6 things we’ve learned in 6 years of business.
Hindsight is 20/20. Looking back at what we’ve learned is so key to how we move forward. What did we do well? What sucked? Here’s some of our big lessons from the past 6 years.
Time is a finite resource, spend it wisely.
It might sound obvious, but we don’t usually behave in ways that show we appreciate that time is not limitless. We’re all guilty of the occasional (or not so occasional) doom scroll, but what else do we do that is, frankly, a waste of time?
You can’t buy time, but you sure as heck spend it. Using our time wisely for what we really want to be doing, has had a huge impact on our business. It took a few years, but we know the work we want to be doing. We don’t want to work with just anyone who will pay the bills, and nor should you.
When we really looked at who our ideal client was, and who we wanted to work with, it became clear that we want to work with ambitious business owners, who want to partner in the process with us, who value their time, and care about their business numbers. The industry, for us, isn’t as important as the attitude of the individual.
We want to work with business owners, who want to partner in the journey with us.
2. Saying NO, is as important as saying YES.
Saying no to a paying client sounds awful when you first start in business. So we didn’t really do it. Any work that came through the door, we said yes. In the short term , that’s totally ok. We all need to keep the lights on and food in our kids mouths, but saying YES to work you don’t really want to do, can mean you won’t be available for the dream work when it walks through the door.
Saying no to work you don’t want to do, leaves you available for the dream.
Being selective is a bit of a luxury, but it does speak to how you value your time and your long term goals as well.
3. Communication will make or break you.
This one is pretty simple, but whether its communication with our clients or our team - we know we need to get this right so there’s no misunderstanding.
This is why we structure our fees in a way that means our clients can contact us when they need us - no hidden agendas or sneaky bills in the mail after a phone call. We know that if our clients feel comfortable talking to us, there will be less confusion and more good decision making. It’s good for us because we don’t have to do any tidying up after a mistake, and it’s good for you, because you can make confident and educated financial decisions without the stress.
4. Every interaction is a reflection of your business.
It’s interesting how much work can be won or lost over a backyard BBQ or a hair appointment.
We’ve found it so critical to be able to articulate the work we do well. We are the experts at what we do, and it’s not only ok that we act like it, it’s essential to our success. Who would trust an accountant that didn’t sound like they understood your business, or tax? Confidence is great (not to be confused with arrogance, of course).
Just be a decent person, usually that’s a great start.
5. Being stingy doesn’t get you anywhere.
When Andrew started Kindred Accounting, he was driving a (not new) Hyundai Getz. One afternoon, a police officer pulled him over for a random breath test and asked him why he was driving a hairdressers car. While there’s several things wrong with that question, it became apparent that driving the “right” kind of car to a client appointment would become important. Now Andrew is an accountant, so choosing a sensibly priced car was also important, but one that didn’t make him look like he didn’t know how to manage his personal finances.
Knowing which things to splash out on is important, sometimes doing things on the cheap won’t necessarily save you money.
It is a fine art to know where your strengths lie, and when to outsource things that are outside your area of expertise (you won’t find us building our own houses, that’s for darn sure).
Be strategically generous.
6. People are the most valuable asset in your business, treat them that way.
I think this speaks for itself. Any business owner can tell you that finding and training new staff is both expensive and exhausting. Investing in your people is always a good idea. Our friends at Boldside Consulting are our go-to’s here.
We’re not in the business of human resources, but we do know that our team are absolutely invaluable to our operation, and we absolutely couldn’t do it without them - we also just like them. We have a team in Newcastle, and another in the Philippines, and it works because we like each other - finding the right team fit is something we’ve found so important.
Business ownership is a steep learning curve - having the right people in your corner make all the difference.
Outsource the work you don’t want to do, to people who speak your language.
