Where next for MTD?
VAT represented the biggest change in accountancy since iXBRL. From record keeping to making quarterly submissions and payments. However, this is just the beginning. In the coming months MTD for VAT will become business as usual, and the focus will move to Income Tax and Corporation Tax.
In advance of her Accountex Tax Theatre seminar on 2 May at 10:15am, Jenny Strudwick, Senior Product Manager for IRIS Software Group shares her thoughts as to where next for MTD for VAT.
MTD has arrived
We’ve made it. From initial discussions, concerns, interim solutions and technology changes, MTD is now in place and the move to a digital economy is evident. In 2015, Companies House received 9.04 million submissions, of which 86.5% were electronic. Skip to 2018 and 90.7% of the 11.4 million submissions were completed online.
Some accountancy practices have fully embraced the digital revolution, while others are cautiously observing the industry and Government to see if there will be any further changes before they step into the MTD water.
Much as this is logical, we also need to be mindful of more digital changes over the coming years including the move to Income Tax and Corporation Tax.
Beyond MTD
The MTD journey starts by profiling clients; understanding which of them need to file into the HMRC VAT portal and who will be first in line to make quarterly submissions after April 2019. However, there is far more to gain from client profiling which will help inform the strategic direction of their business, so it’s worth adding both Income and Corporate Tax to the analysis of the client base.
Understanding your clients’ needs makes it far easier to incorporate changes, especially when the practice knows where the client’s business is heading. Talk to them about the big picture – what will their business look like in the next three years? What digital platforms do they anticipate using? Explore other areas of the business such as CRM and database systems, as integration to financial systems will be key to efficiency and productivity gains in the future.
Use practice data to shape your future
The advent of MTD has compelled practices to look at their structure and systems to ensure they have the right skill sets and services for the next decade. With more legislation around the corner, it’s worth creating capacity and skill for Income and Corporation Tax services, not just MTD. This doesn’t mean to say you must structure your practice for these services but understand (just as we did with MTD) staff experience, profit margins and capacity. Depending on the outcome of your investigation and decision, consider partnerships with other firms who can offer complementary or outsourced services for your clients.
Digital connectivity
The technology choices available to support clients to meet their obligations without using excess budget and team skills on routine processing is of course, front of mind. Connectivity solutions are available for bookkeeping, file sharing and client communication, so you should consider what’s best for the practice and clients.
The wonderful world of ‘big data’ has provided businesses with more data than they can cope with. In fact, they don’t know what to do with it. And here lies the opportunity for accountancy professionals. Using real-time technology tools, you – as their trusted advisor, can bring it to life and provide the intelligence to help them thrive in the digital economy.
Lifelong learning
Enabling the practice to be ready for MTD has required staff training, client training and a whole-practice approach. But the learning doesn’t stop there. Consider the additional advice clients will require for Income Tax and Corporation Tax, as well as other changes that could occur in the future. For example, accountancy professionals could be the new breed of bank manager, helping to develop business plans and obtain funding for start-ups or clients requiring more investment.
Structure training around the strategy for your business. The opportunities to broaden service provision are not only available today but are likely to be endless in the future.
Taking the lead
At Accountex 2020, I expect MTD to be ‘business as usual’. We will have submitted electronic quarterly returns for a full financial year. Firms will see increased practice efficiency and productivity and depending on the desired vision and strategy, new services will be in place to create strategic partnerships with clients.
This time last year, MTD perception across the industry was comparable to eating an elephant. It’s long trunk; large, floppy ears and wide, thick legs looked too daunting to eat in one go. However, with strategic planning and a little change management, we’ve seen the industry evolve into an exciting, critical service for UK Plc. As we ask ourselves ‘where next for MTD’ we should also seriously consider how our expertise can shape the future digital economy.
Accountants must embrace change today to shape tomorrow's business
Accountancy is a venerable old profession. Since mankind first worked out how to exchange goods and services for small metal discs, the job of bookkeeping has been a central part of every economy – not to mention a source of professional pride. When Roman generals were defeated by their enemies, their accounting scrolls were among the first things they saved as they beat their retreat. Accountants have long been the unseen cement keeping the edifice of business together.
Fast forward two millennia and the picture has changed in style but not substance. Accounting still occupies an essential role in the success of businesses of all sizes, helping them to keep control of their finances and ensure that they’re focusing their energies in the right places and for the right reasons. Business leaders of all stripes rely on their accountants to act as a counterweight of good sense and sound practice.
But the old ways are changing. At Accountex this year, I’m going to be sharing findings from Sage’s global research study, The Practice of Now, which lifts the lid on an industry in flux. We already know that technology is changing not just how accountants do their age-old job, but the job itself. Where a few decades ago the role was primarily focused on bookkeeping, balancing incomings and outgoings and making sure the taxman got his fair share, those strict lines are beginning to blur.
In a world where data flows more freely than ever before and accountants have access to information from across the business, accountancy is undergoing a shift of purpose, moving closer to strategic advice and business insight.
The silos are coming down
The silos are coming down. The numbers with which accountants work are no longer bound to the pages on which they’re written – they’re linked in to a holistic picture of the business as a whole, which gives accountants the chance to widen their scope and increase the value they provide to their clients.
In our ‘experience economy’, where data-driven value-add services based on customer needs are the key to a successful strategy, accountants must be able to keep pace. Their clients are becoming increasingly used to being provided intelligent, personalised services by their professional partners. Everything from supply chain to HR is becoming data-driven, using insights generated by increasingly digitised systems to tailor services to the specific users and customers in question.
The good news is that this is a truly exciting time to be an accountant. Many practices are already making the shift from transactional relationships to strategic partnerships with their clients. There are boundless opportunities for accountants to maximise the value they provide and so increase their market share – and The Practice of Now research will help shape that. Technologies like artificial intelligence and machine learning matched with cloud-based accounting software are providing not just a sleeker way to manage the books, but a whole raft of high-value insights that can help drive clients’ businesses to the next level.
The old skills aren’t defunct. Every accountancy should be based on a solid foundation of financial expertise. But that foundation is now ready to be built on. Accountants can use their unique insights into the business’s financial health to provide sound, actionable advice for business leaders on where to invest, when to double down and when to watch and wait. Aided by the advanced technologies now becoming widespread in the industry, there’s a real chance for accountants to push into the next level of partnership with their clients and secure their position as value-add strategic consultants.
Now is the time to embrace the change and get ahead of the curve. Equip yourself with the right tools to provide the strategic service your clients demand, and turn your bookkeeping expertise into board-level business insights.
I’ll be sharing the results of the research at the Keynote A Theatre at 10:15am on Day 1 of Accountex, and will also be taking part in a fireside chat discussing the findings further in the Sage Theatre at 4pm – why not come along and find out more?
How accountants can scale sales and boost their trusted status
Most customers search for services and compare products online. So, your digital footprint is more important than ever.
According to a Harvard Business Review study of B2B buyers, 53% of buyers turn to social media when assessing tools and technologies. Currently, 94% of B2B buyers perform online research before making a purchasing decision. If you do not have an online presence and a strong identifiable brand you will miss out on most online inquiries.
In my last article, I showed how professional accounting services firms had room for improvement, now let's deep-dive into Scale Your Sales strategies to accelerate growth. Branding should evoke an emotional response that motivates your ideal customers to sign on as a client. Your brand must reinforce the brand values, engage new customers and make clients want to remain with the firm over their lifetime.
With 72% of firms struggling to win new business and a third of existing clients considering switching to competitors; your engagement and education process is critical.
Even if you are not planning to grow your accounting firm or sole practice, you will want to retain your existing client relationship.
Scale Your Sales is the ultimate relationship system that helps professional accounting services engage, educate and elevate your client relationships into trusted and loyal partnerships.
Scale Your Sales Engagement Strategies
Engagement starts long before the first meeting. It is in the brand messages the resonate with the ideal customers. The brand is the first impression, that set their expectations of what will follow. Do you encourage the customer to schedule their own appointments, is this process easy? What is the on-boarding process in the first, and subsequent years? Are clients invited to an introductory webinar before the meeting? Are they sent a list of questions to ask their accountant? With the confirmation is a photo of their accountant sent? Do you have an engagement process in place? Although a great deal can be automated, it is important that engagement is not overlooked.
Start by asking,
- What would be useful for the client to know?
- What is the best way that they want to receive information?
- How do you know you are exceeding their expectations?
Do you have the benchmarks in place to measure the level of deepening relationship?
Online engagement is no different from offline. It is just a conversation, sharing relevant information. You know what is relevant by asking relevant questions and commenting on other relevant posts to strike-up a two-way conversation. The key is to be active, be helpful, informative and genuine.
Scale Your Sales Educate Strategies
Customers lack knowledge leading to a lower perception of value and higher buyer uncertainty.
Not all your messages will relate to your entire database of clients. Segment your database by the customer stated preferences, characteristics and business sector. Then you are better able to align the relevant messages and offers to the most interested clients.
This is your push strategies, but you must have a pull strategy as well. This allows prospective and existing customers to draw down relevant information as and when they need it. It is important your clients see you are a source of knowledge and insight. The person that can solve their business problems. You must enable your customers to self-select and self-educate from your knowledge platform. If you do not your competitor will.
It is important to educate prospective customers on how best to access accounting services and what best fit looks like. Make it your mission to stop business owners like me, making mistakes that cost them.
Every other industry, technology continues to make inroads into accounting. Yet, technology will not replace relationships. Trusted professional advisers are needed to interrupt the data, to educate clients on the more information created from technology.
The firm itself must be at the leading edge, embracing technology and this includes getting a grip of social media and social selling. Technology plays a significant role in gaining clients and creating brand awareness.
Education creates opportunities that can lead to loyal clients and lifetime partnerships.
Scale Your Sales Elevate Strategies
Satisfied customers deliver an average of 7% higher revenues, what is your retention strategy? Do you know your level of churn and whether you are retaining your customer relationships?
Attracting new customers, retaining existing clients and growing existing revenue. Are all business goals that require defined benchmarks and strategies to drive your accounting firm’s growth results.
It’s about building relationships to help your clients achieve their business goals. This takes professional accounting firms beyond handling the taxes. To elevate the relationship to a trusted partnership.
When the on-boarding team meet with clients, focus on asking questions that help identify the client’s business needs. To help your clients set a direction of travel to greater financial opportunities. A partnership relationship will enable the accounting firm to sit at the client table (either virtually or literally) in key financial business decisions as a trusted independent partner. Without a deep understanding of the information held on your clients, along with a strong trusted relationship. Professional accounting firms must invest in internal systems to easily serve customers’ needs and meet their expectations.
The customer experience is more important than ever with 72% of businesses saying they switched due to a reactive service. Some customers want a lite touch, however, if this is not their expectation, you are delivering a poor customer experience. Firms must lead in creating the best possible personalised customer experience with a commitment to engaging, educating and elevating customer relationships. If they are to increase the customer base, retain clients and grow their professional accounting firm.
To hit your growth goals and to develop stronger relationships into long-term partnerships.
You need:
- Clearly defined brand and brand values.
- Customer data segmented for your most valued customers.
- Personalisation engagement strategy that elevates your customer relationships.
- An education strategy that builds credibility.
- An engaging onboarding and retention strategy.
Very few people love to sell much more love to build relationships. The more focused you are in serving your customers, the better your chances of scaling your accounting firm. You must in inject more than a bit of personality but fill-in your invisible box with colour and character. Make your professional accounting firm identifiable for the things your client cares about. By completely immersing your firm in partnering with your clients on their journey to business success.
Janice B Gordon is a Sage Business Expert and awarded 25 of the #TOP100 Global Business Influencer 2017 and founder of Scale Your Sales. Janice will be sharing brand building strategies at Accountex. Make sure you book your seat on May 2 in the Sales and Marketing Theatre at 11 am, for 6 Ways to Scale Your Sales Building Brand.
How Futrli reimagines the small business landscape
Hannah Dawson is the Founder and CEO of Futrli and has just been named as part of the Maserati/Sunday Times top 100 entrepreneurs to watch. Futrli is a UK-based tech scale up whose Classic product supports 1,100 accountants and over 45,000 small businesses worldwide. They are Xero’s Practice app of the year and won a place on this year’s Tech Nation Upscale 4.0 programme, where the likes of Monzo have thrived before.
Futrli has been building a new platform over the past two years that complements Classic’s traditional forecasting and reporting capabilities. The platform reimagines how a small business works and succeeds every day, and with launch imminent, Hannah’s full steam ahead, but excited to talk with Accounting Insight News before her session at Accountex 2019 at ExCel.
AIN: Hi Hannah. Let’s take a brief trip down memory lane - tell us about founding Futrli...
HD: Futrli was born from my own experience as a small business owner. I was working in hospitality, running a pub in Devon. There were some simple things around the business’ financials that were far harder to get a handle on than they should have been, such as getting an up-to-date overview of our cash flow. Then I was landed with a hefty tax bill I didn’t know was coming, because the information on running the financial side of a business was so lacking. It nearly closed the company’s doors.
I needed a way to run the business with eyes on the future, not just the present or the past. Making decisions was difficult and full of risks because I didn’t have all the relevant information in one place when I needed it. So after doing some research, and realising there was a significant gap in the market for this specific type of software, I founded Futrli.
AIN: And how’s Futrli evolved since you founded it?
HD: Nearly five years later we have 100 people with offices in the UK, Australia and New Zealand. Futrli Classic has done brilliantly and we’re incredibly proud of where we’ve got to. But we’re only just getting started.
We are nearly ready to launch our preview release of our AI driven smart platform for small businesses. It has a range of products that have been designed after careful research and design, which solve the most pressing pain points that small businesses face (and the accountants that support them). There’s no gold standard for the tools you use to run a small business. Our platform is this.
AIN: Why do small businesses need help?
HD: Despite all the technology available in the marketplace 50% of small businesses fail in the first five years. Something is broken. Classic is used for bigger small businesses and their reporting needs, but for the 90% of small businesses that don’t prepare monthly management reports or rolling forecasts, numbers are often a scary thing. They don’t have finance or analyst teams interpreting the data they generate every day - they need help.
The new Futrli platform is for the 90%. It discovers information; interprets it into real words and prioritises the most important things that need to be actioned every day: simple!
Whether that is something within non financial data sets, future cash flow issues or getting paid by your customers.
The benefit for our accountants it that Futrli Platform makes it quicker, easier and extremely cost-effective for accountants to service the remaining 90% of small businesses that they simply don’t have the time to get to.
The platform does the heavy lifting, every client knows exactly where they are today, and when there is a question about what to do next from the small business, the accountant is given an opportunity to service a client who would have gone unnoticed before or would have not been deemed the right fit for advisory.
Advisory will finally be democratised and Futrli accountants will be deemed heroes! Depending on whether you use the free or pro version of each product will dictate the opportunity for the accounting firm. Pro gives deeper information so that even more heavy lifting is done and there is a richer base for advisory opportunities to present themselves.
AIN: And what’s the first product to be launched?
HD: The first product to launch is Flow. Flow helps small businesses who are stressed about not getting paid and how much they owe by using the power of AI to understand customer and supplier habits. There are lots of payment chasing apps out there but what’s missing from many customer focused products is that there is no actionable detail. We’ve got risk assessment, dependency levels, customer ranking (who are your top 10 and worst for x/y/z), and because the platform doesn’t just pull data, it pushes it too, smart workflow is created as you can create invoices/bills etc directly from the platform and straight into Xero and QBO.
Layered over the top of it all is the AI driven predictive element. It’s all well and good having credit terms, but when will your customers actually pay you? Flow gets to the heart of the problem and gives you solutions.
AIN: And there are free features too?
HD: Yes! Our smart daily newsfeed for your business. We all consume information every day by scrolling until we are caught up: think Facebook, Twitter, LinkedIn - so why not one for your business? Pulse is where you login to the platform. It’s where information from all activated products is prioritised and the next best action is recommended. It’s very cool!
If the status quo of software for the 90% is broken, let’s reimagine a new way with the smartest workflow, for every data source and pain point, so that small businesses are de-risked, de-stressed and can focus on why they went into business in the first place!
AIN: What does the future hold in store for Futrli?
HD: We’re really excited about all the products on Futrli Platform. After we’ve launched Flow and Pulse, our free newsfeed, next in line is Predict. This is forecasting totally re-imagined.
It helps small businesses who are uncertain about the impact of their decisions, by combining their knowledge with AI-driven predictions to forecast their future, and again the most amazing workflow has been created to ensure it’s something a small business will actually want to do every day.
Then we have Playground. It helps small business teams who are tired of juggling multiple data sources and making decisions in silos. It brings teams and information together to deliver coordinated and faster decision making and execution. It’s a world first and takes funnel to a whole new level!
We’ve got more products up our sleeve for later in the year, but you’ll have to interview me again to find out more!
Why building your accounting brand is more important than ever
Clients of accounting firms or sole practitioner accountants often suffer from buyer uncertainty and remorse and it is easy to see why:
People buy on emotion and justify on logic... how many emotional accountants do you know? 'Emotion' has been a dirty word in professional services.
It is only in the past 5-10 years that they have felt it necessary to inject personality into their communication and put some emotion into their messaging.
We are in a digital social economy where many service-based businesses give away some of their best work, to demonstrate their credibility and to educate the audience of their service proposition. Customers expect more than a transactional service, they expect a personable relationship.
Here are three areas where there is room for improvement in customer communications.
- The starting point is a negative experience such that prospective customers often:
- Feel forced to conform and comply although, by HMRC, your profession is a chink in the chain.
- Uncertain when to access accounting services, so do it late.
- Have unrealistic expectations of the cost of the service, linked to not knowing what you do.
- Lack of understanding of the full services available that could help their businesses grow.
This creates a barrier between customers accessing accounting services.
- Many accountancy firms sell what I call an ‘invisible’ box of services.
No one knows what goes on inside!
The higher the perception of undifferentiated commodity the lower the value. Professional accounting service firms must help customers by differentiating their brand. Giving accounting firm personality and showing customers the specific value to their business.
Besides word of mouth, prospective customers may not know how to make an informed choice between ‘me too’ accountancy firms. To them, many accountancy firms offer similar services, it is hard for customers to distinguish between the good and great. Customers lack the technical skill to assess accountancy qualifications and experience.
To prove this point, when I searched for the difference between chartered and certified accountants one answer was:
“A chartered certified accountant means that the accountant has received his/her qualifications the ACCA. A chartered accountant has received his/her qualifications through another governing body in the world. A certified accountant may also refer to chartered certified accountant UK.”
I remember when I started and managed a growing restaurant and bar business that employed over twenty full and part-time staff. I felt that I was working to pay PAYE, VAT, business rates, corporation tax. As soon as you pay one tax another came thick and fast, and there seemed very little break for the massive personal investment in people and property. I did not always get the right professional advice and it cost me. I was ignorant of the value of professional services, but they did not sell their value to my individual business, they sold the price for the 'invisible box'.
- Customers are unrealistic because they are ill-informed.
Even after the initial service is provided, how can a client assess the quality of the submission? Did the firm find and apply all the relevant deductibles? How would a client know?
Customers have unrealistic expectations not only of the service but also the tax burden. Few people enjoy paying tax. The basic fact is that may customers are ill-informed, and this leads to widespread buyer uncertainty and a lack of trust. Send a personalised confirmation email of the service provided, this is an excellent opportunity to communicate value.
Rather than the above three areas being a barrier, they create opportunities for professional accounting services.
The accounting firm must create an onboarding and service delivery processes to remove barriers to their service and buyer uncertainty. Giving opportunities to deliver and even exceed customer expectations.
What required is education rather than persuasion in sales and marketing. The deepening of the relationship into a partnership is critical to building long-term and lifetime value. It is not a transactional service offered, but a trusted partner relationship. Customers can do their best work knowing they have a trusted professional accounting service in their camp.
Ensuring education is at the core of customer communication shows clients:
- The benefits of seeking an accountancy service early.
- What are the key differentiators between account services?
- Ways to access accounting service providers.
- Ways to communicate their expectations, issues, and desires with their service provider.
- What they should expect from service delivery?
- What they need to look for in early warning signs in their business growth journey.
- What they might be eligible for in deductions.
- A calendar of events or a personalised calendar of their submission deadline.
Your brand values and personality
- What other services benefits are on offer such as a loan, mentoring with example case studies?
Education of prospective customers and current clients will reduce buyer uncertainty and increase trust and loyalty. The better educated your client the higher they value your service.
When a customer perceives the accounting firms or sole practitioner accountant as the experienced professional that has solved a similar business problem for similar businesses. Reduces the risk in the decision to contract your service giving social proof with case studies and testimonials.
When many professional services are indistinguishable it is critical to brand and distinguishes unique element of your firm. Become a specialist practitioner working in one industry or with one type of client.
Building your brand is essential to help customers distinguish your accounting firm others. Survey your top 20% of clients on the attributes they look for in a professional accounting service firm. Find what differentiates your service from other competitors that they considered. When on-boarding customers, ask them what made them choose your firm, record their words and use their perspective to inform your firms brand statement. Researching what is important to your clients and building your brand around this clear communication of difference conveys what is unique about your firm. This will help to attract other similar customers.
Your brand must present brand values, emotionally engage new customers and reinforce why clients must remain with the firm over their lifetime.
Janice B Gordon is a Sage Business Expert, in Sage's TOP 100 Global Business Influencers 2017 ... and founder of Scale Your Sales. Janice will be sharing brand building strategies at Accountex on 2 May in the Sales and Marketing Theatre at 11am.
Taking time out for a working holiday in Morocco
I take a working holiday to warmer climates to escape the winter and to create focused time working on a project. This year I wrote the first draft of my second book Scale Your Sales, but then another surprise project materialised.
I spent six weeks in Morocco. I took my book outline, and within days of arriving I secured a local data SIM for internet access, drafted a work plan and started writing. My target was to write 1,500 words a day, but I was soon beating this target. The writing and research were going well all through Christmas and New Year celebrations.
I would wake and jog along the beach at sunrise, after breakfast, I sit down for the day to write, with a break on the balcony I would continue to work until my brain was completely fried. Dinner was at 7pm followed by a relaxing evening speaking to family and friends or watch movies.
Atlas mountains
The uninterrupted days were interspersed with massages, reading, visits to the Hammam, a tour of the Atlas mountains, a few socials with other tourists in local bars. You can see my many posts of this time on my Instagram channel.
I have enjoyed these working retreats for many years and would highly recommend it if you have the flexibility to make space in your life for an extended working holiday.
The benefit of a long retreat is the expanse of space for uninterrupted creative thinking. Creative thinking is simply the ability to look at the thing in a new was, to make a new connection, to problem solve and to see things differently. It is said, that creative thinking encourages self-expression and allows you to distinguish yourself from the crowd. During this time, I am my most productive and I deliver my best work because I have the thinking space to do so. I do not see this as a luxury but as a necessity for my business.
“I wonder how much better your company would be if you were able to take stock every year?”
Big projects
It is essential to have a compelling reason for any big projects; otherwise, you will get distracted and lose momentum. I know the book writing process is an endurance race that is not complete when the book is written or even published. The hardest bit for me is to get started on connecting coherent ideas into relevant strategies and models.
“What important project could benefit from you taking yourself away and dedicating focused time on starting and completing the project?”
Here is my process of planning for any successful business project that provides a solution relevant to an audience.
What’s Your Reason Why?
My reason for writing was to get my Scale Your Sales system in a format that was easily accessible and widely available to my audience. I had developed the model from my work developing sales teams in Key Account Management using strategic sales tools and social selling methods. The first task in any project is to understand your reason why and create clarity on the objective of the project. Your reason and intention may be lead generation, credibility building, passive income, or new business opportunities, but establish it up front.
Why You or Your Business?
What unique perspective, experience or skill do you or your business have that no one else has that an audience needs to help solve a problem? I had the experience and knowledge; however, there was always a niggling feeling around the impact this book would create, something I need creative time to explore. While writing the Scale Your Sales draft book, there were more significant ideas germinating on the bigger sales transformation, which did not easily fit into my Scale Your Sales model.
If like me you want your project to become one of the most powerful marketing assets in your business portfolio, potentially earning you multiple media appearances, speaking opportunities, more clients, consulting contracts and new product development, then there is a process that you need to ensure your project is successful.
- Begin with the end in mind and ask what do you want your project to do for you and your business?
- List your objectives in order of priority; here is mine:
- Create thought leadership.
- Secure paid global speaking opportunities.
- Land opportunities for consulting and masterclasses.
- ‘If you build it and they will come’ does not work so list the audiences that your objective will have the highest impact on, this your project's community.
- Nurture and engage the community with survey and updates long before the project is ready to launch.
- Market and promote the creative process and the launch strategy long before the project launches, the sales strategy must all be well executed if the project is to be a success.
Regardless of your business objective, for
your project to have a significant business-building impact, it is crucial to have clarity when undertaking an energy-intensive project.
Writing a book can become a meaningful brand and business opportunity only if the book is relevant and compelling to your target community of potential buyers. The best way to ensure that they do come, get them involved and invested in discussing the content and adding value to the solution. Excellent sources of answers to your research questions include Quora, Ask the Public, Industry forums on social media and survey platforms.
The critical thing is not to go through the agony of writing a book or investing in a project unless you have evidence that there is an audience to buy it. I plan to continue interviewing industry experts, as I am aware that my perspective is not the only consideration.
I want the book to have a unique value proposition, and I have read the books my target audience would have read, to get the audience perspective and a clear idea of the gaps in the market. Some of the expert interviewees may add to the recommended reading, which will help create a blueprint.
Get a Mentor
You would not start a business or advise anyone to do so without first doing diligent research on the target audience, the product and seek professional advice from someone who has done something similar.
If you have never written a book before and would like to then I would recommend The Ultimate Guide to Writing and Marketing a Bestselling Book - on a Shoestring by Dee Blick, I have written one chapter on self-publishing, but this book gives you everything you need to know. There are many decisions to make, and it is best to have an overview of the options, the pros and cons. Whether you decide to self- publish, hybrid or go with a publisher, you must develop your community early in your book writing project.
There is no point writing a book or doing any project if it is not going to get found by the audience, it was created to help. The marketing and sales are as essential as the creation of the product unless you invest in the promotion then you will not generate the impact and the sales worthy of your energy investment.
The surprise project that materialised was that I had material for another book that take the perspective of the buyer rather than the seller – watch this space!
I have some exciting sales strategies to share with you at Accountex, make sure you book your seat for: 6 Ways to Scale Your Sales Building Brand. Janice will be speaking at Accountex on May 2 in the Sales and Marketing Theatre at 11am.
In search of a work-life balance
After a well-earned break for most, Christmas and the biggest rush of the entire year seem to be a very distant blur! Yet some of us are still finding it tough to get back into routine, with that seemingly endless to-do list.
Christmas is a wonderful time as it pushes us to have some much-needed time off and recharge, which for some does not come often.
While I admire those with a good work ethic, I believe that balance is the key to happiness and good health.
So how do we get the right balance?
We must be able to adapt. If you think about your work/life balance as a pair of scales you want the weight to be equal - but for most it never is, Something has to give in order to coordinate balance.
Most balance relationships, kids, hobbies, while chasing a career, Some have no time for any of the above other than the career.
The biggest mistake most people make is over committing, and not using time wisely!
Getting itchy feet, making a change to please others, saying yes too often whether it’s starting a new project, studying, hobbies, meeting up with loved ones, we are always in demand but now is the time to review, most of us feel we can’t say no which is half the problem....
There is always an alternative solution… time to re-think our answers!
- I can’t stay late tonight instead ask can I please extend that deadline until Friday?
- I cannot start that new project yet (Can we meet about this next week instead?)
- I am not going to send one more email (Set an alarm, a reminder to switch off emails at 5:30)
- I’m not going to be able to attend that meeting can one of my team go instead?
- I can’t commit to plans that weekend
What is the bittersweet?
The 'bittersweet' is the hard work that provides results but only to a degree - money and achievement, for instance. B
But let’s take a look at Elon Musk, CEO of Tesla. He's a very wealthy, clever man. But working 17 hours a day with millions in the bank is ludicrous!
There is no balance here at all... it is just work, work, work and the result of this is his health has suffered.
Overwork has been proved to decrease productivity and can even shorten your life span!.
Next time you find yourself with that inner doubt and you are questioning whether you can say yes or no, don’t just commit and please others by saying yes. Think of a solution, an alternative - and give yourself the time you deserve.
After reading the above, are you questioning your work life balance? Or maybe you have already conquered this? Have you got any advice for others?
Please comment below!
Oh and here's an article about why working a 17 hours a day is bad for you. Right HERE
Don’t forget your headspace!
We live in an exciting world where we can extract information instantly, communicate to anyone, anywhere, and go everywhere.
With the pace of life accelerating rapidly and our to-do list forever growing, I want to bring your attention to the one important thing most of us are forgetting - time for you!
I’m not talking about the brunch you had on Saturday or the trip to Italy you made this summer, I’m talking about allocated time for headspace.
Switching off
Switching off from social media and being at one with your thoughts! No, I’m not a wellbeing guru, but I have learnt a lesson or two!
I have always been a social butterfly packing out my weeks with loads of plans, seeing family and friends, endless trips, dinners, always having something to do or organise while progressing a career I love. And this is exactly how I reached burn-out.
Side effects of burning out are insomnia, depression, anxiety, and a range of other health problems.
My top tips
So what can you do to give yourself headspace?
There are number of ways you can make time for you. So here are my top tips:
- Find a class you love - yoga and meditation are fantastic ways to de-stress (I would highly recommend yoga)
- Discover the art of doing nothing - saying no to plans and having free evenings.
- Read a book - this is a great way to let your mind wander.
- Enjoy social-media-free days - you will be surprised just how much extra time this gives you for yourself.
- Try the Headspace meditation app - I have only used this once but I have friends that use it regularly and love it.
As well as the above, make sure you have support when you need it. There is no harm in asking for a deadline to be moved, sharing the workload or off-loading problems to a family member or friend.
Has this made you question how much time you allocate for your headspace?
Have you got any other tips you can share?
Please comment below!
IRIS CFO wins top finance professional award
Congratulations to IRIS CFO Elona Mortimer-Zhika, who has won finance professional of the year in the Venus awards for women in business.
Elona was recognised in the working women's Oscars for her dedication and tenacity.
The Thames Valley region award follows IRIS's recent acquisitions of Star Computers and Taxfiler and the buyout by Hg Capital and ICG. Elona was instrumental in the recent sale of the business, which was the UK’s largest ever and Europe’s third largest ever private equity led software buyout, representing an enterprise value of £1.3bn.
Approach to leadership
Elona has a refreshing approach to leadership. “I like to lead by example and earn my stripes," she says. "I believe that great leaders should be humble. There are always ways to improve and I learn from both my peers and my team. My motto is, ‘It’s more important to get it right, than be right’.”
The accounting software group boss grew up in Albania and came to the UK when she was just 16 on a scholarship programme. Elona balances her career and family, raising two boys aged two and six.
As well as a highly demanding job, she finds time to enjoy as much as possible with her children, whether it is attending school activities or spending the weekend bargain hunting with them for Thomas the Tank Engine sets at car boot sales.
Strive to do the right thing
Kevin Dady, CEO of IRIS says, “We all strive to do the right thing, and do it well. The passion across the business to create products and environments that customers and staff love, is at the heart of all we do. Elona’s award is inspiring for us all and testament to her approach throughout her career. We are all very proud of her achievement.”
Having started her career at Arthur Andersen and then Deloitte, Elona’s previous roles include SVP chief of staff for Mavenir and VP of commercial finance for Xura and Acision.
She was nominated by recruitment groups Rapid and Firefly The Venus Awards were set up in in 2009 by Tara Howard in response to the lack of recognition of women in business. Now spanning eight UK regions, the awards recognise the dedication, effort and skill in juggling business and other commitments.
'Life’s too short, so do something you enjoy, both in your career and personal life'
As it's Mental Health Awareness Week, we're delighted to catch up with Kath Haines, CEO of CABA, the charity that focuses on wellbeing for accountants. She talks about her career, life and Accountex with Accounting Insight News Editor Ian Moss...
The here and now….
What are your favourite early career memories, Kath?
To be asked to buy a calculator during my first auditing job. I was so used to solving problems by mental arithmetic!
How did you get into this business?
I have always had a passion for numbers, and was delighted to land a temporary holiday job at the Inland Revenue where I worked for an accountant. This sparked my interest into the profession and I have never looked back.
What can accountants and finance professionals learn from you, in a nutshell!?
The importance of wellbeing and looking after yourself. Life’s too short, so do something you enjoy, both in your career and personal life.
What’s on the horizon for you and the sector?
The technological changes I referred to above are likely to have a huge impact on the ways in which accountants work in the future. For us at CABA it’s about us being there for those who struggle with these changes, making sure that we have the help and advice to both prepare and support them.
As an influential voice, what impact do you want to have on the industry this year and in the long run?
To continue to encourage good mental health and removing the remaining stigma associated with it. I would also like to focus on growing the awareness around the importance of wellbeing, and how it can make an employee more productive and engaged. Our whitepaper scratched the surface of how looking at wellbeing holistically can provide great business benefit, so I want to help forge a strong understanding of how wellbeing positively impacts an employee’s performance, to help deliver a true wellbeing ROI.
What are your expectations for Accountex 2018?
To be part of an informative event and keep abreast of changes in the industry. I am hoping that we can generate a buzz at the event. We have a stand where we will be offering lots of advice on how to look after your own wellbeing.
Early Days
Where did you grow up?
Sutton-in-Ashfield, Nottinghamshire.
Were you any good at maths at school?
I always had a passion for maths and was proud to achieve a Combined Science degree (BSc) from Leicester University, where maths was a key part. I came from a family of teachers so it was presumed that I would do that, but I wanted to do something different.