What KPIs (Key Performance Indicators) do you use for your business?
There are so many KPIs that you can track but it is important to focus on the handful that are relevant to your business right now. Tracking irrelevant KPIs is about as helpful to my business as chasing my Tetris high score.
It may surprise you that, as a qualified accountant, I don’t include profit in my weekly KPIs. Profit is the consequence of doing the right things. I do, however, track my marketing activity quite assiduously. The number of industry events that I attend/speak at affects the number of books and courses that I sell. This is the right thing for me to do but your business will be different.
Our Strategic Planning Day helps to identify the best KPIs for your individual business but you can take a look and work some out for yourself. Do you need to concentrate on marketing, sales, cash balances or profitability?
Dream big, surround yourselves with great people and don’t be scared to ask for help.
To my children: dream big, surround yourselves with great people and don’t be scared to ask for help.
This is part of the dedication at the front of my first book, The Numbers Business; how to grow a successful cloud accountancy practice. I read it today as I was looking through the book to check some information for a new talk that I’m writing.
When my kids were little they were full of ideas. Their imaginations were limitless. Now they’re teenagers and their dreams are, to me, quite ordinary and definitely small. They’re mainly focused on their everyday lives at school. Where did their dreams go?
As adults many of us are the same. The minutiae of life has left us no time for dreaming. When did you last take some time to assess the ‘big picture’ of your life? What makes you happy? And are you doing enough of your happy thing? This is what led me to sell my successful accountancy practice to focus on the coaching side business that I love.
When you know what you want to achieve you can set the detailed action plan and add some costs and timescales to it. A business plan, but for your life.
Sometime in the next month book a day just to dream. Start with the big, no holds barred ideas. Work out what you really want from life and write this down. Then book a second ‘reality’ day to work out what you can do to achieve this or something similar enough to be satisfying. How do you get from here to there and what help do you need along the way.
To all of you out there: Don’t be afraid to dream big
Friday night I was privileged to be invited to join Amy Kington of Community of Purpose, Regional Mayor Tim Bowles and Lord Lieutenant Peaches Golding at the Bristol Young Heroes Awards dinner. It was a bit of a thank you for a few bits that I’d done for them (accountants are also human beings, after all) and because Xero had kindly doubled the value of a prize that I donated to the organisers, Community of Purpose.
As you may have gathered I’m pretty proud of my own kids but these youngsters had achieved so much against the odds. They were disabled, or young carers, or had suffered early hardships and still managed to do so much. They make a huuuuuuge difference to our community and provide a great inspiration for all; adult and child.
Needless to say there seemed to be a lot of people suffering
from hay fever even though I couldn’t see any flowers in the room.
Here I am with Action Hero winner Mohamed Aidid and runner up Tyreke Morgan.
I was always good at maths. At the age of 11 I won a
maths scholarship to a posh school and I was expected to move up an academic
I was ok at English but I was definitely more of a reader
than a writer. Creative essays and flowery language were not for me (although I
do Like poetry) and I particularly detest Thomas Hardy’s descriptions of the
Wessex countryside. I much prefer brief, succinct reports. Even now I get great
pleasure from finding the exact word that reflects all that I want to say. Concise
should be my middle name (It isn’t, it’s Louise, but how were my parents to
know all those years ago?)
As a business owner I had to move out of my comfort zone.
I started to write blogs and a monthly column for a local free magazine and
then, one day, I was asked to write some articles and other content
And now I’ve written a whole flippin’ book! Not just any
book but a bestselling, award winning book! Who would have thought it?
(Certainly not me)
I’m a polymath!
But the point I’m trying to make is that I wouldn’t be
writing my second book, and commissioned by Bloomsbury to co-author a third, if
I hadn’t typed those first few words of that first blog. If I hadn’t done
something that I thought I wasn’t able to do.
So what’s holding you back from trying something new? Is
it just fear or do you need to go and learn some skills first? Take the first
step today and see where you get to. It may be the start of a new adventure or it
may prove that you need to call on an expert but just take that first step.
by now you’re using software which is MTD compliant but there are still a
couple of things to look out for:
forget that you will need to register with HMRC for MTD for VAT.
into your HMRC account (if you can remember the passwords etc) and sign up
there. After that you should be able to use the new service through your
out if you pay by direct debit as MTD is unable to process a submission under
the old system and collect the DD under the new one. I suggest that you finish
your final VAT return under the old system and wait for the final DD to be paid
before you register for MTD for VAT
This seems to be creating all sorts of problems for people.
1. Create your new gateway
Link to your old gateway
Port your existing clients across (sometimes problems if they were authorised
by a paper 64-8 instead of online) (No, you can’t see the full list as the
bigger firms didn’t want all their clients displayed to all their staff)
Set up each client for MTD for VAT but watch the timing of direct debits eg
March VAT DD is due mid May. If you move to MTD before then the DD is not
recognised/collected (yes, it’s daft but just work around it for one month)
Give it a try and let me know how you get on
Update: apparently HMRC can now handle the seamless transfer of the direct debits
It’s not every day that you wake up to find yourself on the list of Top 50 Women in Accounting.
It was a wonderful surprise to find out on International Women’s Day that I was one of only three women from the UK amongst a number of household names (in the accountancy world, at least) I can’t believe how well this year is going as I see the work of the last few years falling into place.
Thanks to Practice Ignition for sponsoring the award and to all those who nominated me