MiP Thoughts

Musings on Being a MiP

Here comes the summer

But it is a summer like no other – holidays are looking doubtful and there are additional COVID 19 issues

Generally at this time of year we are looking forward to summer holidays both here and abroad andbusinesses with staff are planning how to cover for their holiday absences.

But for many businesses where staff have been furloughed the issues are not around what to do when staff are away but what to do as they return after 3 months away.

It is important, if your business is in this situation, to plan carefully how you will manage staff members return to work.

Firstly, there is the question of when you need them to return – or even if there is a job for them to return to. Remember some of your team may be worried that a return to work may not be safe for them. Others will use this as an excuse to have some extra paid time off (although I would hope this does not apply to your team you must be prepared for this reaction).

Secondly, there are the changes you will need to make to the workplace to ensure that you are properly safeguarding the employees as they return – and, of course, any employees who were not furloughed. It may be that some expensive PPE is necessary.

Remember staff will have accrued holiday whilst they were furloughed so have a clear policy on how staff are to take holiday – you don’t want to find that just as staff are returning they are off again!

For those of us who have been working hard during the Coronavirus lockdown a holiday cannot come soon enough.

With lockdown easing it is likely that many of our holiday areas will plan to be back to some semblance of business as usual. But it is difficult to predict what amenities/attractions/hospitality businesses will be open. No one wants to spend hours in the car only to find virtually nothing open.

If you have clients in the hospitality sector there are real issues that need to be addressed that you can help with. In particular, at what point is it worth their while to open their doors at all? We cannot assume that even without the two meter distancing rule, people will flock back into pubs or cafes. Many people will be very conscious that COVID 19 is still out there.

Finally, featured is a picture I thought I would share – with friends from pre-lockdown days! Remember those? This was during our cycle ride from Wells to Paris in 2018.

Missing you already

At this point in June I would be looking forward to two events.

Firstly, I would be travelling up to the CIMA MiP conference for an evening the bar with old friends and new. Then I would be spending two days acquiring some great CPD and mixing with other MiPs, getting their take on business life. I even got to speak on the main stage a couple of years ago (hence the piccie).

The conference is a key event in my business life and is a great opportunity in the year to review where I am at. I always come away with some great plans – some of which I implement and some of which lose their lustre by the time I have made the journey home. But either way it is an event I would not miss for the world.

The second event is Glastonbury Festival – and this year we actually got tickets. It was to be the 50th anniversary and, as a local, it was due to be a big deal.

Of course, this year has not turned out to be at all normal and so I shall be attending neither of these events!

And my year will be all the poorer for it!

It’s the little things

With our world turned upside down, little things can make a big difference to those around us.

It is easy to become so absorbed in our own lives that the we forget to spare a thought for others.

However, a positive to come out of the Coronavirus lockdown has been an increased sense of community. As we are constantly being told, “we are all in it together”.

Some things we have found ourselves doing are not really the way we Brits do things. The clap for key workers is an example. Who would have thought even two months ago that every Thursday we would all be outside our houses clapping?

But the funny thing is that every one in my street seems to enjoy the opportunity to come together and give thanks to people most of us don’t even know. We are just grateful that they are there.

Acts of kindness are springing up all across the country. The number of voluteers putting their names down to help the NHS alone has been overwhelming.

We all want to do our bit to help everyone get through this crisis as best as we can.

Like many of you, my family have been shopping for an elderly neighbour who, until recently we did not really know, but hopefully will get to know better over the coming weeks – all be it from a distance!

As business owners we need to do our bit to help our staff, suppliers and customers weather the storm.

Many businesses are struggling to cope with having to furlough staff, shift their working pattens or even shut down completely until lockdown is lifted. No business will remain unaffected by these unprecedented circumstances.

Some businesses will not survive without help – whether it is financial or practical. If we can look to help wherever we can, we might make the difference between a business failing or surviving.

I am trying to support local businesses wherever possible. It might be as simple as picking up the phone to shoot the breeze with a supplier or customer, or offer support – even the printing of this newsletter is helping a local business. 

If we can help with the little things, and the big things if we can, there is a chance that we may all come through this threat to our local (and national) economy relatively in tact. 

It will take all of us doing our bit to weather this storm. Good Luck everyone!

Are you authentic?

I have been thinking quite a bit about authenticity recently.

I have been to a couple of tribute band gigs over the last couple of months – Bjorn Again, T Rextasy and Fleetwood Bac.

They were all excellent and certainly knew the material of the iconic bands they were imitating.

But, at the end of the day, their acts were just imitations of the real thing. As good as their musicianship was they just did not have that spark that sets truly great bands apart from the rest.

My friends and I had a great time at the gigs and I am not saying that I wouldn’t be happy to see any of them again (indeed it was the second time that we had been to see Bjorn Again). But I know that if I ever had the chance to see the real thing the experience would be more amazing and more authentic.

The real thing will always trump an imitation.

Dave Harries and Angela Jones produce an excellent podcast called the Communication Paradox and much of their focus is on discussing the benefits to business people of being authentic.

In January their podcast was recorded as we did a Metwalk around Portishead harbour. They interviewed the people at the event asking if this type of networking helped people to be more authentic than traditional forms of networking. The resounding view was that yes it was.

So, if being authentic is the best way for us to behave in a business setting – which I definitiely agree it is (and, in fact, in our lives generally) – how do we make sure we are our authentic selves?

For me it is about not trying to copy what someone else is doing, or how someone else is being.

It may seem easier to look to copy what other businesses in our fields are doing to promote themselves, or to try to imitate their businesses, but at the end of the day people buy from, and interact with, people.

Our biggest assets are found in our own personality, and the interests we have, that make us genuinely unique. 

They are our superpowers!

Need a little help?

We often need a little help to set our businesses on the right track – especially when we are going through a tough period or a period of change.

This applies to accountants just as much as to other business owners and that is why I am running a series of webinars aimed specifically at the issues accountants have told me they struggle with.

The pricing with confidence webinar has already been successfully run (and I will re run it later in the year) but the other three are happening in each of the next three months:

Questioning and listening – 4th March 20

Creating a business plan with clients – 1st April 20

Establishing the right management information – 6th May 20


It’s an uncertain world out there

With all the uncertainties businesses are facing, how can we make our businesses more resilient?With all the uncertainties businesses are facing, how can we make our businesses more resilient?

I think the few years are going to be the least predictable, and most uncertain, since I started my business.

None of us know how Brexit will impact the environment in which we are running our businesses. Even if we do not trade directly with the other 27 EU countries we will be impacted by how the split with the EU effects the UK economy.

Also there is the increasingly urgent issue of climate change. I think we will have to (and should) increasingly consider the environmental impact of the business decisions we make on a day to day basis.

This may mean that we change: the way we travel; the resources we use and how we use them; and the scope of work and the spread of clients we serve.

And then there is the ever increasing speed of technological advances to keep up with.

I can see that each of these issues will cause the costs of running our businesses to rise and the speed of change in the business environment to increase.

So what can we do to make our businesses as resilient as possible given the challenges ahead?

I have often talked about business planning and I am a firm believer that businesses which have a plan are more resilient than businesses run on a more laissez faire basis.

There are several reasons for this. A business run by someone who is very clear on their personal goals will be more focused than one where the business owner is less clear about what they want to achieve. The process of business planning encourages a review of personal goals, which are then reflected in the goals of the business.

Once you have a distinct goal it is easier to decide on the best direction for your business and you are better able to make decisions quickly in response to the changing environment because you are confident about the path you want to take.

This means that you can properly assess the resources you will need to employ get you to where you need to go – whether that’s people, money or training.

In short business planning helps you to build a business that is fit for purpose.

This is a truth that we, as members in practice know and so we advise our clients to plan robustly, but we often reserve the right not to follow our own advice.

But the reasons our clients should plan are exactly the reasons we should plan ourselves. This does not mean doing a spreadsheet budget for the coming year but doing a proper review of where we are, what our goals are, what changes we need to make to achieve the success we need and the resources we need to employ to get there.

So let’s make 2020 the year we take our own advise and plan properly for our businesses.

Fiona



Will 2020 be YOUR year?

It’s that time of year when we come up with fantastic ideas and resolutions for the year ahead. Unfortunately, these ideas and resolutions, which seemed so fantastic in 2019, will have been forgotten very early on in 2020 The reason for this is that we tend to come up with woolly, general thoughts rather than a real plan for change.

How about making this year different? If you really want to change your business, your work/life balance, your effectiveness or any other aspect of your life, you have to think through what you want to achieve. What are your timescales? What are your specific goals? How will you measure change? What resources will you need? Who do you need to help you?

Once you have thought through all the aspects of your idea write them down so you have a point of reference – and then DO IT!

By taking the time to plan you will find it much more likely that you will keep your resolutions and move forward.

Don’t wish upon a star – reach for it!

Fiona

What have you learnt lately?

As a CIMA MiP you are a professional who is required to do a certain amount of continuing personal development (CPD) and so you will be used to going along to regular training sessions.

Sometimes they can be a bit of a drudge because they are generally all about updating our knowledge rather than gaining new skills.

As time goes on we can get increasingly stuck in the rut of doing the same things for the same people day in and day out. But the work pays the bills and we don’t believe we have a lot of work time to do much else in any case.

However, this type of thinking is a mistake in my opinion. After all, our working lives take up the majority of our actual lives so why settle for drudge?

One way to mix things up is to take bits of time out to do training to learn brand new things – maybe directly related to the work you are doing now, or completely different but complimentary to it.

Over the last year I have done 5 day workshops aimed at helping CIMA accountants understand the world of charities and not for profit enterprises. It was not a world I had particular experience of before but the workshops were fascinating.

My main reason for going was to help with my role as director of Wessex Community Assets but I would have gone along anyway because of my growing interest in community benefit models. 

I will be following up this training with 4 Community Shares Practitioner Training workshops run by COOPS UK with the eventual aim of becoming a registered practitioner. 

I am exited by the prospect of helping local community benefit societies raise money through community share issues to enable them to finance the setting up of shops, pubs and other community focused enterprises.

Slight re-training is enabling me to confidently move more into a world of opportunities I would not have envisaged a couple of years ago.

So my advice if you are stuck in a rut is to look around you and see what training is going on that tweaks your interest and take a punt.

It pays to be brave!

You may have picked upif we are connected on LinkedIn, that I ran a successful Webinar for CIMA in October.

I have never done a webinar before and so I was quite nervous about the whole thing. Not only because the participants could see me but I could not see them, but also because I was not sure I would get the timings right.

An hour is a long time to be talking for but time can soon run away with you if you don’t time things right – so preparation is key.

Fortunately I did not have to worry about the material as I have written, talked and run courses about how accountants in practice can move their businesses more towards the work they love – and clients really value.

I also did not have to worry about the techie side as Emma Bailey from CIMA was my partner in crime and dealt with that side of things.

On the day itself, however, I was surprised to learn from Emma that 350 people had registered to take part! I knew not everyone would be listening live, but had registered to get the recording of the webinar to watch later – but I still found it a little intimidating to have so many listening (either live or later)!

In the end I could see the counter of participants gradually increase until it stopped at 180 people This was far more than I had bargained for.

Once the webinar had started I did find I got into the swing of it pretty quickly and the hour sped by – and I did not run out of time or material!

The feedback has been great and I came away from the experience with a spring in my step and a desire to do more webinars – and to restart my workshop programme for accountants.

What this whole experience re-enforced for me is that it pays to be brave and try new things. Our comfort zone is stretched when we do (something I wrote about last month), and we are more likely to continue trying even more new things.

Incidentally, I was also asked in October whether I wanted to do a wing walk – but I am not feeling quite that brave yet (or ever!!).

Is time your problem?

Time management is something many people struggle with and we MiPs are no different.

Part of the problem I think is with this concept of ‘time management’. We actually cannot manage time at all – it carries on regardless of anything we mere mortals do. We cannot ‘create’ time or make it stand still whilst we catch our breath. All we can do is allocate the tasks we have to the time available.

There are as many different techniques for doing this as there are exponents of ‘time management’ and some will work for some people and some will work for others. Some people just can’t get themselves organised no matter how many techniques they try.

Much of effectively allocating tasks to time is about your frame of mind. If, in fact, subconsciously you quite like being disorganised and see it as part of your personality, no time management technique in the world is going to be effective. For ‘time management’ to be effective you have to really want to be organised.

If you do want to be effective in your working environment the key is to try different methods and see which one works for you.

For a guide to different ‘time management’ you can download a free guide from my website http://www.fionabevanfinancialmanagement.co.uk/guides.php

Good luck