Hello folks. We do not have long to go before depressing January is over. It seems January and clients being difficult will never end.
I continue to walk to the office. I get a good eight mile walk a day. It is good for my physical and mental health. More recently, I walk six to eight miles on weekend days as well. Talking of health, POTUS got a clean bill of health over the week. There is so much I could say about him. Time does not allow me to go further.
My week was a typical January week. Stressful, annoying and miserable due to shorter days. It is called life.
In January the number of client meetings shoots up. It is good to meet them and catch up. Like any other general practice, we have a variety of clients. It is the high net worth clients that make me think outside the world of tax.
They have inherited wealth in the form of properties, or to be American about it - real estate, in premium sites in London. It is a combination of commercial and residential properties. They live on the rental income from these properties.
I do not believe in passing on wealth to your offspring. I think most of it should be passed on to charities and a modest amount left to relations.
Leaving substantial wealth to your children means that they are unlikely to have the hunger to work hard and achieve their own success. What is even worse is that the cycle will continue in the family for the future generations.
Can you imagine the Royal family without the inherited wealth? They would start contributing to society,
I am behind with studies. Tax returns demanded my attention.
I was considering going on Tolley Guaranteed Pass Scheme course. I decided against it due to lack of time and I was too late to join the London group. Travelling to Birmingham does not work for me.
I booked myself for the revision course. I want to see how my first exam goes, after so many years. I will then decide, for the next one, on the steps to take.
Hard experience as a small business owner has taught me, to be totally committed to my practice, it needs to be my vision. NOT practice gurus and certainly not others who are or are claiming to be "successful".
For example, over the last year and more importantly in the January period, I will only have meetings and address client queries during clearly outlined office hours. Even if I respond to emails in the evenings they are sent during the office hours.
It is important to have boundaries on client contact. I am not being paid enough to be available around clock at clients' beck and call. Further, my employees certainly do not fit the mold of out of office hours client communication.
We do not deal with medical emergencies. They can wait. If not, fine, let them go elsewhere. I do want to join the madness of instant communication. I tried it and I was not happy.
I have seen accountants website giving their mobile number and being available from 7 am to 10 pm. Think about the impact on their well being.
Practice's marketing does need my urgent attention. It now at the top of my list. It will be task 1 on February 1.
We are getting walk-ins and they are asking for a brochure and a business card. Both of these need updating.
Clients who came for meetings this month, all complimented on the location and the set up of the FT Store. Maybe it is time for branch two.