WEBVTT - Is running an accounting practice right for you? 0:00:08.090 --> 0:00:12.080 Hello, my name is Gillian Bowen. This is Small Firm, 0:00:12.080 --> 0:00:13.130 Big Impact. 0:00:19.460 --> 0:00:21.650 You don't know everything when you start a business, you 0:00:21.650 --> 0:00:24.409 don't know everything when you register for the ABN and 0:00:24.410 --> 0:00:27.620 you're never going to. But you can plan. 0:00:27.620 --> 0:00:30.040 You don't know what you don't know. So that checklist 0:00:30.040 --> 0:00:34.360 is excellent. I agree it can actually highlight some gaps, 0:00:34.360 --> 0:00:37.419 but that shouldn't necessarily be a reason not to start 0:00:37.420 --> 0:00:40.960 your practice. But what it does show you is you 0:00:40.960 --> 0:00:44.410 either need to upskill or you need to get some 0:00:44.409 --> 0:00:46.090 people around to help you. 0:00:50.229 --> 0:00:53.230 It's the podcast giving Chartered Accountants the up to date 0:00:53.250 --> 0:00:56.880 information they need to do their jobs. Each episode, I 0:00:56.880 --> 0:01:00.660 share resources, tools and expert advice provided by Chartered Accountants 0:01:00.660 --> 0:01:03.690 Australia and New Zealand and a range of people across 0:01:03.690 --> 0:01:06.750 our profession. So get following the pod in your favourite 0:01:06.750 --> 0:01:17.100 podcast app. Let's start a conversation. Today we have Amanda Gascoigne, 0:01:17.130 --> 0:01:22.010 FCA and Heather Smith, FCA/ FCCA. The topic: helping you 0:01:22.010 --> 0:01:25.730 decide whether running an accounting practice is for you. A 0:01:25.730 --> 0:01:28.729 bit of a look before you leap. I've chosen those 0:01:28.730 --> 0:01:33.860 words specifically as CA ANZ and ACCA have created a 0:01:33.860 --> 0:01:37.310 new resource which is available on our website, and I'll 0:01:37.310 --> 0:01:38.750 obviously put a link to it in the show notes 0:01:38.750 --> 0:01:42.970 titled 'Look Before You Leap'. It provides food for thought 0:01:43.000 --> 0:01:45.670 to help CAs decide if they're going to go out 0:01:45.670 --> 0:01:48.220 on their own and if it's a good idea for you. 0:01:48.250 --> 0:01:50.710 So I'm so glad that Amanda and Heather are the 0:01:50.710 --> 0:01:54.370 two CA ANZ members, and of course, Heather as well 0:01:54.370 --> 0:01:57.400 is an ACCA member, and that they're here to help 0:01:57.400 --> 0:01:59.950 me discuss this as they've been involved in the development 0:01:59.950 --> 0:02:02.770 of this great document, which you're all going to get 0:02:02.770 --> 0:02:05.470 a copy of or access to as well. So Amanda 0:02:05.470 --> 0:02:07.980 and Heather, welcome to Small Firm, Big Impact. 0:02:08.610 --> 0:02:09.750 Hi Gill. Thanks for having me. 0:02:09.870 --> 0:02:13.350 Thank you so much. Um, Gillian. And, uh, hi, Amanda. 0:02:13.350 --> 0:02:15.989 Lovely to be here. And hello to everyone listening in. 0:02:16.620 --> 0:02:19.740 Fabulous. Okay, so before we dive into the discussion for 0:02:19.740 --> 0:02:24.270 those members listening along who may not know you already, 0:02:24.270 --> 0:02:26.580 they will be familiar with my process. I like to 0:02:26.580 --> 0:02:28.980 get my guests, my experts, to give me a bit 0:02:28.980 --> 0:02:30.930 of a brief overview of who they are and what 0:02:30.930 --> 0:02:32.580 they do, so that we know why we've got them 0:02:32.580 --> 0:02:34.950 on this episode. Heather, why don't you go first? 0:02:35.490 --> 0:02:38.640 Thank you so much. I'm a chartered accountant and storyteller, 0:02:38.639 --> 0:02:42.600 author of ten business books and an accounting technology columnist 0:02:42.600 --> 0:02:47.100 with Acuity, our magazine, our member magazine, and Accountants Daily. 0:02:47.100 --> 0:02:50.970 I also produce a podcast and a newsletter and moderator community, 0:02:50.970 --> 0:02:54.660 all focused on accounting apps. Um, I fell in love 0:02:54.660 --> 0:02:57.160 with accounting when I was 14 years old, because I 0:02:57.160 --> 0:02:59.710 realized it was something that I could travel the world with, 0:02:59.710 --> 0:03:04.930 and I have, um, lived and worked in four continents now. Um, 0:03:04.930 --> 0:03:09.220 I originally qualified with ACCA back in '96, returned to 0:03:09.220 --> 0:03:13.480 Australia in '99. About five years later started a sole 0:03:13.480 --> 0:03:18.400 trader business around my, um, um, school kids on my 0:03:18.400 --> 0:03:21.990 kitchen table. While I'm a BAS agent, I steer clear 0:03:21.990 --> 0:03:26.250 of compliance work and focus on management accounting, and training. Um, 0:03:26.250 --> 0:03:29.639 so when an MOU was signed between ACCA and CA ANZ 0:03:29.970 --> 0:03:33.389 I became the first ACCA member to join CA ANZ back 0:03:33.389 --> 0:03:37.080 in 2016. So I've taken a bit of a different 0:03:37.080 --> 0:03:39.090 route to, um, many people. 0:03:39.810 --> 0:03:41.940 This is great. I feel, uh, you are definitely the 0:03:41.940 --> 0:03:43.970 expert we need for this episode. Amanda. 0:03:44.690 --> 0:03:47.150 Okay. It's great to be back here. Um, my name 0:03:47.150 --> 0:03:50.030 is Amanda Gascoigne. I'm an FCA, and this year I'm 0:03:50.030 --> 0:03:53.360 celebrating 25 years in business. I spent the. 0:03:53.360 --> 0:03:54.260 Congratulations. 0:03:54.260 --> 0:03:57.890 Thank you. Uh, I spent 18 years as a successful 0:03:57.890 --> 0:04:01.760 CA practice owner. And since selling the practice seven years ago, 0:04:01.760 --> 0:04:05.750 I have been dedicating my time and I've had the privilege 0:04:05.750 --> 0:04:10.250 of coaching, mentoring and consulting to small and solo accounting 0:04:10.250 --> 0:04:15.020 practice owners. Um, the overarching ethos and philosophy of my 0:04:15.020 --> 0:04:18.500 work is all around balance. And so I believe that 0:04:18.500 --> 0:04:22.430 when the practice owners that I work with thrive, they 0:04:22.430 --> 0:04:25.010 have a positive impact, and it ripples down to the 0:04:25.010 --> 0:04:28.550 small business clients that they're working for. So, um, it's 0:04:28.550 --> 0:04:31.520 all about balance and enjoying what you're doing. 0:04:31.550 --> 0:04:34.020 Um, I feel that this has set us up for 0:04:34.020 --> 0:04:36.900 a very good discussion. So let's get let's get into it. Heather, 0:04:36.900 --> 0:04:38.849 if I was a CA and I came up to 0:04:38.850 --> 0:04:42.000 you today and I said, I'm thinking of starting or 0:04:42.000 --> 0:04:44.760 running an accounting practice, what would you say? 0:04:45.510 --> 0:04:48.599 I would say go for it. Um, accountants are superheroes. 0:04:48.600 --> 0:04:53.070 And to to coin the CA ANZ tagline, they're difference makers. 0:04:53.070 --> 0:04:58.760 They help businesses survive and thrive. They're very purposeful. And 0:04:58.760 --> 0:05:03.589 being an accountant is such a rewarding occupation. However, as 0:05:03.620 --> 0:05:08.870 with any venture, it's essential to plan, prepare and research 0:05:08.870 --> 0:05:09.710 it thoroughly. 0:05:09.860 --> 0:05:11.750 Um, Amanda, what would you add to that? 0:05:11.750 --> 0:05:15.560 So I think, you know, starting your own accounting practice, 0:05:15.560 --> 0:05:18.920 it's not just about the technical skills, because most people 0:05:18.920 --> 0:05:22.100 have those technical skills, but it's other elements that are 0:05:22.100 --> 0:05:25.039 really important. And I spoke about in the guide, it's 0:05:25.040 --> 0:05:29.210 all about, you know, having being entrepreneurial and, you know, 0:05:29.210 --> 0:05:31.849 and having that resilience to navigate a lot of the 0:05:31.850 --> 0:05:35.900 challenges that, you know, potentially you come up against. And 0:05:35.900 --> 0:05:38.630 those challenges always provide opportunities. So it's not a reason 0:05:38.630 --> 0:05:41.750 not to go into practice, but it's just that resilience 0:05:41.750 --> 0:05:47.130 factor that to be able to be prepared as Heather said. 0:05:47.130 --> 0:05:50.760 But it's really, um, crucial I think, to align, you know, 0:05:50.760 --> 0:05:53.460 your professional and personal goals. And that's one of the 0:05:53.460 --> 0:05:55.140 things that I talk to a lot of my clients 0:05:55.140 --> 0:05:58.560 about is really understanding the vision of what they want 0:05:58.560 --> 0:06:01.560 for their practice and their life. And, um, look, it's 0:06:01.680 --> 0:06:04.620 I wouldn't have changed a thing. I absolutely loved my 0:06:04.620 --> 0:06:07.349 time being a practice owner, and I love working with 0:06:07.350 --> 0:06:10.430 practice owners now, so I think it's an incredibly rewarding 0:06:10.430 --> 0:06:12.529 thing to do. But it's, you know, you have to 0:06:12.529 --> 0:06:14.510 go in with your eyes wide open. And that's why 0:06:14.510 --> 0:06:19.160 this resource is so handy. And not just even for 0:06:19.160 --> 0:06:22.070 people that are starting a practice. I even, um, advocate 0:06:22.070 --> 0:06:23.539 people to go and have a look at this who 0:06:23.540 --> 0:06:25.640 might have been in practice for quite some. 0:06:25.640 --> 0:06:28.310 There might be things that they need to go hang on because, 0:06:28.520 --> 0:06:29.840 you know, the world's evolved hasn't it. 0:06:30.350 --> 0:06:33.850 It's a bit of a reset. So I'd really encourage all of our listeners, 0:06:33.850 --> 0:06:36.820 whether they are starting out or thinking of going into practice, 0:06:36.820 --> 0:06:40.570 to go back and have a look at this resource guide. Particularly, 0:06:40.570 --> 0:06:43.090 I know at the moment people are feeling very challenged, 0:06:43.089 --> 0:06:46.359 and they might be even rethinking what they want to 0:06:46.360 --> 0:06:49.630 stay in and being a practice owner. Go back here 0:06:49.630 --> 0:06:53.620 and it'll hopefully will bring that enthusiasm back and. 0:06:53.620 --> 0:06:54.190 Refocus your thoughts. 0:06:54.610 --> 0:06:56.080 Refocus. Yeah. 0:06:56.350 --> 0:07:00.029 Heather, we do need to get down into a discussion 0:07:00.029 --> 0:07:03.150 of where on earth do I start? Um, but I 0:07:03.150 --> 0:07:05.310 guess to kind of set us up before we get 0:07:05.310 --> 0:07:09.029 into the that that nitty gritty, if there was perhaps, um, 0:07:09.180 --> 0:07:13.080 you know, two things that you might want to discuss. 0:07:13.080 --> 0:07:14.640 I'm going to you can choose if there are two 0:07:14.640 --> 0:07:17.310 things that are good or two things that are bad. Um, 0:07:17.310 --> 0:07:19.410 perhaps we just pick two things that you think, um, 0:07:19.410 --> 0:07:21.240 that are good or bad, that people aren't thinking about 0:07:21.240 --> 0:07:23.239 that comes with running your own practice? 0:07:24.050 --> 0:07:27.200 Well, it is, um, running your own practice is, um, 0:07:27.200 --> 0:07:30.740 a very rewarding. And you have the flexibility to work 0:07:30.740 --> 0:07:35.390 anytime and from anywhere. Um, you have to make all the, 0:07:35.390 --> 0:07:37.280 you get to make all the decisions, which is a 0:07:37.280 --> 0:07:40.040 good thing. Now, a bad thing is you get to 0:07:40.040 --> 0:07:45.500 make all the decisions as well. And that can be 0:07:45.500 --> 0:07:50.619 quite overwhelming. Um, and it's always as Amanda and I, uh, 0:07:50.620 --> 0:07:54.580 probably agree on it's very, very important to have your 0:07:54.580 --> 0:07:59.650 peers and to have a coach like Amanda in your corner, um, 0:07:59.650 --> 0:08:03.580 to help you make those decisions, have those sounding boards 0:08:03.580 --> 0:08:06.490 around you. Um, and that's what is wonderful about having 0:08:06.490 --> 0:08:08.470 a sort of a membership body in that sort of 0:08:08.470 --> 0:08:13.020 belongingness of peers around you who understand what you're going through. 0:08:13.050 --> 0:08:15.390 Mhm. Mhm. Amanda what would you add to that. 0:08:15.990 --> 0:08:18.750 So I think the things that are really good like 0:08:18.750 --> 0:08:21.090 you know I talk about having a fun, rewarding and 0:08:21.090 --> 0:08:24.540 profitable business. And I think that is the essence of 0:08:24.540 --> 0:08:27.870 what we do. And you know I know some people 0:08:27.870 --> 0:08:30.660 might not have that right now but that it is possible. 0:08:30.660 --> 0:08:34.470 So it's a matter of thinking about, you know, how 0:08:34.470 --> 0:08:36.780 can I do that? So they're the excellent things. You know, 0:08:36.780 --> 0:08:39.450 I know my practices when I had my practice and 0:08:39.450 --> 0:08:41.970 now in my business, everything that I did in practice, 0:08:41.970 --> 0:08:44.609 I do now in my business, it does allow that 0:08:44.610 --> 0:08:50.010 flexibility and freedom. As Heather said, it has allowed me to, um, 0:08:50.010 --> 0:08:54.510 you know, be financially independent. And I have always been 0:08:54.510 --> 0:08:59.800 our family's breadwinner. And it's been, you know, a very successful, um, career. 0:08:59.800 --> 0:09:03.280 And it's actually, you know, provided so well for our family. 0:09:03.280 --> 0:09:06.400 So I think they're the really good things. Um, I 0:09:06.400 --> 0:09:08.290 am going to say about a couple of the challenges, 0:09:08.290 --> 0:09:12.520 that isolation and that loneliness has been some things that 0:09:12.520 --> 0:09:16.630 I know a lot of practice owners haven't anticipated. Um, 0:09:16.630 --> 0:09:18.460 and I know when I was out on my own, 0:09:18.460 --> 0:09:21.130 you know, in '99, starting a business, we didn't have 0:09:21.130 --> 0:09:24.030 the networks that we have these days. And that, I 0:09:24.030 --> 0:09:26.910 think has been something that's actually has come out of 0:09:26.910 --> 0:09:31.530 Covid that we now don't feel so isolated. So it's there. 0:09:31.530 --> 0:09:34.410 And I know some people do feel alone still, but 0:09:34.410 --> 0:09:37.110 with the communities that we have and Heather's got a 0:09:37.110 --> 0:09:40.920 wonderful community. I've got a wonderful community that's, you know, 0:09:40.920 --> 0:09:44.010 no one should ever feel isolated or alone. Now there's 0:09:44.010 --> 0:09:47.250 always and even CA ANZ, so many resources. 0:09:47.429 --> 0:09:50.059 It sounds to me you're saying it's important to lean in. 0:09:50.059 --> 0:09:51.170 It's the leaning. 0:09:51.500 --> 0:09:53.300 You might be a sole practitioner, or you might be 0:09:53.300 --> 0:09:55.550 the owner of the so far, the only person that 0:09:55.550 --> 0:09:57.050 you've hired or something. It doesn't mean you need to 0:09:57.050 --> 0:09:59.000 be alone. That's the vibe. 0:09:59.150 --> 0:10:03.260 I think so. And you know, if you're experiencing something, 0:10:03.260 --> 0:10:06.500 chances are someone else is. So, you know, even leaning 0:10:06.500 --> 0:10:07.760 into that vulnerability. 0:10:08.420 --> 0:10:11.840 But knowing who your people are that you can talk to, 0:10:11.840 --> 0:10:14.380 whether they are coaches, mentors, or whether they are just 0:10:14.380 --> 0:10:17.920 your colleagues, there is so much support. So that's one 0:10:17.920 --> 0:10:20.920 thing that I know it's a challenge, but it also 0:10:20.920 --> 0:10:22.660 can be the biggest gift. . 0:10:23.170 --> 0:10:25.510 Heather let's then drill down into perhaps some of the 0:10:25.510 --> 0:10:28.929 nitty gritty. What questions should a person ask themselves to 0:10:28.929 --> 0:10:32.020 see if they're ready to set up their accounting practice, 0:10:32.020 --> 0:10:33.640 their own accounting practice. 0:10:34.210 --> 0:10:36.600 I'm going to encourage people who are listening in to 0:10:36.600 --> 0:10:39.630 go and have a look at the, um, CA ANZ website, 0:10:39.630 --> 0:10:44.280 log in and look for the checklist for aspiring practitioners, 0:10:44.280 --> 0:10:48.059 which is a seven page checklist of everything you can go 0:10:48.059 --> 0:10:51.929 through and consider, from work life balance to staffing to 0:10:51.929 --> 0:10:56.040 technology and of course, your own financial situation. It's really 0:10:56.040 --> 0:10:59.099 comprehensive and you can kind of go through and go 0:10:59.100 --> 0:11:01.920 through that and identify where the gaps are. It doesn't 0:11:01.920 --> 0:11:06.150 cover services you offer, but it does cover that whole 0:11:06.150 --> 0:11:10.080 concept foundation of actually starting and running a business. 0:11:10.380 --> 0:11:11.820 I'll put a link to that in the show notes. 0:11:11.820 --> 0:11:14.400 It's a really useful resource. And what I found Heather 0:11:14.400 --> 0:11:17.880 looking at it was um, it's it's kind of making 0:11:17.880 --> 0:11:22.380 you really think about whether you've thought of everything, sort of. 0:11:22.380 --> 0:11:25.179 So that sounds I don't know if that's helpful or not, 0:11:25.179 --> 0:11:27.280 but in the sense that if you've answered no to 0:11:27.280 --> 0:11:29.559 a few of them, I kind of feel that means 0:11:29.559 --> 0:11:31.870 that you're not ready. Is that is that the. That's 0:11:31.870 --> 0:11:32.860 the point of it, isn't it? 0:11:34.570 --> 0:11:38.260 It's that. But also identifying the gaps means you've got 0:11:38.260 --> 0:11:40.840 opportunity to go out and explore and learn them. And 0:11:40.840 --> 0:11:44.740 I know for myself in going into business. I spent, um, 0:11:44.740 --> 0:11:48.850 three hours every evening, um, filling in gaps, working out 0:11:48.850 --> 0:11:52.050 how I could learn more about things. Um, learning excel 0:11:52.050 --> 0:11:55.439 inside out, upside down, back to front. Um, reading every 0:11:55.440 --> 0:11:57.300 book on starting a business that I could find at 0:11:57.300 --> 0:12:00.630 the library, listening to any podcasts I could find. Um, 0:12:00.630 --> 0:12:06.059 and that checklist kind of surfaces and identifies areas that 0:12:06.059 --> 0:12:11.610 you could, uh, uh, further explore. And you don't know everything. 0:12:11.610 --> 0:12:13.559 When you start a business, you don't know everything when 0:12:13.559 --> 0:12:16.760 you register for that ABN and you're never going to. 0:12:16.790 --> 0:12:21.920 So but you can, as I said at the beginning plan. 0:12:21.920 --> 0:12:25.250 I'm a big believer in a business plan. Um, back 0:12:25.250 --> 0:12:27.380 in the day, it was paper. It was it was 0:12:27.380 --> 0:12:29.390 just sort of on a piece of paper type of 0:12:29.390 --> 0:12:33.949 business plan. It was 20, 30, 40 pages long. I 0:12:33.950 --> 0:12:36.290 actually went on and actually wrote a book on how 0:12:36.290 --> 0:12:38.710 to write a business plan, because I put so much 0:12:38.710 --> 0:12:41.949 time into my own business plan. But I always, uh, 0:12:41.950 --> 0:12:45.190 was able to refer back to it, um, as I 0:12:45.190 --> 0:12:48.220 was going along and having questions, and it was a 0:12:48.220 --> 0:12:51.520 lot more isolated back then, like 20 odd years ago. 0:12:51.970 --> 0:12:56.380 Amanda, on that knowledge gap that Heather's talking about is 0:12:56.380 --> 0:12:59.020 does someone require is there something formal you need to 0:12:59.020 --> 0:13:03.420 do to ensure that you are, I guess, "qualified" to 0:13:03.420 --> 0:13:04.710 start your own business? 0:13:04.740 --> 0:13:07.290 I think it's that you don't know what you don't know, 0:13:07.290 --> 0:13:11.220 so that checklist is excellent. I agree it can actually 0:13:11.220 --> 0:13:14.460 highlight some gaps, but that shouldn't necessarily be a reason 0:13:14.460 --> 0:13:18.420 not to start your practice. But what it does show 0:13:18.420 --> 0:13:21.720 you is you either need to upskill as Heather's discussed, 0:13:21.720 --> 0:13:25.439 or you need to get some people around to help you. 0:13:25.440 --> 0:13:29.780 So that might mean investing in certain things, you know, um, 0:13:29.780 --> 0:13:33.380 whether that's, that's, you know, policy and procedures, you know, 0:13:33.380 --> 0:13:35.630 might be just easier to pay someone to help you 0:13:35.630 --> 0:13:38.720 do some of those things. So if you've identified the gaps, 0:13:38.720 --> 0:13:41.210 you actually can, you know, it could be just peers. 0:13:41.210 --> 0:13:43.790 And I think a lot of times, you know, as 0:13:43.790 --> 0:13:46.160 particularly some of the changes that are coming, you don't 0:13:46.160 --> 0:13:50.150 need to even deal with those alone. Get a cohort 0:13:50.179 --> 0:13:52.569 of your peers and, you know, solve some of these 0:13:52.570 --> 0:13:55.960 things together. So I think that the gap is, you know, 0:13:55.960 --> 0:13:59.140 looking at those things and working out, you know, can 0:13:59.140 --> 0:14:01.420 I do it myself or do I need support? And 0:14:01.420 --> 0:14:03.939 I think from doing that from day one, and having 0:14:03.940 --> 0:14:07.360 that mindset is the secret because you don't know it 0:14:07.360 --> 0:14:09.730 all and you don't need to know it all. And 0:14:09.730 --> 0:14:13.450 even throughout that practice journey, there will be things that 0:14:13.450 --> 0:14:15.540 you won't know that'll, oh, I'm not, you know, who 0:14:15.540 --> 0:14:18.329 do I turn to for this. And it's having that plan. 0:14:18.330 --> 0:14:21.510 So I know when I started out, you know mentoring 0:14:21.510 --> 0:14:24.960 and all that was quite sort of new. But I 0:14:24.960 --> 0:14:28.410 remember distinctly I had two people that there was not 0:14:28.410 --> 0:14:31.260 a formal arrangement, but I knew if I got stuck 0:14:31.380 --> 0:14:34.230 that I would actually go and talk to them. And 0:14:34.230 --> 0:14:36.780 I didn't abuse that situation. I, you know, when I, 0:14:36.780 --> 0:14:38.700 I tried to work things out myself, but if I 0:14:38.700 --> 0:14:41.570 had a quandary, I would actually go to them. And 0:14:41.570 --> 0:14:44.990 I think it's actually having that plan as well that 0:14:44.990 --> 0:14:48.110 you've got someone to go to or if it's even 0:14:48.110 --> 0:14:51.320 a work type, if you get a bit of a curly 0:14:51.320 --> 0:14:54.350 question that you're not sure, don't try to navigate it 0:14:54.350 --> 0:14:57.140 on your own. Perhaps it's a bit of a situation 0:14:57.140 --> 0:14:59.030 where you're going to refer it to a colleague to 0:14:59.030 --> 0:15:02.270 do that, and there's no, no shame in doing that. 0:15:02.270 --> 0:15:04.750 And in fact, I think that's almost like you go 0:15:04.750 --> 0:15:07.810 to a GP for something and then when it, you know, 0:15:07.810 --> 0:15:10.300 you want them to refer you to a specialist. But 0:15:10.300 --> 0:15:12.070 I find a lot of people in practice that might 0:15:12.070 --> 0:15:14.110 be the thing that stops them from going into practice 0:15:14.110 --> 0:15:16.750 because they don't think they know it all. Know that 0:15:16.750 --> 0:15:18.730 you've got the support and you can ask someone, and 0:15:18.730 --> 0:15:22.150 I think that's going in with that mindset, you will succeed. 0:15:22.150 --> 0:15:24.280 You don't have to know everything. 0:15:24.310 --> 0:15:28.500 Mhm. Amanda, we've previously done an episode where we've talked about, um, 0:15:28.500 --> 0:15:30.630 how to set up a good practice, and in particular, 0:15:30.630 --> 0:15:34.440 we've dived into, um, how to make sure that your 0:15:34.440 --> 0:15:36.900 client list is what you want and that it works 0:15:36.900 --> 0:15:39.510 for you, um, in a way that you want. And, um, 0:15:39.510 --> 0:15:41.850 for those playing along at home who haven't heard that episode, 0:15:41.850 --> 0:15:43.680 it is fabulous. I'll put it out there. It's a 0:15:43.680 --> 0:15:45.180 good episode. I'll put a link to that in the 0:15:45.180 --> 0:15:48.030 show notes. And, um, as a result, because we've got 0:15:48.030 --> 0:15:49.770 some great views, we'll come back to you in a second. 0:15:49.950 --> 0:15:51.420 I thought it would be good to ask Heather here 0:15:51.660 --> 0:15:54.140 what she might have to add on how you go 0:15:54.140 --> 0:15:58.640 about finding your clients or how you how you source them, 0:15:58.640 --> 0:16:02.600 how do you allocate time between clients and then doing 0:16:02.600 --> 0:16:06.200 all the, the kind of doing side of running a business? 0:16:07.070 --> 0:16:10.820 So I encourage you to identify the core services that 0:16:10.820 --> 0:16:12.200 you're going to offer. 0:16:12.350 --> 0:16:15.770 And develop some copy around this. Um, this was always 0:16:15.770 --> 0:16:20.230 a really successful, um, uh, methodology for me. Develop copy 0:16:20.230 --> 0:16:23.110 around that and make sure you have it clear across 0:16:23.110 --> 0:16:28.660 all of your social media channels, especially on LinkedIn. Using 0:16:28.660 --> 0:16:33.850 mobile phone, record videos of all of the anticipated questions 0:16:33.850 --> 0:16:37.450 your potential clients are going to ask you and then 0:16:37.450 --> 0:16:41.310 extract the text. Put that on your website. Um, put 0:16:41.310 --> 0:16:44.790 the videos up. It's really good for the algorithms and 0:16:44.790 --> 0:16:47.820 it's really good for people to see you, um, and 0:16:47.820 --> 0:16:51.300 connect with you and get to know who you are. 0:16:51.330 --> 0:16:54.840 So I'm very much, um, I want them to know 0:16:54.840 --> 0:16:57.030 who you are. Have a really warm sense of who 0:16:57.060 --> 0:17:01.440 you are before they have a conversation with you. Then, um, 0:17:01.440 --> 0:17:04.470 I was wondering whether, um, um, the young people coming 0:17:04.470 --> 0:17:07.129 up would have little black books, but in my day, 0:17:07.130 --> 0:17:10.369 it was a little black book once. 0:17:10.970 --> 0:17:12.740 It's your colourful phone. 0:17:12.740 --> 0:17:16.220 I have a little pink book, uh, a little pink book. 0:17:16.460 --> 0:17:20.270 Pink book in my online community, it's called Amanda's Little 0:17:20.270 --> 0:17:21.109 Pink Book. 0:17:21.859 --> 0:17:25.280 Fabulous. So so so. And that what whatever it is 0:17:25.280 --> 0:17:27.800 that that connection of all of those networks. The little 0:17:27.800 --> 0:17:31.450 pink book. The little black book, the fluffy, fluffy pen or 0:17:31.450 --> 0:17:36.160 the glitter book, be very clear about what your services are. 0:17:36.280 --> 0:17:39.399 Then reach out to your network and let them know 0:17:39.400 --> 0:17:42.160 what you're doing, and let them know what services you 0:17:42.160 --> 0:17:46.870 are offering. However, I strongly advise not working with family 0:17:46.869 --> 0:17:50.500 and friends. Let them be your advocates. Let them be 0:17:50.500 --> 0:17:55.740 clear about how they can advocate for you. But be 0:17:55.740 --> 0:17:58.470 wary about working for family and friends because that that 0:17:58.470 --> 0:18:01.109 always seems to lead to challenges. 0:18:01.710 --> 0:18:02.730 That's a lovely way to put it. 0:18:02.730 --> 0:18:07.560 Good boundaries there. Heather, I think you can potentially like 0:18:07.560 --> 0:18:09.090 if you don't want any of that conflict or you 0:18:09.090 --> 0:18:11.760 don't feel like you don't, that's one thing you don't want. 0:18:11.760 --> 0:18:14.820 Obviously don't do it. But if you do, my advice 0:18:14.820 --> 0:18:18.260 there would be to treat them just like any other client, 0:18:18.260 --> 0:18:21.590 so they get charged the same amount as other clients. 0:18:21.590 --> 0:18:25.490 They get the same, um, you know, level of care. 0:18:25.490 --> 0:18:28.310 They get the same. Like if your wait time is 0:18:28.310 --> 0:18:31.310 two weeks for an appointment, they also get two weeks. 0:18:31.310 --> 0:18:34.340 And that's one thing that I know I tried to, 0:18:34.340 --> 0:18:36.500 you know, break the rules a little bit for people, 0:18:36.500 --> 0:18:39.620 whether they were friends or family, but it actually made 0:18:39.619 --> 0:18:42.429 it harder for my staff members to, look, is there a 0:18:42.430 --> 0:18:44.950 different rule for that person? Is it a different price paid? 0:18:44.950 --> 0:18:47.050 Or if they got a different, you know, they'd say 0:18:47.050 --> 0:18:49.240 to me, Amanda, you have so many relatives at this 0:18:49.240 --> 0:18:50.950 time of the year, they come out of the woodwork 0:18:50.950 --> 0:18:55.180 and that is the truth. So we actually. Yeah, yeah. 0:18:56.440 --> 0:18:56.980 It's an "auntie". 0:18:58.780 --> 0:19:01.330 That's one thing. It's about setting those boundaries and trying to 0:19:01.330 --> 0:19:04.119 systemize as much as we do. And that's one of 0:19:04.119 --> 0:19:06.340 the things that we do need to do in practice 0:19:06.480 --> 0:19:08.820 not have a rule for this and a rule for that. 0:19:08.820 --> 0:19:11.580 We talked about boundaries in our last session as well, 0:19:11.580 --> 0:19:16.050 our podcast we did, but it's about having those systemized 0:19:16.050 --> 0:19:19.620 ways which will actually cause less grief. Yes. And if 0:19:19.619 --> 0:19:22.290 people don't, if they're just coming for the discounted price 0:19:22.290 --> 0:19:25.139 or they're coming for preferential treatment, they've got it's an 0:19:25.140 --> 0:19:28.470 opportunity cost for the accounting practice owner. And that's what 0:19:28.470 --> 0:19:30.060 we can't afford to do. 0:19:30.060 --> 0:19:33.590 No. As suspected, um, the three of us have chin 0:19:33.590 --> 0:19:37.520 wagged right up until the final second. I, uh, had 0:19:37.520 --> 0:19:39.500 had thought this was going to happen. Um, and and 0:19:39.500 --> 0:19:41.450 as a result, there's no way that we were ever 0:19:41.450 --> 0:19:44.090 going to be able to discuss everything that was on 0:19:44.090 --> 0:19:46.190 my list. We've just touched the edges. And look, if 0:19:46.190 --> 0:19:48.500 you enjoyed this episode, let us know, because we can 0:19:48.500 --> 0:19:50.510 do another one of a similar vein, like which we 0:19:50.510 --> 0:19:52.310 can put out again in a couple of weeks, which 0:19:52.310 --> 0:19:55.040 just value adds to what we've what we've done here. 0:19:55.040 --> 0:19:57.040 We'll just call it part two or something. But um, 0:19:57.040 --> 0:20:01.570 obviously I'll put a link to, um, the resource in itself, 0:20:01.570 --> 0:20:04.240 which is worth reading. Um, look before you leap and 0:20:04.240 --> 0:20:07.840 the checklist that, um, Amanda and Heather have been talking about, 0:20:07.840 --> 0:20:11.439 it's it's really worth reading. And there's some great, um, 0:20:12.040 --> 0:20:15.730 you know, anecdotes as well from, uh, the, the experts 0:20:15.730 --> 0:20:18.250 that have helped put together the resource that are worth reading. 0:20:18.250 --> 0:20:20.460 It's always good to get a viewpoint from someone who's 0:20:20.460 --> 0:20:23.100 done it and then to get their their, their kind 0:20:23.100 --> 0:20:25.470 of use, their vibes as a bit of an action list. 0:20:25.470 --> 0:20:26.970 Before we go, let's see if we can wrap up 0:20:26.970 --> 0:20:29.850 with a final thought from the both of you. Um, Heather, 0:20:29.850 --> 0:20:30.929 why don't you go first? 0:20:31.440 --> 0:20:33.840 I would encourage anyone who's listening in to connect with 0:20:33.840 --> 0:20:37.470 Amanda Gascoigne or I on LinkedIn, and if you are 0:20:37.470 --> 0:20:41.340 in need of peers, put your hand up and join 0:20:41.340 --> 0:20:45.260 the CA ANZ Facebook groups which have their own individual Facebook 0:20:45.260 --> 0:20:48.080 groups for each state. Put your hand up. There's people 0:20:48.080 --> 0:20:50.510 out there to connect with. But if you do have 0:20:50.510 --> 0:20:52.550 a question, I'm sure between both of us we can 0:20:52.550 --> 0:20:54.979 point you in the right direction if you're not finding 0:20:54.980 --> 0:20:55.790 it elsewhere. 0:20:55.820 --> 0:20:56.810 Agreed, Amanda. 0:20:56.840 --> 0:21:01.220 Thanks, Heather. Uh, I think the biggest thing that we're seeing, 0:21:01.220 --> 0:21:04.609