UK Chancellor's Autumn Statement 2023: Key Takeaways for Small Business Owners
The UK Chancellor's Autumn Statement for 2023 brought a mix of tax reforms, business incentives, and regulatory changes that will impact small business owners across the UK. Here’s a look at what these changes mean for your business.
Personal and Employment Taxes:
A 2% cut in Class 1 employees’ National Insurance contributions from January 2024, reducing the rate to 10%. For example, individuals earning £35,000 annually will save £450.
Abolishment of Class 2 National Insurance for self-employed ind…
That's it! It's over!
Falling Out of Love with Your Business
Whether it’s been my bookkeeping practice, The Bookkeepers Alliance or my campsite, as a business owner, I've always likened my entrepreneurial journey to a passionate love affair. In the early days I’m filled with excitement, challenge, and have a spark that fells unquenchable. Yet, just like in any long-term relationship, there are moments of doubt, and periods where the fire seems to dim. Recently, I found myself in one such phase, questioning everything …
Managing Your Bookkeeping Business During School Holidays
As school holidays approach, bookkeepers who juggle both work and family responsibilities may find themselves facing unique challenges. While it's a great time to spend quality moments with loved ones, it can also lead to disruptions in your business routine. However, with careful planning and effective strategies, you can maintain a successful bookkeeping practice while cherishing the precious moments with your family.
Set Clear Expectations:
Communication is key. As the school holidays begin, d…
Building a Proactive Referral Strategy
When it comes to growing your bookkeeping business, referrals can be a powerful source of new clients. However, relying solely on the hope that satisfied clients will spontaneously spread the word about your services can be a passive approach to business growth. Instead, you need to take control of your referral strategy and actively shape how referrals are requested and shared.
Start with Stellar Client Experiences:
The foundation of any successful referral strategy begins with providing exceptio…
Setting Realistic Turnaround Times
As a bookkeeper, you're no stranger to the pressures of tight deadlines and client demands. One of the most challenging aspects of our profession is determining realistic turnaround times for the various tasks we perform. Let’s look at the process of setting turnaround times that accurately reflect your workload, capacity, and the complexity of the tasks at hand.
Assessing Your Workload and Capacity
Before you can set realistic turnaround times, it's essential to have a clear understanding of yo…
We Don't Do Large Chips
On a recent visit to a local chip shop I was met with the reply "We don't do large chips" when asking for a bigger portion. I must admit, I was slightly thrown by the reply.
If you're a regular reader of this blog you may already know my thoughts about only offering a single size of product or service. I couldn't believe a shop like this didn't see the dangers. That made me think, though. After years of speaking to bookkeepers about the same thing, not everyone gets it yet.
The Missed Op…
The Triple Win: 5 Benefits of Offering Three Price Points for Custom Bookkeeping Services
One of the biggest conversations I have when it comes to pricing is with presenting three price points, something I call menu pricing. Understandably, many bookkeepers doubt the importance of this when they offer their client a customised solution based on their needs. However, presenting three distinct price points as a starting point can make a significant difference in attracting and retaining clients. I wanted to take a few minutes of your time to explore the benefits of offering three pr…
Why Bookkeepers Need a Mix of Clients for a Thriving Business
I've been having a few conversations this week with bookkeepers about larger clients leaving for a number of reasons. As a bookkeeper, juggling a variety of clients is key to your business's success and growth. In my business, I always found it important that no single client made up more than 10% of my turnover. I want to look at some of the reasons I think that's really important
Sharing the Risk
A mix of clients helps to spread risk, making sure your business isn't too dependent on any o…
Roses and Clients: Using Nature's Principles to Build a Successful Business
If you have an interest in gardening, you know that deadheading your roses is important to keep them healthy and beautiful. Deadheading is basically removing spent blooms so that the plant can focus on producing new growth and more flowers. By removing the old blooms, you help the plant produce more beautiful and productive flowers.
However, it's important to note that you don't need to cut off all the deadheads at once. Regular pruning throughout the season can encourage more blooms and help the…
Set Sail Towards Growth With The Pirate Framework
Recruiting new clients is an important path to growth for any bookkeeping practice, but there’s more to it than just signing up new clients. It’s important to monitor your progress right through your marketing and retention strategy.
So how can a pirate help with this?
The AARRR framework, sometimes called the pirate framework, is a way of walking through the five key areas that you need to monitor.
AARRR is a framework that stands for Acquisition, Activation, Retention, Referral, and Revenue…