MiP Thoughts

Musings on Being a MiP

Getting to know you

“Piglet is so small that he slips into a pocket, where it is very comfortable to feel him when you are not quite sure whether twice seven is twelve or twenty-two.” This Pooh quote is all about having someone you can call on to help when you need it – and don’t we all need people like that!

Successful business owners surround themselves with people who can do the jobs in their company that they cannot do, so they can concentrate on their own strengths. Obviously having employees is one way of filling the skills gap – another is to use consultants and other professionals.

So how do you find skilled professionals who will add great value to your business?

For me referrals and recommendations are the only way to go. If someone I know well has introduced me to someone they have worked with before, I can shortcut the due dilligence process. In my experience good people hang out with other good people.

I make sure that I network in groups that help me to find great people I can use myself and recommend to clients and other contacts. I love meeting new people and networking groups are a great way to keep in contact with my strategic partners regularly. Clearly networking can require quite a lot of time but these days I can enhance my networking by using online tools.

In this respect I like LinkedIn because it allows people to recommend me, and I can read recommendations given to people I might be thinking of using, in a quick and easy to use format. I can also catch up with what’s important to them through blogs and posts.

If I have had a great service from someone I make sure I recommend them so that their profile on LinkedIn is enhanced – I also ask people I have worked with the recommend me. When I get a good recommendation it is a great morale booster and helps others to get a feel of what working with me would feel like.

It’s easy to put networking on the back burner when we get busy but we must continue to do the things that got us busy – or we will experience periods of slack time when one job comes to an end and before restarting our networking re-fills our time again.

Are you your own worst enemy?

I talk to many MiPs up and down the country who are not quite achieving the success they deserve.

As with many business owners one of their key problems is a lack of confidence, not in their abilities as accountants. This means they have difficulty in determining the value they bring to their clients. As a consequence they take on work which is below their qualifications and experience, because it is easier to ‘sell’ lower level work if you don’t understand the value to clients of more challenging projects.

It is then very easy to get onto the tread mill of having to take on lots of low value clients/projects just to pay the bills. Because all their time is taken up servicing clients, rather than developing their business, they don’t have time to go after higher value work. This then means they find it very difficult to break out of the rut they have dug for themselves.

Another problem is that, even if they are trying to go after higher level projects, they are not clear enough on what their ‘perfect’ client looks like. To the ‘perfect’ client the work professionals can do for them is of real value. They want the service and are prepared to pay an appropriate fee for it.

Other clients may have been told they need the service but it has less value to them because they do not get why it is important to them. These clients will view a professional’s fees as a cost and are much more likely to want the service at a cut down fee. In this situation the management accountant (in this scenario) may still be in the position of doing a large number of hours for a relatively low rate and have the same problem as detailed above.

They have become their own worst enemy!

The key to understanding the value you can bring to customers is to talk to them! I know this sounds obvious but we are often put off from talking to our clients because we are afraid they will tell us something we don’t want to hear. However, it is more likely they will tell us something we DO want to hear!

If you don’t have any ‘perfect’ clients you will still have introducers and other business professionals with whom you can talk to chrystalise your value proposition.

Although this blog has focused largely on accountants the same problems can be found with other professional service providers and the solutions are the same:

– Have confidence in yourself and your abilities

– Understand the value your clients realise from what you do and charge accordingly

– Concentrate on projects in which you have particular expertise

– Identify your perfect clients and market to them

Become your best friend and give yourself the best chance of running the business you deserve

Fiona 🙂

Great connectors are kings!

I have long believed that effective networking is key to business success. This is particularly so for business to business services. However, it is always difficult to decide which of the numerous networking groups are best for your particular business. It is very easy to waste time and money doing lots of ineffective networking – by ineffective I mean networking which does not result in building ‘real’ business relationships.

I believe that successful networking is less about the format and the networking organisation and more about the individuals in the group. Are they the type of people who are moving in the same markets as you? Are they talking to the people you want to talk to? Can you see yourself building great referral relationships with them? If the answer is yes to any or all of these questions the chances are you have found a netwoking group which may well work for you.

So how do you get the best out of networking meetings?

Having a plan is an excellent start. Some groups provide a list of people who have booked for the meeting so look at who is going and decide who you want to talk to. Groups with a sit down meal often give you the opportunity for you to request to sit next to a particular person – or at least on the same table as that person. So use this facility.

If you have been invited to a group by a member discuss with them in advance who in the group would be good contacts for you. If they can introduce you to each other through LinkedIn or by email in advance you will be happier approaching them at the meeting.

After the meeting FOLLOW UP! However, well you got along with the people you meet they will soon forget you if you don’t follow up with further ‘get to know you properly meetings’ (or 121s). Remember everyone in the room will be meeting lots of people all the time – you need to find a way to make sure they keep you in mind if you want them to work with you.

So, I would like to sign off by saying that it does not matter how many people you meet during your networking – what matters is how many of them you follow up and build a mutually productive relationship with.

Fiona 🙂

Conferences Rock!

I thought as the CIMA MiP conference has just finished it would be a good time to revisit the theme of professional conferences.

I have been to the Members in Practise conference for years and have always got key benefits from going:

  1. The conference is excellent for CPD, which as a professional management accountant, is vital. Although I don’t do tax or compliance myself I do need enough knowledge to help point clients in the right direction and conference is a good place to top up my knowledge.
  2. As well as specific CPD on accountancy issues we also have great key note speakers who motivate me to have the best business I can.
  3. Finally on the CPD front, sales and marketing is always a challenge for MiPs and we have great workshops on how to get our messages across.
  4. For me, though, conference is about much more than just getting CPD. Because conference is full of like-minded individuals it is a great place to build relationships, which can carry me through the year. Working on our own can be a lonely place and these relationships help me to keep a balanced view of my world.
  5. And let’s not forget the gala dinner, disco, and the ‘craic’ at the bar! We have such a good time and, as I don’t get out very often, it is one of the few evenings in the year when I feel like a grown up!

I am really excited about what I learned from this year’s conference.

As MiPs though it is worth remembering that the majority of the conference organising is done by the MiP volunteers on the Panel. They have their own businesses to run and take a substantial time out of them to ensure each year’s conference is a great event.

Organisation includes:

  • Organising speakers
  • Getting sponsors on board
  • Ensuring we all know about it through marketing
  • Liaising with the venue to make sure everything goes well on the day.

So. if you have any complaints, be constructive. If there is something that is just a little irritant don’t make a big deal out of it, but if there is something you could help to make better next time round why not offer your help?

If you are cogitating about whether to go to your next year’s conference (especially if you have not gone before) my advice is ‘give it a go’. You will probably get much more out of it than you ever imagined!

Fiona 🙂

Oo La La!

You may have picked up from the local press or from my LinkedIn updates that I was part of a group who cycled to Paris at the end of May.

Well I am here to report that the ride was a great success both in terms of the fun we had doing the challenge, and in terms of the money raised for some great causes.

Under the Rotary banner (although only a couple of the riders were Rotary members) our aim is to get as many defibrillators in Wells as we can and we also want to support Reaching the Unreached (an orphan education project).

We think that when all the donations are totted up that we will have raised over £8,000 for our two key causes.

Starting at Wells Cathedral our first day took us through Longleat and via Warminster to Salisbury. Day 2 from Salisbury to Portsmouth was lovely but navigating through Southampton was a bit of a challenge.

Following an overnight on the ferry to Le Havre our longest day on the bike took us to Evreux – 72 miles. Fortunately day four was a half day ride to Vernon giving us the opportunity to visit Monet’s Water Gardens at Giverny. The final day saw us ride into Paris and reach Notre Dame just as the heavens opened!

If you would like to support us go to:

https://www.justgiving.com/crowdfunding/wellsrotaryclub?

Fiona 🙂

It’s the little things!

Last month my hubby and I went to the US on holiday. This entailed a 10 hour flight to Las Vegas by the end of which our bottoms thought our legs had been chopped of – you know the feeling! Anyway the flight was made so much better because of the little things that happened during the flight – even though we were just bog standard economy passengers.

Firstly, and most importantly, the Virgin staff were good humoured and did everything they could to deal with our little requests – such as getting a green tea bag for me from 1st class! They were cheerful with big smiles, polite and courteous even though they had a full Boeing 747 to cater to. I even had a chat with a couple of lovely stewards as we were waiting to go through immigration – they were so friendly despite being at the end of a long shift of dealing with us passengers and probably desparate to get to their hotels!

Secondly, the in-flight food was really nice and honestly the best I have had. Not only was it tasty but the hot food was piping hot! The peice de resistance was the Gu chocolate dessert which was always going to have me at “hello”!!
It’s great when you get something more than you bargain for and I think we should all try to find the small things we can do to make our clients happy. Of course we need to do the job we are paid to do in the best way we know how.

But, if we want to be recommended and for our clients to be really happy, we need to find those extras that may be unexpected but appreciated.
After all, Virgin’s job was to get us from A to B and there are some airlines who congratulate themselves on doing JUST that – and even give themselves a round of applause for being on time (what we are paying them to do)! But they forget that they are in the service sector – and that customers like to be treated well!

I was once surprised by a client who wrote this: “Fiona…has an incredible ability to collate, simplify and explain financial data that can then be understood and used by any non-finance manager, all delivered with patience, courtesy and, most importantly round here, a sense of humour!”
Who knew a sense of humour was an important attribute of an accountant!”

Collaboration is fun!

You may well have picked up – because I mentioned it more than once! – that I have a pet project I have been collaborating with Trevor Lever on.

What started out as a one book project soon became two books as we realised that we had enough material to split into two bite-sized, practical handbooks. These will be How to Have Fun Selling and How to Have Fun Marketing.

These first two books will be specifically aimed at accountants in practice but will later be combined into one book for any professional who struggles with sales and marketing.

The collaboration has been a perfect way of focussing on a specific group of people who need help. I know the target audience very well, whilst Trevor knows all about the material we are conveying.

As part of the information gathering stage we had two days of working together to make sure that I captured all his great stuff. Everything was recorded so that I could go back to the converstations when I came to write the two handbooks.

I was able to give Trevor insights into how accountants thought – which he sometimes found astonishing – so he was able to give specific guidance into processes and procedures to help unstick specific problems.

I have learned a terrific amount and, as Trevor has passed on his great teaching materials too, I have been able to confidently transfer some of what I learned into a half day workshop.

My husband Jeff has had ‘fun’ adapting Trevor’s cat images into some great pictures to add some colour to the books. After all you cannot create books called How to Have Fun … if they are not fun to read!

What I have learned (on top of Trevor’s sales and marketing insights) is that if we are able to find fellow professionals to collaborate with, we can enhance our own businesses and provide something different to our customers.

This has no downside and will often lead us into some really interesting areas of learning we had not considered before.

So be open to opportunities and see where they will lead!

Fiona 🙂

It’s all about the Ps and Qs

Running your own business can be the biggest thrill you will achieve in your working life, or the most stressful and demoralising experience you can imagine. On some days it is both!

However, I have come to realise from my own experience, from talking to business owners, and from gurus such as Ron Baker, Peter Thompson and Steven Covey, that running a successful business is all about minding your Ps and Qs.

Given the stresses involved in running your own business it is vital you are passionate about your product or service. Let’s face it, it is much easier to engage with potential customers if you can show passion for what you do.

Once you know what you want to do, you need to have a robust plan. We business owners are often knowledgeable about our product or service but avoid those business areas we struggle with – often marketing, sales or finance. The process of creating a business plan forces us to review ALL the areas of our business which are crucial to our future success.

We need to present ourselves to the market. If, like me you run a service lead business, one of the best ways to do this is to network. People buy from people they trust so you need to be out there meeting, and getting to know, local business owners.

Consulting professionals to help in areas you are not expert in is wise. Very few of us are instinctive business people and there will be one or two areas we struggle with. Interesting it is often more cost effective to get an expert in to do an efficient job than to try and do it ourselves.

To me a key element of a quality service is communication – this means listening and responding to clients’ concerns. Even if you sell a product there is a service element to what you do and this will be your contact with your customer.

Effective communication will allow you to qualify a potential client’s needs and what they particularly value. Having established value it should be fairly easy to give them a price.

To close, your business will not be measured by the outside world on what it is but on what people perceive it to be. So keep your ear to the ground and ensure peoples’ perception matches your reality.

Fiona 🙂

The Bells, the Bells!

You know starting a new hobby can give you a much needed boost after the winter months. For quite a long time I have been loosely thinking about taking up church bell ringing – or campanology if you want the proper term.

Wells is a wonderful place for hearing the bells pealing out and, of course, bells ringing out is often a sign that a special event, such as a wedding or Christmas, is happening. So I have always loved hearing them ring.

As often happens it took someone else to prod me into actually doing something about it, and in this case it was my son Simon.

I have only been to 5 sessions so far but I am loving it. The others in the band are lovely people and we always end up in the pub after practise! I have to say it is much harder than I had ever thought. There is so much to think about from sorting out the right strength to pull the ropes, to managing the ropes themselves, to trying to keep up with everyone else.But it is great to be learning something new that is complex and needs all my concentration to do even vaguely competently. Bell ringing is also a great mix of exercise (even before we start it is 72 steps up to the ringing chamber) and music.

It occurs to me that, as with many things, there is a great similarity between bell ringing and running a business. Both require a lot of skill to do successfully. Even the basics can be tricky to master and it takes quite a while before things are proceding like clockwork. Even if you have a good degree of skill, things can still go off track occasionally.

Also both rely on teamwork. Although each bell ringer is in charge of just one bell, they must be very aware of what everyone else is doing to ensure that the peal is rung correctly. Of course it is the same in business. Even if you work on your own you will still have a team of others around you who are key to your business success.

MiPs such as ourselves are often floored by selling and marketing because they are just not our forte. Getting some training or guidance from an expert can really make the difference to whether our businesses thrive or not. I have certainly found that the tips I have had from Trevor Lever (TLC) have made a massive difference to my sales effectiveness – and I see him as part of my team.

Incidentally the picture above is actually 2. On the left are the proper bell ringers and on the right is the complete beginner hoping that it doesn’t all go Pete Tong!

Fiona 🙂

Wonderful websites

It’s amazing how developing new marketing aids, such as websites, can clarify your view of your business.The process of instructing someone else to produce something which encapsulates your business means that you have to have a very clear view of your business values and goals.

I am very lucky because the person who has the job of representing my business to the wider world is one of the people who knows me best – my hubby Jeff. He has been responsible for the look and feel of my business pretty much since I started out over 10 years ago and its been a gradual development over the years.

When I look at my website and other marketing bits from 10 years ago they seem very dated now, so I am glad that I have made the effort to keep things fresh.

I come across many businesses that have never changed their image since they started out – sometimes many years ago – and their current marketing collateral seems tired because of it.

I don’t think it’s necessary to throw the baby out with the bath water though. There may be a particular theme or image which your are particularly attached to and you don’t need to throw that away. But I do think that the way our businesses are portrayed on our website, and our other marketing, should be regularly revamped (at least every few years) so it keeps pace with the changes in our businesses.

I don’t know about your business but mine has changed quite considerably over the years and is continuing to change as my own goals and ambitions are molded by circumstance and family need.I am much more confident about what I want to achieve and know so much more about the environment my business operates in than I did when I started out.

I think having websites (I have a couple for the different sides of the business) which clearly demonstrate this confidence are a great asset.

So if it has been a while since you looked at your marketing aids perhaps it’s time to give them a refresh – the process can also refresh your view of your business!

Fiona 🙂