My wife stopped her work completely for almost 8 years and then started up a bookkeeping business using the school hours as her boundaries. Almost 2 years later she has more work than she can sensibly cope with and we are considering employing someone to help her. If you want to do it - caring for your children and being the glue that holds your family together for those early years doesn't have to be a mortal sentence to your career.
I am helping my 9 year old son setup a chocolate making business (long story). To sell about £1,500 of chocolate, you would not believe the amount of legal stuff that has to be ticked off - I digress. The labeling is required by law. To comply with the law (and avoid being closed down by the Inspectors in each borough responsible for ensuring compliance) out of date food has to be thrown away.
The government is therefore directly responsible for the wasted food. (although this appears to me to have tones of EU, but I am not certain)
It is true that not everyone wants or needs Cloud Accounting, but it is the direction of travel.
If you were setting up a business now providing mobile phones, unless they were smart phones, the margins would be very small. Does everyone have a smart phone? Obviously not, but it is the 'direction of travel'. If you were in the mobile phone business you would be better off preparing now for smart phone orientation. Working within the direction of travel can support margin levels.
Accessing software (including accounting) and services online is a direction of travel.
General newsletters can be a lot of work for relatively little return. But the more focused ones and emailing the payslips both sound like a good idea.
For the focused emails:
With 'marketing automation' it is now possible to group (segment) clients who have similar interests and send them information related to that interest. While it may sound time consuming, even relatively inexpensive CRM software (£12 pm) will often have automation built in - which will allow this segmentation to take place almost automatically.
For example if you are reading an article here on accountingweb which is applicable to your 'segment' of one man band contractors, you could send the link out to all of them as a newsletter.
With tagging as a feature each person can be linked to an almost infinite number of segments. (as opposed to needing a new field in the database to note their interest in one area which is the other but much more limited way of doing it) Perhaps there are people who are interested in company cars, SIPPS, personal tax efficiency, Sage 50, Excel etc etc. It may take some time to segment, but then your 'one to many' communications will be so much more useful and therefore so much more likely to generate referrals.
That is why I do my own accounting and bookkeeping - NOT
My bookkeeper and accountant together earn a fair amount of money compared to turnover. However it would take me 3 times as long to do it myself. That would cost me a LOT more - both in mistakes (and then rectifying them) and in missed opportunities (forgotten invoices, unclaimed travel, tax etc) - quite apart from the missed time I could have invoiced for.
I pay them because they do it all day every day and so know what they are doing.
Could I already do most of it myself? Probably.
Could I learn enough to provide exactly the same level of service? Almost certainly.
Will I? Absolutely not!
FirstTab you have worried about growing for a long time. You were thinking of buying a franchise to have to worry about it less. Take the money you were going to spend on the franchise, find a marketing company (or freelancer) you like and give them a 'test project'. If you like how they work and you get on with them commit to working with them for a year. Personally I would avoid a company that specialises in Accountants - do you really want your marketing to look and feel like everyone else's? Bringing insights from other industries could add a freshness that would be attractive to prospective big fee paying clients.
I know of a small Richmond upon Thames based marketing company (http://www.spider-tactics.com/) I know worked with a client over a period of 18 months and generated a 91% increase in turnover with an initial marketing budget of £0.00. They also helped an accountant treble in size over 3 years just by making a few small tweaks.
A sound branding agency chairman, Julian Treasure, did a TED talk where he indicated that open plan offices result in a drop of 66% in productivity. Below is a link to a blog which states it and offers a link to the video.
I tend to work in an office and in an open plan office (depending on which site I am on). I think I get less done in an open plan office because people feel free to 'interrupt' my work flow to get movement on their own (I am almost certainly guilty of returning the favour).
I personally prefer to 'meet' with people at a pre agreed time to get or give information or decisions rather than being interrupted or interrupting. I read interesting book on the train this morning where some companies have most meetings doing something active - walk, run, roller skating. I love that idea.
You got lucky with a big drop despite eating badly! The risk is to think of this as the answer - overeating will catch up with you!!
I have this theory - that weight loss or gain I see this Monday is linked to the work I did up to the end of LAST Monday ie. a lag of 7 days. You are part of how I come to the theory actually - if you look back over your blogs you have a good week like last week and put on weight (according to my theory because of eating habits from the week before) then have a 'bad' week like this week and lose weight. If the theory holds, next week's weigh in is likely to be up on this week.
Even if the theory is not strictly scientific, if you work on the basis that the choices you make this week will be shown on the scales in 2 weeks time, you may end up making better food choices.
My mother used to drink 1 full glass of water 15 minutes before each meal - her theory was that she would then eat only what she needed rather than overeating because she was thirsty. Perhaps that is worth a try - must be water though - no cordial, no fruit juice - definitely no diet coke or anything else super evil like that, no tea or coffee. Just water, filtered if you must.
Good luck for week 6 (we already know what I expect to happen in week 5)
My oldest (8 year old) son is able to make the fire and cook the meat without much direction because we have spent time enjoying the process of learning together. (my 7 year old son shows no such inclination)
For many business owners (sadly I have fallen into this category in previous roles) they hope that getting in staff will release their time to carry on doing the things they would prefer to be doing, like in the 2nd family - they give a detailed list of exactly how things must be done, followed by 'the shouting' and for many doing it themselves (while grumbling).
Dan Pink has written a really interesting book where he asserts that many businesses employ the carrot and stick despite there being a sizable body of work and opinion that this is the exact management style least likely to see positive results. He says study after study confirms that people will work willingly and productively when they have autonomy, are given the opportunity to develop mastery and are able to find purpose in what they are doing.
My answers
Enjoy the children
My wife stopped her work completely for almost 8 years and then started up a bookkeeping business using the school hours as her boundaries. Almost 2 years later she has more work than she can sensibly cope with and we are considering employing someone to help her. If you want to do it - caring for your children and being the glue that holds your family together for those early years doesn't have to be a mortal sentence to your career.
Food Standards Agency
I am helping my 9 year old son setup a chocolate making business (long story). To sell about £1,500 of chocolate, you would not believe the amount of legal stuff that has to be ticked off - I digress. The labeling is required by law. To comply with the law (and avoid being closed down by the Inspectors in each borough responsible for ensuring compliance) out of date food has to be thrown away.
The government is therefore directly responsible for the wasted food. (although this appears to me to have tones of EU, but I am not certain)
Buy
her diamonds to even up the score ;-)
Direction of travel/ trend
It is true that not everyone wants or needs Cloud Accounting, but it is the direction of travel.
If you were setting up a business now providing mobile phones, unless they were smart phones, the margins would be very small. Does everyone have a smart phone? Obviously not, but it is the 'direction of travel'. If you were in the mobile phone business you would be better off preparing now for smart phone orientation. Working within the direction of travel can support margin levels.
Accessing software (including accounting) and services online is a direction of travel.
Great Ideas
General newsletters can be a lot of work for relatively little return. But the more focused ones and emailing the payslips both sound like a good idea.
For the focused emails:
With 'marketing automation' it is now possible to group (segment) clients who have similar interests and send them information related to that interest. While it may sound time consuming, even relatively inexpensive CRM software (£12 pm) will often have automation built in - which will allow this segmentation to take place almost automatically.
For example if you are reading an article here on accountingweb which is applicable to your 'segment' of one man band contractors, you could send the link out to all of them as a newsletter.
With tagging as a feature each person can be linked to an almost infinite number of segments. (as opposed to needing a new field in the database to note their interest in one area which is the other but much more limited way of doing it) Perhaps there are people who are interested in company cars, SIPPS, personal tax efficiency, Sage 50, Excel etc etc. It may take some time to segment, but then your 'one to many' communications will be so much more useful and therefore so much more likely to generate referrals.
That is why I do my own accounting and bookkeeping - NOT
My bookkeeper and accountant together earn a fair amount of money compared to turnover. However it would take me 3 times as long to do it myself. That would cost me a LOT more - both in mistakes (and then rectifying them) and in missed opportunities (forgotten invoices, unclaimed travel, tax etc) - quite apart from the missed time I could have invoiced for.
I pay them because they do it all day every day and so know what they are doing.
Could I already do most of it myself? Probably.
Could I learn enough to provide exactly the same level of service? Almost certainly.
Will I? Absolutely not!
FirstTab you have worried about growing for a long time. You were thinking of buying a franchise to have to worry about it less. Take the money you were going to spend on the franchise, find a marketing company (or freelancer) you like and give them a 'test project'. If you like how they work and you get on with them commit to working with them for a year. Personally I would avoid a company that specialises in Accountants - do you really want your marketing to look and feel like everyone else's? Bringing insights from other industries could add a freshness that would be attractive to prospective big fee paying clients.
I know of a small Richmond upon Thames based marketing company (http://www.spider-tactics.com/) I know worked with a client over a period of 18 months and generated a 91% increase in turnover with an initial marketing budget of £0.00. They also helped an accountant treble in size over 3 years just by making a few small tweaks.
66% decreased productivity
A sound branding agency chairman, Julian Treasure, did a TED talk where he indicated that open plan offices result in a drop of 66% in productivity. Below is a link to a blog which states it and offers a link to the video.
http://www.thesoundagency.com/2011/sound-news/more-damaging-evidence-on-open-plan-offices/
I tend to work in an office and in an open plan office (depending on which site I am on). I think I get less done in an open plan office because people feel free to 'interrupt' my work flow to get movement on their own (I am almost certainly guilty of returning the favour).
I personally prefer to 'meet' with people at a pre agreed time to get or give information or decisions rather than being interrupted or interrupting. I read interesting book on the train this morning where some companies have most meetings doing something active - walk, run, roller skating. I love that idea.
You got lucky!!
You got lucky with a big drop despite eating badly! The risk is to think of this as the answer - overeating will catch up with you!!
I have this theory - that weight loss or gain I see this Monday is linked to the work I did up to the end of LAST Monday ie. a lag of 7 days. You are part of how I come to the theory actually - if you look back over your blogs you have a good week like last week and put on weight (according to my theory because of eating habits from the week before) then have a 'bad' week like this week and lose weight. If the theory holds, next week's weigh in is likely to be up on this week.
Even if the theory is not strictly scientific, if you work on the basis that the choices you make this week will be shown on the scales in 2 weeks time, you may end up making better food choices.
My mother used to drink 1 full glass of water 15 minutes before each meal - her theory was that she would then eat only what she needed rather than overeating because she was thirsty. Perhaps that is worth a try - must be water though - no cordial, no fruit juice - definitely no diet coke or anything else super evil like that, no tea or coffee. Just water, filtered if you must.
Good luck for week 6 (we already know what I expect to happen in week 5)
Three cheers for the first family
My oldest (8 year old) son is able to make the fire and cook the meat without much direction because we have spent time enjoying the process of learning together. (my 7 year old son shows no such inclination)
For many business owners (sadly I have fallen into this category in previous roles) they hope that getting in staff will release their time to carry on doing the things they would prefer to be doing, like in the 2nd family - they give a detailed list of exactly how things must be done, followed by 'the shouting' and for many doing it themselves (while grumbling).
Dan Pink has written a really interesting book where he asserts that many businesses employ the carrot and stick despite there being a sizable body of work and opinion that this is the exact management style least likely to see positive results. He says study after study confirms that people will work willingly and productively when they have autonomy, are given the opportunity to develop mastery and are able to find purpose in what they are doing.
Great blog. Thanks
Terms of Business
Another approach could be to separate the work carried out from 'the way we will do business'.