Amanda Watts: 'I'm Marmite. People will either love or hate me!'
Amanda Watts, marketing consultant for accounting firms, is the first interviewee in series of articles where I talk to leading figures in accountancy and related industries. Amanda is the MD of TwentyTwo Agency. She’s a speaker, best-selling author and founder of the British Accounting Marketing Awards. @AmandaCWatts
Why marketing?
I could try and come up with a clever answer but quite honestly it is all I have ever wanted and could ever want from a profession. Looking at a business, I can immediately see what they need to change or enhance. I live and breathe it. The books I read, the businesses I run, the conversations I have. They all boil down to marketing. It is engrained in my core. I don't know why, I was born with it inside of me and am very grateful I was encouraged by my father to nurture it. On an intellectual level, I could say it is the combination of wanting to help people, the understanding I have of human behaviour and my ability to come up with ideas fast.
Why accountancy?
My father is a Tax Technician. He used to work for one of the big 4 but got made redundant when I was 15. He invested in a tax franchise that promised to help him with marketing his services. Did they do this? Nope, and the business didn't succeed. It was a trying time for the family and the stress for him and the rest of us was horrific. Roll on to a few years ago we were talking about the technology changes in the industry and I could see the stress he went through manifesting in accounting practices all over the world. My heart just said to me that I couldn't let this happen to the industry. I knew there was a way to leverage this technology and still be seen as vital and valued. It was a no-brainer… I had to help.
What got you into the business of marketing?
You might see a theme here. I would say my father encouraged me at all times. When I was younger I wanted to be a signer on stage (think Doris Day) but I could neither sing, nor act. Dad saw in me that I had a knack for business ideas and marketing so encouraged me to do business studies and accounting. He was right, I have never looked back and can still neither sing or act. But I have smashed this marketing malarkey.
A growth mindset accountant
What have accountants got to learn?
I don't believe accountants have to "learn" anything other than to understand that the changes in the industry can be approached from two angles. They can approach it from either a fixed mindset or a growth mindset. A fixed mindset accountant will bury their head in the sand and either think the industry is doomed, or that they can still only rely on word-of-mouth enquiries. A growth mindset accountant will know that times have changed and be open to the opportunities that are out there. This is the difficult part. Once a growth mindset has been embraced then it is just a matter of understanding how to speak to an ideal client and build a relationship with them using a combination of modern and traditional marketing.
And what can you teach them?
If an accountant has a fixed mindset I can teach them nothing. However, the growth mindset accountants I can clearly show them how to embrace technology and leverage it to be more visible instead of invisible, more vital instead of functional, and be valued instead of seen as a commodity. We do have a methodology that we use to "teach" them this called The Pioneering Practice. After 26 years in the business, I understand that it is always about building relationships first, then maximising sales. We just leverage marketing to do this.
Information overload
Does the idea of information overload concern you?
Absolutely. Overwhelmed is something that many practitioners feel when it comes to the M word. And I totally get this. It is important for a practice owner and their team to understand that there are three things they need to think about. Strategy - What is their goal for marketing (number of new clients, revenue/profit wanted). Tactics - How are they going to achieve this goal (social media, events, speaking etc). Tools - what tools are they going to use (Facebook, Twitter, Eventbrite, MailChimp). To stop the overwhelm practitioners need to only think about Strategy and Tactics… the tools are there to leverage the strategy and tactics. If you get stuck in tools you end up overwhelmed by the options.
What's on the horizon for you and the sector?
I truly believe that this is an exciting time for the majority of the profession. As I have said those with a fixed mindset may find they have to sell their practice, or may even start to shrink. The growth mindset practitioners have an exciting future in front of them. As for me, well every day I work on serving more and building relationships… There is a dearth of expert marketing professionals that specialise in helping accountants, so my future is about trying to share my expertise as much and as far as I can. I run my business in 90-day cycles, and look at 12-month goals. My focus at the moment is on The Pioneering Practice marketing implementation programme and having that as the "go-to" programmes for growth mindset accounting firms around the globe.
Playing catch-up
Do you think women are well-represented in the industry?
I think we are slowly playing catch up. It was only 100 years ago that we got the vote, and 50 years ago women didn't have professional training like they can have now. Diversity in the workplace is happening, it isn't happening overnight, but it is happening. Look at Accountex, run by the lovely Zoe. A lot of the practitioners I speak with are women. Give it time.
As an influential voice, what impact do you want to have on the profession this year?
I want to spread the message that there has never been a better time in history to create success as a firm. The ability to be visible, vital and valued is, dare I say, almost easy. I want to show accountants and their teams that the world is their oyster. I am Marmite, people will either love or hate me, but this is good. Those that love me will come to me for help. This will enable them to have success and I will have helped those firms make a bigger impact themselves… A ripple effect.
Early Days
Where did you grow up?
Croydon.
Were you any good at maths at school?
Ha-ha no I am a creative. Maths has never been my strong point. I love analysing numbers, but that is about as far as it goes.
Trivia/Miscellany
What's your favourite film? (you're allowed more than one)
Pillow Talk with Doris Day.
What's your favourite book? (you're allowed more than one)
Fiction: To Kill A Mockingbird. Non Fiction: The Compound Effect by Darren Hardy.
What's your favourite type of music?
I am a 50s/early 60s kinda gal. I love my record player and am rather old-fashioned when it comes to music.
What's your ideal day out?
If it's sunny: A trip to the seaside, throwing stones in the sea, eating chips on the beach and enjoying the sun on my face.
If it's rainy: Popping into London for a walk around the galleries, a meander around the streets and a lovely lunch at an Italian.
What's your ideal holiday?
Amalfi coast driving around the winding roads across the most beautiful part of the world. A holiday with the hubby and children, with lots of laughter, sun and exploring.
Is money the root of all evil?
Nope, it is an opportunity to help more people and make a bigger impact.
Do you support a football team?
Nope.
Do you have a heroine or hero?
My father is my hero. I have had a colourful life, all he has done is support and encourage me every step of the way. This coupled with the fact that he is always right and seems to be able to do everything in this world with ease, makes him my hero.
Amanda will be providing all the answers to your marketing questions in a monthly blog post that will launch on Accounting Insight on April 6. Whether you are wondering which social media platform you should be using, whether you should do PPC or Telesales, or want to understand how to run webinars Amanda can help. You ask, she will answer... Please email any questions you have for Amanda to Ian Moss … [email protected].
Trent McLaren: Shall the geek inherit the earth?
What does the accountant of the future look like? Work winner? Tech specialist? Accounting genius? Selling machine?
This question and other ideas were the focus of a recent exchange between UK business development expert and Accountex 2018 speaker Rob Brown and Australian accountancy thought leader Trent McLaren.
The good news is that Rob has shared the interview with me. And the even better news is that I'm going to share some of the highlights of their conversation with you...
Thoughts on business development
One of the first questions Rob had for Trent, who is head of accounting at Practice Ignition, was about his thoughts on business development.
Trent says: "Business development, for me, is, what are you generating? What are you generating for sales?
"Marketing, for me, is, what is your brand, and what are you communicating to the market about who you are? It's your messaging and your communications.
"Business development incorporates more of your strategy to generate sales, in which, obviously, marketing plays a key role, because it's the communication part of that, and then, sales is just a process."
Bringing in new clients
Back to Rob... "What would you say to accountants who say, 'Well, business development, growing stuff, bringing on new clients is great, but I don't have the time for that. I'm too busy servicing my existing client base.'?"
"I think if you're servicing your existing client base, then look for other revenue opportunities with your existing client base. You're always going to be busy, and that's never going to change, whether that's to your own detriment, or whatever it may be," Trent replies.
One of the difficulties, of course, is the transfer of skills needed to take on the brake new world for accountants. As Trent observes: "You're dealing with accountants that generally are the more introverted, that like working with numbers.
Experts at communicating
"They're not experts at communicating with clients as effectively or as efficiently as more of an extroverted salesperson type of person.
"So therein there kind of lies a challenge, because you think, 'OK, I want to talk to them about their compliance. I want to talk to them about what we've done, and the opportunities we've got there, but now, I need to see, what else can we do to help offer them other services?'
Ands how does this happen? "I think there has be a coaching phase. There has to be a new skill reset come into play, at this point, and people, accountants, will need to learn how to do other things, outside of what they've always been doing, and that's the reality," says Trent.
Watch out for Part 2 of this fascinating conversation between Rob and Trent. Coming soon!.
If you would like to listen to the full conversation click here. Or watch a video of the exchange here.
Accounting professionals discuss the future of the industry
The 2017 Accountex visitor advisory board brought together a group of accounting professionals from around the UK to our headquarters in Brighton. The day, led by sales manager Rachel Gregory and event director Zoe Lacey-Cooper, started with a themed discussion about the various challenges and opportunities in the accounting industry, which was closely followed by a networking lunch and some interview discussions. Find out what the attendees are looking forward to most about Accountex 2018 in our short video round-up from the day...
Accountex 2018 will return to London ExCeL on 23-24 May. To book your free trade ticket, register here now.
A survival guide for tomorrow's accountant
The third and final part of a conversation between business development expert Rob Brown and Australia's accountancy thought leader Trent Mclaren focuses on a future-proof survival plan for accountants.
And at the heart of navigating tomorrow's professional landscape is a business-winning team.
Rob, who's speaking at Accountex 2018, asks Trent: "How can professional firms best encourage or incentivise their people to win business?"
Trent, head of accounting at Practice Ignition, sees KPIs and mission statements as key factors in establishing the right culture. The aim should be summed up as: 'This is what we did last month, this is what we want to do this month, this is what we need to do, week on week.'
Business winning attitude
"If that's your focus, you can only track what gets measured, and if you're not doing that with your team, but wondering why they're not doing it for you, then there's your answer. But not all accountants are in that business-winning frame of mind. "They don't all have that hungry urge," says Trent.
"So you've really got to identify who is hungry, and who wants to win business? And then, who are my hard workers that are the more introverted ones, the ones that are great with the client, work? And then, balance it out that way, and make sure you apply those roles accordingly.
"I think about a good football team. You've got different positions for different things. You wouldn't want to put your goalkeeper as a striker, because that wouldn't make sense."
Rob asks: "What do you see in progressive firms? What do you see them doing really well, to grow, and thrive, in today's competitive world?"
Trent suggests: "Start building products and services around clients. What do our clients need? What do they want? How do we help them be successful?"
Put your customers first
"Then building customised services around that. Because, if you do that, then they'll grow. If they grow, you'll grow. Put your customers first, in terms of what their needs and desires are, and solve those things.
"Even if it's things they don't necessarily understand, or identify with, it's your role and responsibility to help them understand what their opportunities are, based on the circumstances that they've presented to you.
He adds:"I'm seeing a lot of accountants look outside of the accounting industry for technology that can help them scale their practice. I'm seeing a lot of firms using things like Slack, Skype, Zoom... using all these different platforms to interact and engage with their clients that improve the communications internally with their teams.
The next five years
And Rob's final question for Trent is: "What excites you most about the next few years, when you look in your industry?"
Trent says: "I get excited when I see firms start looking at better ways to innovate their technology?" When firms say this: "Oh, my goodness. This is so good. I literally don't have to spend 10 hours every month doing this anymore. It'll just automatically happen."
Good example, we just practised the initial, and we just released a really cool integration in December, which would now allow all of our accounting firms to trigger five or 10 different actions to occur, once a proposal is accepted. So, for a lot of firms at the moment, if you're doing it all, let's say, manually. It's a Word document. They print it, sign it, scan it, and send it to the client. Client gets it, prints own scan, send back.
"That's the kind of stuff that gets me really excited, because it's kind of mindblowing."
So, roll on the future!
Della's flexible added-value formula for advisory accountants
Della Hudson was so frustrated by the lack of part-time jobs for senior accountants that she decided to set up her own business - with an efficient 25 hour working week.
She sold her business nearly 10 years later for more than 30 per cent above the national market average at that time – and has released a book about the secrets of her success.
Della, from Backwell, near Bristol, who has been a chartered accountant for over 20 years, has published The Numbers Business: How to Build a Successful Cloud Accountancy Practice.
Kind of manual
Della says: “It can be daunting to set out on your own, so I’ve created the kind of manual I would have found helpful when I first set up my accountancy business.”
And Gary Turner, co-founder and managing director of the multi-million pound cloud accountancy software Xero UK, has praised both Della and the book.
Many entrepreneurs work an 80 plus week to build their business quickly and then struggle to cut their hours.
Build a practice
But Della decided to build a practice which used modern cloud-based software, to enable remote and flexible working.
She also introduced systems for efficiency – and this helped make her business more valuable when it came to selling.
Della, who has moved into management consulting and coaching for business owners, said: “Building a business around my family meant that I had to get the work and life balance right from day one.
Flexible working
“I wanted flexible working for myself and my team, so I needed to introduce good systems from the start for maximum efficiency.
“This allowed me to scale the business within my limited hours. We systemised everything in sight and recruited the best people to provide a friendly interface with our clients.”
Della - who is a fellow of the Institute of Chartered Accountants in England and Wales (ICAEW) in recognition of her commitment to the profession - shares her experience and expertise in a step by step guide for those starting out.
Generic business books
She said: “When I started out, I read plenty of generic business books, but there were many gaps with regard to setting up an accountancy firm.
“My aim is to help other accountants start a successful business from scratch, without personal or business contacts, and guide them through the relevant steps.”
The lessons in the book apply to other professional service businesses. It looks at moving from the kitchen table to an office, taking on staff, creating a systemised company and buying and selling a business.
Ethical business
Della, who has been heavily involved in community work such as coaching young people and sponsoring local sports teams, also looks at running an ethical business.
She attributes her success to the high quality team she was able to recruit by offering part time and flexible working, her investment in good cloud technology and systemising everything - from bookkeeping and accounts production, to marketing and public speaking.
Gary said: “Della shares the essence of how she succeeded in today's increasingly dynamic world of small business accounting and advisory services.
Practical hints
“It doesn't stop there - she also provides step-by-step practical hints and tips with incredible detail and clarity.”
He describes Della as one of the first professionals in the UK to recognise how cloud software could improve the client service.
He added: “Her firm's internal efficiency and profitability have shone through at every stage of the journey.”
Della has taken part in various charity fundraisers, including an Ironman distance triathlon in aid of the Breastcare Unit at Southmead Hospital (BUST) after her mother was diagnosed with breast cancer. Her mother has since been given the all clear.
- For more information, visit www.hudsonbusiness.co.uk