
The idea behind this blog is to provide information that helps strategy - it is not a forum to have a general moan but I thought that I should highlight 2 things I came across today that enables me to get matters off my chest but at the same time teaches us lessons, even if they are only that these are things we shouldn't do.
The first involves my old friends (?), HM Revenue & Customs. For some months, I have been attempting to get a tax underpayment collected monthly, through a PAYE code, rather than being paid in one lump sum. I won't bore you with the technical details of why HMRC objected to this but today they have finally admitted that the procedures, that prevent coding, could be overwritten (and regularly were) until July 2009, when they had a new computer system. Since then they have to do what the computer says.
The moral of the story is to never design anything that removes the possibility of personal intervention and the insertion of good old common sense.
The second thing is that we were exhibiting at the Worcester Expo at WRFC today. As it was busy, I was directed to the normal car park rather than the "Event" parking spaces. There was a barrier at the entrance that was raised by an attendent, without asking the nature of my business. There was a second attendant who raised another barrier for those leaving.
The point here is why have the barriers down at all, for all the good they were? They weren't preventing anyone coming or going. Why weren't they left up just as they were when the Expo finished. It is amazing what can be achieved, particularly financially, by cutting out this kind of waste and "waste audits" are extremely valuable. Needless to say this is something Crowther Beard could help with.
The first involves my old friends (?), HM Revenue & Customs. For some months, I have been attempting to get a tax underpayment collected monthly, through a PAYE code, rather than being paid in one lump sum. I won't bore you with the technical details of why HMRC objected to this but today they have finally admitted that the procedures, that prevent coding, could be overwritten (and regularly were) until July 2009, when they had a new computer system. Since then they have to do what the computer says.
The moral of the story is to never design anything that removes the possibility of personal intervention and the insertion of good old common sense.
The second thing is that we were exhibiting at the Worcester Expo at WRFC today. As it was busy, I was directed to the normal car park rather than the "Event" parking spaces. There was a barrier at the entrance that was raised by an attendent, without asking the nature of my business. There was a second attendant who raised another barrier for those leaving.
The point here is why have the barriers down at all, for all the good they were? They weren't preventing anyone coming or going. Why weren't they left up just as they were when the Expo finished. It is amazing what can be achieved, particularly financially, by cutting out this kind of waste and "waste audits" are extremely valuable. Needless to say this is something Crowther Beard could help with.
Tuesday, October 4, 2011
More Saving
More tax saving tips.
- Consider whether you are paying National Insurance Contributions needlessly. If you are a trader making low profits (below £5,315 currently) or even losses you can claim exemption from paying the weekly self employed contribution of £2.50.
- Consider the tax benefits of converting business loans into personal loans or vice versa. As long as the circumstances are correct, many personal loans used for business purposes qualify for tax relief.
- If you are a sole trader or partnership, consider making key employees partners to save National Insurance and tie them to the business.
- Make sure you claim tax relief for losses on shares. In many cases, it is possible to clain income tax relief, not just capital gains tax relief.
- Consider the timing of capital purchases to ensure that capital allowance claims are maximised.
Monday, October 3, 2011
Tax planning
In my day to day work I come across tax planning in all its forms. This ranges from, advising people on how to arrange their affairs to take advantage of the more familiar (well to me anyway) tax breaks open to them, right up to discussing the more complicated options that are open to them. The more complex options usually have a price tag on them but, as the tax saved under these is normally substantial, the price may well be considered well worthwhile.
A recent survey showed that one of the aspects most valued by clients is simple tax planning advice and this is very rewarding for me, as I earn my crust by giving such advice. I would however like to know how people view the more complicated solutions. I am sure it is my duty to inform people of what is available but I would be interested to know whether you feel that this is all that should be done or whether such solutions should take a more prominent position in the advice given.
It has been long held by the Law Courts that anyone is able to order their affairs in such a way as to minimise taxation and my question is how far you feel that we should go in this respect. Just keep to taking advantage of the tax breaks open or invest in something that was designed just for the tax benefits.
Subscribe to:
Posts (Atom)