Gillian Bowen, Host: Hello, my name is Gillian Bowen. This is Small Firm,
Gillian Bowen, Host: Big Impact.
Heather Smith FCA, FCCA: You don't know everything when you start a business, you
Heather Smith FCA, FCCA: don't know everything when you register for the ABN and
Heather Smith FCA, FCCA: you're never going to. But you can plan.
Amanda Gascoigne FCA: You don't know what you don't know. So that checklist
Amanda Gascoigne FCA: is excellent. I agree it can actually highlight some gaps,
Amanda Gascoigne FCA: but that shouldn't necessarily be a reason not to start
Amanda Gascoigne FCA: your practice. But what it does show you is you
Amanda Gascoigne FCA: either need to upskill or you need to get some
Amanda Gascoigne FCA: people around to help you.
Gillian Bowen, Host: It's the podcast giving Chartered Accountants the up to date
Gillian Bowen, Host: information they need to do their jobs. Each episode, I
Gillian Bowen, Host: share resources, tools and expert advice provided by Chartered Accountants
Gillian Bowen, Host: Australia and New Zealand and a range of people across
Gillian Bowen, Host: our profession. So get following the pod in your favourite
Gillian Bowen, Host: podcast app. Let's start a conversation. Today we have Amanda Gascoigne,
Gillian Bowen, Host: FCA and Heather Smith, FCA/ FCCA. The topic: helping you
Gillian Bowen, Host: decide whether running an accounting practice is for you. A
Gillian Bowen, Host: bit of a look before you leap. I've chosen those
Gillian Bowen, Host: words specifically as CA ANZ and ACCA have created a
Gillian Bowen, Host: new resource which is available on our website, and I'll
Gillian Bowen, Host: obviously put a link to it in the show notes
Gillian Bowen, Host: titled 'Look Before You Leap'. It provides food for thought
Gillian Bowen, Host: to help CAs decide if they're going to go out
Gillian Bowen, Host: on their own and if it's a good idea for you.
Gillian Bowen, Host: So I'm so glad that Amanda and Heather are the
Gillian Bowen, Host: two CA ANZ members, and of course, Heather as well
Gillian Bowen, Host: is an ACCA member, and that they're here to help
Gillian Bowen, Host: me discuss this as they've been involved in the development
Gillian Bowen, Host: of this great document, which you're all going to get
Gillian Bowen, Host: a copy of or access to as well. So Amanda
Gillian Bowen, Host: and Heather, welcome to Small Firm, Big Impact.
Amanda Gascoigne FCA: Hi Gill. Thanks for having me.
Heather Smith FCA, FCCA: Thank you so much. Um, Gillian. And, uh, hi, Amanda.
Heather Smith FCA, FCCA: Lovely to be here. And hello to everyone listening in.
Gillian Bowen, Host: Fabulous. Okay, so before we dive into the discussion for
Gillian Bowen, Host: those members listening along who may not know you already,
Gillian Bowen, Host: they will be familiar with my process. I like to
Gillian Bowen, Host: get my guests, my experts, to give me a bit
Gillian Bowen, Host: of a brief overview of who they are and what
Gillian Bowen, Host: they do, so that we know why we've got them
Gillian Bowen, Host: on this episode. Heather, why don't you go first?
Heather Smith FCA, FCCA: Thank you so much. I'm a chartered accountant and storyteller,
Heather Smith FCA, FCCA: author of ten business books and an accounting technology columnist
Heather Smith FCA, FCCA: with Acuity, our magazine, our member magazine, and Accountants Daily.
Heather Smith FCA, FCCA: I also produce a podcast and a newsletter and moderator community,
Heather Smith FCA, FCCA: all focused on accounting apps. Um, I fell in love
Heather Smith FCA, FCCA: with accounting when I was 14 years old, because I
Heather Smith FCA, FCCA: realized it was something that I could travel the world with,
Heather Smith FCA, FCCA: and I have, um, lived and worked in four continents now. Um,
Heather Smith FCA, FCCA: I originally qualified with ACCA back in '96, returned to
Heather Smith FCA, FCCA: Australia in '99. About five years later started a sole
Heather Smith FCA, FCCA: trader business around my, um, um, school kids on my
Heather Smith FCA, FCCA: kitchen table. While I'm a BAS agent, I steer clear
Heather Smith FCA, FCCA: of compliance work and focus on management accounting, and training. Um,
Heather Smith FCA, FCCA: so when an MOU was signed between ACCA and CA ANZ
Heather Smith FCA, FCCA: I became the first ACCA member to join CA ANZ back
Heather Smith FCA, FCCA: in 2016. So I've taken a bit of a different
Heather Smith FCA, FCCA: route to, um, many people.
Gillian Bowen, Host: This is great. I feel, uh, you are definitely the
Gillian Bowen, Host: expert we need for this episode. Amanda.
Amanda Gascoigne FCA: Okay. It's great to be back here. Um, my name
Amanda Gascoigne FCA: is Amanda Gascoigne. I'm an FCA, and this year I'm
Amanda Gascoigne FCA: celebrating 25 years in business. I spent the.
Gillian Bowen, Host: Congratulations.
Amanda Gascoigne FCA: Thank you. Uh, I spent 18 years as a successful
Amanda Gascoigne FCA: CA practice owner. And since selling the practice seven years ago,
Amanda Gascoigne FCA: I have been dedicating my time and I've had the privilege
Amanda Gascoigne FCA: of coaching, mentoring and consulting to small and solo accounting
Amanda Gascoigne FCA: practice owners. Um, the overarching ethos and philosophy of my
Amanda Gascoigne FCA: work is all around balance. And so I believe that
Amanda Gascoigne FCA: when the practice owners that I work with thrive, they
Amanda Gascoigne FCA: have a positive impact, and it ripples down to the
Amanda Gascoigne FCA: small business clients that they're working for. So, um, it's
Amanda Gascoigne FCA: all about balance and enjoying what you're doing.
Gillian Bowen, Host: Um, I feel that this has set us up for
Gillian Bowen, Host: a very good discussion. So let's get let's get into it. Heather,
Gillian Bowen, Host: if I was a CA and I came up to
Gillian Bowen, Host: you today and I said, I'm thinking of starting or
Gillian Bowen, Host: running an accounting practice, what would you say?
Heather Smith FCA, FCCA: I would say go for it. Um, accountants are superheroes.
Heather Smith FCA, FCCA: And to to coin the CA ANZ tagline, they're difference makers.
Heather Smith FCA, FCCA: They help businesses survive and thrive. They're very purposeful. And
Heather Smith FCA, FCCA: being an accountant is such a rewarding occupation. However, as
Heather Smith FCA, FCCA: with any venture, it's essential to plan, prepare and research
Heather Smith FCA, FCCA: it thoroughly.
Gillian Bowen, Host: Um, Amanda, what would you add to that?
Amanda Gascoigne FCA: So I think, you know, starting your own accounting practice,
Amanda Gascoigne FCA: it's not just about the technical skills, because most people
Amanda Gascoigne FCA: have those technical skills, but it's other elements that are
Amanda Gascoigne FCA: really important. And I spoke about in the guide, it's
Amanda Gascoigne FCA: all about, you know, having being entrepreneurial and, you know,
Amanda Gascoigne FCA: and having that resilience to navigate a lot of the
Amanda Gascoigne FCA: challenges that, you know, potentially you come up against. And
Amanda Gascoigne FCA: those challenges always provide opportunities. So it's not a reason
Amanda Gascoigne FCA: not to go into practice, but it's just that resilience
Amanda Gascoigne FCA: factor that to be able to be prepared as Heather said.
Amanda Gascoigne FCA: But it's really, um, crucial I think, to align, you know,
Amanda Gascoigne FCA: your professional and personal goals. And that's one of the
Amanda Gascoigne FCA: things that I talk to a lot of my clients
Amanda Gascoigne FCA: about is really understanding the vision of what they want
Amanda Gascoigne FCA: for their practice and their life. And, um, look, it's
Amanda Gascoigne FCA: I wouldn't have changed a thing. I absolutely loved my
Amanda Gascoigne FCA: time being a practice owner, and I love working with
Amanda Gascoigne FCA: practice owners now, so I think it's an incredibly rewarding
Amanda Gascoigne FCA: thing to do. But it's, you know, you have to
Amanda Gascoigne FCA: go in with your eyes wide open. And that's why
Amanda Gascoigne FCA: this resource is so handy. And not just even for
Amanda Gascoigne FCA: people that are starting a practice. I even, um, advocate
Amanda Gascoigne FCA: people to go and have a look at this who
Amanda Gascoigne FCA: might have been in practice for quite some.
Gillian Bowen, Host: There might be things that they need to go hang on because,
Gillian Bowen, Host: you know, the world's evolved hasn't it.
Amanda Gascoigne FCA: It's a bit of a reset. So I'd really encourage all of our listeners,
Amanda Gascoigne FCA: whether they are starting out or thinking of going into practice,
Amanda Gascoigne FCA: to go back and have a look at this resource guide. Particularly,
Amanda Gascoigne FCA: I know at the moment people are feeling very challenged,
Amanda Gascoigne FCA: and they might be even rethinking what they want to
Amanda Gascoigne FCA: stay in and being a practice owner. Go back here
Amanda Gascoigne FCA: and it'll hopefully will bring that enthusiasm back and.
Gillian Bowen, Host: Refocus your thoughts.
Amanda Gascoigne FCA: Refocus. Yeah.
Gillian Bowen, Host: Heather, we do need to get down into a discussion
Gillian Bowen, Host: of where on earth do I start? Um, but I
Gillian Bowen, Host: guess to kind of set us up before we get
Gillian Bowen, Host: into the that that nitty gritty, if there was perhaps, um,
Gillian Bowen, Host: you know, two things that you might want to discuss.
Gillian Bowen, Host: I'm going to you can choose if there are two
Gillian Bowen, Host: things that are good or two things that are bad. Um,
Gillian Bowen, Host: perhaps we just pick two things that you think, um,
Gillian Bowen, Host: that are good or bad, that people aren't thinking about
Gillian Bowen, Host: that comes with running your own practice?
Heather Smith FCA, FCCA: Well, it is, um, running your own practice is, um,
Heather Smith FCA, FCCA: a very rewarding. And you have the flexibility to work
Heather Smith FCA, FCCA: anytime and from anywhere. Um, you have to make all the,
Heather Smith FCA, FCCA: you get to make all the decisions, which is a
Heather Smith FCA, FCCA: good thing. Now, a bad thing is you get to
Heather Smith FCA, FCCA: make all the decisions as well. And that can be
Heather Smith FCA, FCCA: quite overwhelming. Um, and it's always as Amanda and I, uh,
Heather Smith FCA, FCCA: probably agree on it's very, very important to have your
Heather Smith FCA, FCCA: peers and to have a coach like Amanda in your corner, um,
Heather Smith FCA, FCCA: to help you make those decisions, have those sounding boards
Heather Smith FCA, FCCA: around you. Um, and that's what is wonderful about having
Heather Smith FCA, FCCA: a sort of a membership body in that sort of
Heather Smith FCA, FCCA: belongingness of peers around you who understand what you're going through.
Gillian Bowen, Host: Mhm. Mhm. Amanda what would you add to that.
Amanda Gascoigne FCA: So I think the things that are really good like
Amanda Gascoigne FCA: you know I talk about having a fun, rewarding and
Amanda Gascoigne FCA: profitable business. And I think that is the essence of
Amanda Gascoigne FCA: what we do. And you know I know some people
Amanda Gascoigne FCA: might not have that right now but that it is possible.
Amanda Gascoigne FCA: So it's a matter of thinking about, you know, how
Amanda Gascoigne FCA: can I do that? So they're the excellent things. You know,
Amanda Gascoigne FCA: I know my practices when I had my practice and
Amanda Gascoigne FCA: now in my business, everything that I did in practice,
Amanda Gascoigne FCA: I do now in my business, it does allow that
Amanda Gascoigne FCA: flexibility and freedom. As Heather said, it has allowed me to, um,
Amanda Gascoigne FCA: you know, be financially independent. And I have always been
Amanda Gascoigne FCA: our family's breadwinner. And it's been, you know, a very successful, um, career.
Amanda Gascoigne FCA: And it's actually, you know, provided so well for our family.
Amanda Gascoigne FCA: So I think they're the really good things. Um, I
Amanda Gascoigne FCA: am going to say about a couple of the challenges,
Amanda Gascoigne FCA: that isolation and that loneliness has been some things that
Amanda Gascoigne FCA: I know a lot of practice owners haven't anticipated. Um,
Amanda Gascoigne FCA: and I know when I was out on my own,
Amanda Gascoigne FCA: you know, in '99, starting a business, we didn't have
Amanda Gascoigne FCA: the networks that we have these days. And that, I
Amanda Gascoigne FCA: think has been something that's actually has come out of
Amanda Gascoigne FCA: Covid that we now don't feel so isolated. So it's there.
Amanda Gascoigne FCA: And I know some people do feel alone still, but
Amanda Gascoigne FCA: with the communities that we have and Heather's got a
Amanda Gascoigne FCA: wonderful community. I've got a wonderful community that's, you know,
Amanda Gascoigne FCA: no one should ever feel isolated or alone. Now there's
Amanda Gascoigne FCA: always and even CA ANZ, so many resources.
Gillian Bowen, Host: It sounds to me you're saying it's important to lean in.
Amanda Gascoigne FCA: It's the leaning.
Gillian Bowen, Host: You might be a sole practitioner, or you might be
Gillian Bowen, Host: the owner of the so far, the only person that
Gillian Bowen, Host: you've hired or something. It doesn't mean you need to
Gillian Bowen, Host: be alone. That's the vibe.
Amanda Gascoigne FCA: I think so. And you know, if you're experiencing something,
Amanda Gascoigne FCA: chances are someone else is. So, you know, even leaning
Amanda Gascoigne FCA: into that vulnerability.
Amanda Gascoigne FCA: But knowing who your people are that you can talk to,
Amanda Gascoigne FCA: whether they are coaches, mentors, or whether they are just
Amanda Gascoigne FCA: your colleagues, there is so much support. So that's one
Amanda Gascoigne FCA: thing that I know it's a challenge, but it also
Amanda Gascoigne FCA: can be the biggest gift. .
Gillian Bowen, Host: Heather let's then drill down into perhaps some of the
Gillian Bowen, Host: nitty gritty. What questions should a person ask themselves to
Gillian Bowen, Host: see if they're ready to set up their accounting practice,
Gillian Bowen, Host: their own accounting practice.
Heather Smith FCA, FCCA: I'm going to encourage people who are listening in to
Heather Smith FCA, FCCA: go and have a look at the, um, CA ANZ website,
Heather Smith FCA, FCCA: log in and look for the checklist for aspiring practitioners,
Heather Smith FCA, FCCA: which is a seven page checklist of everything you can go
Heather Smith FCA, FCCA: through and consider, from work life balance to staffing to
Heather Smith FCA, FCCA: technology and of course, your own financial situation. It's really
Heather Smith FCA, FCCA: comprehensive and you can kind of go through and go
Heather Smith FCA, FCCA: through that and identify where the gaps are. It doesn't
Heather Smith FCA, FCCA: cover services you offer, but it does cover that whole
Heather Smith FCA, FCCA: concept foundation of actually starting and running a business.
Gillian Bowen, Host: I'll put a link to that in the show notes.
Gillian Bowen, Host: It's a really useful resource. And what I found Heather
Gillian Bowen, Host: looking at it was um, it's it's kind of making
Gillian Bowen, Host: you really think about whether you've thought of everything, sort of.
Gillian Bowen, Host: So that sounds I don't know if that's helpful or not,
Gillian Bowen, Host: but in the sense that if you've answered no to
Gillian Bowen, Host: a few of them, I kind of feel that means
Gillian Bowen, Host: that you're not ready. Is that is that the. That's
Gillian Bowen, Host: the point of it, isn't it?
Heather Smith FCA, FCCA: It's that. But also identifying the gaps means you've got
Heather Smith FCA, FCCA: opportunity to go out and explore and learn them. And
Heather Smith FCA, FCCA: I know for myself in going into business. I spent, um,
Heather Smith FCA, FCCA: three hours every evening, um, filling in gaps, working out
Heather Smith FCA, FCCA: how I could learn more about things. Um, learning excel
Heather Smith FCA, FCCA: inside out, upside down, back to front. Um, reading every
Heather Smith FCA, FCCA: book on starting a business that I could find at
Heather Smith FCA, FCCA: the library, listening to any podcasts I could find. Um,
Heather Smith FCA, FCCA: and that checklist kind of surfaces and identifies areas that
Heather Smith FCA, FCCA: you could, uh, uh, further explore. And you don't know everything.
Heather Smith FCA, FCCA: When you start a business, you don't know everything when
Heather Smith FCA, FCCA: you register for that ABN and you're never going to.
Heather Smith FCA, FCCA: So but you can, as I said at the beginning plan.
Heather Smith FCA, FCCA: I'm a big believer in a business plan. Um, back
Heather Smith FCA, FCCA: in the day, it was paper. It was it was
Heather Smith FCA, FCCA: just sort of on a piece of paper type of
Heather Smith FCA, FCCA: business plan. It was 20, 30, 40 pages long. I
Heather Smith FCA, FCCA: actually went on and actually wrote a book on how
Heather Smith FCA, FCCA: to write a business plan, because I put so much
Heather Smith FCA, FCCA: time into my own business plan. But I always, uh,
Heather Smith FCA, FCCA: was able to refer back to it, um, as I
Heather Smith FCA, FCCA: was going along and having questions, and it was a
Heather Smith FCA, FCCA: lot more isolated back then, like 20 odd years ago.
Gillian Bowen, Host: Amanda, on that knowledge gap that Heather's talking about is
Gillian Bowen, Host: does someone require is there something formal you need to
Gillian Bowen, Host: do to ensure that you are, I guess, "qualified" to
Gillian Bowen, Host: start your own business?
Amanda Gascoigne FCA: I think it's that you don't know what you don't know,
Amanda Gascoigne FCA: so that checklist is excellent. I agree it can actually
Amanda Gascoigne FCA: highlight some gaps, but that shouldn't necessarily be a reason
Amanda Gascoigne FCA: not to start your practice. But what it does show
Amanda Gascoigne FCA: you is you either need to upskill as Heather's discussed,
Amanda Gascoigne FCA: or you need to get some people around to help you.
Amanda Gascoigne FCA: So that might mean investing in certain things, you know, um,
Amanda Gascoigne FCA: whether that's, that's, you know, policy and procedures, you know,
Amanda Gascoigne FCA: might be just easier to pay someone to help you
Amanda Gascoigne FCA: do some of those things. So if you've identified the gaps,
Amanda Gascoigne FCA: you actually can, you know, it could be just peers.
Amanda Gascoigne FCA: And I think a lot of times, you know, as
Amanda Gascoigne FCA: particularly some of the changes that are coming, you don't
Amanda Gascoigne FCA: need to even deal with those alone. Get a cohort
Amanda Gascoigne FCA: of your peers and, you know, solve some of these
Amanda Gascoigne FCA: things together. So I think that the gap is, you know,
Amanda Gascoigne FCA: looking at those things and working out, you know, can
Amanda Gascoigne FCA: I do it myself or do I need support? And
Amanda Gascoigne FCA: I think from doing that from day one, and having
Amanda Gascoigne FCA: that mindset is the secret because you don't know it
Amanda Gascoigne FCA: all and you don't need to know it all. And
Amanda Gascoigne FCA: even throughout that practice journey, there will be things that
Amanda Gascoigne FCA: you won't know that'll, oh, I'm not, you know, who
Amanda Gascoigne FCA: do I turn to for this. And it's having that plan.
Amanda Gascoigne FCA: So I know when I started out, you know mentoring
Amanda Gascoigne FCA: and all that was quite sort of new. But I
Amanda Gascoigne FCA: remember distinctly I had two people that there was not
Amanda Gascoigne FCA: a formal arrangement, but I knew if I got stuck
Amanda Gascoigne FCA: that I would actually go and talk to them. And
Amanda Gascoigne FCA: I didn't abuse that situation. I, you know, when I,
Amanda Gascoigne FCA: I tried to work things out myself, but if I
Amanda Gascoigne FCA: had a quandary, I would actually go to them. And
Amanda Gascoigne FCA: I think it's actually having that plan as well that
Amanda Gascoigne FCA: you've got someone to go to or if it's even
Amanda Gascoigne FCA: a work type, if you get a bit of a curly
Amanda Gascoigne FCA: question that you're not sure, don't try to navigate it
Amanda Gascoigne FCA: on your own. Perhaps it's a bit of a situation
Amanda Gascoigne FCA: where you're going to refer it to a colleague to
Amanda Gascoigne FCA: do that, and there's no, no shame in doing that.
Amanda Gascoigne FCA: And in fact, I think that's almost like you go
Amanda Gascoigne FCA: to a GP for something and then when it, you know,
Amanda Gascoigne FCA: you want them to refer you to a specialist. But
Amanda Gascoigne FCA: I find a lot of people in practice that might
Amanda Gascoigne FCA: be the thing that stops them from going into practice
Amanda Gascoigne FCA: because they don't think they know it all. Know that
Amanda Gascoigne FCA: you've got the support and you can ask someone, and
Amanda Gascoigne FCA: I think that's going in with that mindset, you will succeed.
Amanda Gascoigne FCA: You don't have to know everything.
Gillian Bowen, Host: Mhm. Amanda, we've previously done an episode where we've talked about, um,
Gillian Bowen, Host: how to set up a good practice, and in particular,
Gillian Bowen, Host: we've dived into, um, how to make sure that your
Gillian Bowen, Host: client list is what you want and that it works
Gillian Bowen, Host: for you, um, in a way that you want. And, um,
Gillian Bowen, Host: for those playing along at home who haven't heard that episode,
Gillian Bowen, Host: it is fabulous. I'll put it out there. It's a
Gillian Bowen, Host: good episode. I'll put a link to that in the
Gillian Bowen, Host: show notes. And, um, as a result, because we've got
Gillian Bowen, Host: some great views, we'll come back to you in a second.
Gillian Bowen, Host: I thought it would be good to ask Heather here
Gillian Bowen, Host: what she might have to add on how you go
Gillian Bowen, Host: about finding your clients or how you how you source them,
Gillian Bowen, Host: how do you allocate time between clients and then doing
Gillian Bowen, Host: all the, the kind of doing side of running a business?
Amanda Gascoigne FCA: So I encourage you to identify the core services that
Amanda Gascoigne FCA: you're going to offer.
Heather Smith FCA, FCCA: And develop some copy around this. Um, this was always
Heather Smith FCA, FCCA: a really successful, um, uh, methodology for me. Develop copy
Heather Smith FCA, FCCA: around that and make sure you have it clear across
Heather Smith FCA, FCCA: all of your social media channels, especially on LinkedIn. Using
Heather Smith FCA, FCCA: mobile phone, record videos of all of the anticipated questions
Heather Smith FCA, FCCA: your potential clients are going to ask you and then
Heather Smith FCA, FCCA: extract the text. Put that on your website. Um, put
Heather Smith FCA, FCCA: the videos up. It's really good for the algorithms and
Heather Smith FCA, FCCA: it's really good for people to see you, um, and
Heather Smith FCA, FCCA: connect with you and get to know who you are.
Heather Smith FCA, FCCA: So I'm very much, um, I want them to know
Heather Smith FCA, FCCA: who you are. Have a really warm sense of who
Heather Smith FCA, FCCA: you are before they have a conversation with you. Then, um,
Heather Smith FCA, FCCA: I was wondering whether, um, um, the young people coming
Heather Smith FCA, FCCA: up would have little black books, but in my day,
Heather Smith FCA, FCCA: it was a little black book once.
Gillian Bowen, Host: It's your colourful phone.
Amanda Gascoigne FCA: I have a little pink book, uh, a little pink book.
Amanda Gascoigne FCA: Pink book in my online community, it's called Amanda's Little
Amanda Gascoigne FCA: Pink Book.
Heather Smith FCA, FCCA: Fabulous. So so so. And that what whatever it is
Heather Smith FCA, FCCA: that that connection of all of those networks. The little
Heather Smith FCA, FCCA: pink book. The little black book, the fluffy, fluffy pen or
Heather Smith FCA, FCCA: the glitter book, be very clear about what your services are.
Heather Smith FCA, FCCA: Then reach out to your network and let them know
Heather Smith FCA, FCCA: what you're doing, and let them know what services you
Heather Smith FCA, FCCA: are offering. However, I strongly advise not working with family
Heather Smith FCA, FCCA: and friends. Let them be your advocates. Let them be
Heather Smith FCA, FCCA: clear about how they can advocate for you. But be
Heather Smith FCA, FCCA: wary about working for family and friends because that that
Heather Smith FCA, FCCA: always seems to lead to challenges.
Gillian Bowen, Host: That's a lovely way to put it.
Amanda Gascoigne FCA: Good boundaries there. Heather, I think you can potentially like
Amanda Gascoigne FCA: if you don't want any of that conflict or you
Amanda Gascoigne FCA: don't feel like you don't, that's one thing you don't want.
Amanda Gascoigne FCA: Obviously don't do it. But if you do, my advice
Amanda Gascoigne FCA: there would be to treat them just like any other client,
Amanda Gascoigne FCA: so they get charged the same amount as other clients.
Amanda Gascoigne FCA: They get the same, um, you know, level of care.
Amanda Gascoigne FCA: They get the same. Like if your wait time is
Amanda Gascoigne FCA: two weeks for an appointment, they also get two weeks.
Amanda Gascoigne FCA: And that's one thing that I know I tried to,
Amanda Gascoigne FCA: you know, break the rules a little bit for people,
Amanda Gascoigne FCA: whether they were friends or family, but it actually made
Amanda Gascoigne FCA: it harder for my staff members to, look, is there a
Amanda Gascoigne FCA: different rule for that person? Is it a different price paid?
Amanda Gascoigne FCA: Or if they got a different, you know, they'd say
Amanda Gascoigne FCA: to me, Amanda, you have so many relatives at this
Amanda Gascoigne FCA: time of the year, they come out of the woodwork
Amanda Gascoigne FCA: and that is the truth. So we actually. Yeah, yeah.
Gillian Bowen, Host: It's an "auntie".
Amanda Gascoigne FCA: That's one thing. It's about setting those boundaries and trying to
Amanda Gascoigne FCA: systemize as much as we do. And that's one of
Amanda Gascoigne FCA: the things that we do need to do in practice
Amanda Gascoigne FCA: not have a rule for this and a rule for that.
Amanda Gascoigne FCA: We talked about boundaries in our last session as well,
Amanda Gascoigne FCA: our podcast we did, but it's about having those systemized
Amanda Gascoigne FCA: ways which will actually cause less grief. Yes. And if
Amanda Gascoigne FCA: people don't, if they're just coming for the discounted price
Amanda Gascoigne FCA: or they're coming for preferential treatment, they've got it's an
Amanda Gascoigne FCA: opportunity cost for the accounting practice owner. And that's what
Amanda Gascoigne FCA: we can't afford to do.
Gillian Bowen, Host: No. As suspected, um, the three of us have chin
Gillian Bowen, Host: wagged right up until the final second. I, uh, had
Gillian Bowen, Host: had thought this was going to happen. Um, and and
Gillian Bowen, Host: as a result, there's no way that we were ever
Gillian Bowen, Host: going to be able to discuss everything that was on
Gillian Bowen, Host: my list. We've just touched the edges. And look, if
Gillian Bowen, Host: you enjoyed this episode, let us know, because we can
Gillian Bowen, Host: do another one of a similar vein, like which we
Gillian Bowen, Host: can put out again in a couple of weeks, which
Gillian Bowen, Host: just value adds to what we've what we've done here.
Gillian Bowen, Host: We'll just call it part two or something. But um,
Gillian Bowen, Host: obviously I'll put a link to, um, the resource in itself,
Gillian Bowen, Host: which is worth reading. Um, look before you leap and
Gillian Bowen, Host: the checklist that, um, Amanda and Heather have been talking about,
Gillian Bowen, Host: it's it's really worth reading. And there's some great, um,
Gillian Bowen, Host: you know, anecdotes as well from, uh, the, the experts
Gillian Bowen, Host: that have helped put together the resource that are worth reading.
Gillian Bowen, Host: It's always good to get a viewpoint from someone who's
Gillian Bowen, Host: done it and then to get their their, their kind
Gillian Bowen, Host: of use, their vibes as a bit of an action list.
Gillian Bowen, Host: Before we go, let's see if we can wrap up
Gillian Bowen, Host: with a final thought from the both of you. Um, Heather,
Gillian Bowen, Host: why don't you go first?
Heather Smith FCA, FCCA: I would encourage anyone who's listening in to connect with
Heather Smith FCA, FCCA: Amanda Gascoigne or I on LinkedIn, and if you are
Heather Smith FCA, FCCA: in need of peers, put your hand up and join
Heather Smith FCA, FCCA: the CA ANZ Facebook groups which have their own individual Facebook
Heather Smith FCA, FCCA: groups for each state. Put your hand up. There's people
Heather Smith FCA, FCCA: out there to connect with. But if you do have
Heather Smith FCA, FCCA: a question, I'm sure between both of us we can
Heather Smith FCA, FCCA: point you in the right direction if you're not finding
Heather Smith FCA, FCCA: it elsewhere.
Gillian Bowen, Host: Agreed, Amanda.
Amanda Gascoigne FCA: Thanks, Heather. Uh, I think the biggest thing that we're seeing,
Amanda Gascoigne FCA: particularly at the moment, is, uh, the managing of stress,
Amanda Gascoigne FCA: burnout and overwhelm. So part of that is actually really
Amanda Gascoigne FCA: thinking about that work life balance. Like, how can we
Amanda Gascoigne FCA: achieve that? Because what is the use of, you know,
Amanda Gascoigne FCA: looking after all of our clients and doing an amazing job,
Amanda Gascoigne FCA: but us feeling stressed and we're actually, you know, leaving
Amanda Gascoigne FCA: ourselves short for the people you know, that mean the
Amanda Gascoigne FCA: most to us, our family and ourselves. So I think
Amanda Gascoigne FCA: really looking at and setting up your business that you
Amanda Gascoigne FCA: are looking at the financial aspects that as you grow,
Amanda Gascoigne FCA: that you can grow sustainably and you are able to
Amanda Gascoigne FCA: have enough money, you're pricing in a way that you
Amanda Gascoigne FCA: can actually bring on more staff and invest in technology.
Amanda Gascoigne FCA: But I think the biggest thing is about that work
Amanda Gascoigne FCA: life balance, because that's what one of the reasons we
Amanda Gascoigne FCA: go into business for ourselves the freedom, the flexibility, the money.
Amanda Gascoigne FCA: And I see a lot of people coming to me
Amanda Gascoigne FCA: because they've lost, you know, lost their way a little bit.
Amanda Gascoigne FCA: And the work life balance is the first thing that goes.
Amanda Gascoigne FCA: Now it's possible to get it back, but it does
Amanda Gascoigne FCA: require those boundaries that we talked about. And, you know,
Amanda Gascoigne FCA: and it really is. You've got to be on purpose.
Amanda Gascoigne FCA: You've got to be thinking about that as you're making
Amanda Gascoigne FCA: those decisions and as you're, you know, having the ideal
Amanda Gascoigne FCA: clients and, and that sort of thing. So I feel
Amanda Gascoigne FCA: like that's got to be something. And we also, that's
Amanda Gascoigne FCA: our clients want that as well. Um, that's so we
Amanda Gascoigne FCA: really need to be really more mindful of that. And
Amanda Gascoigne FCA: we can help our entrepreneurial small business clients achieve that
Amanda Gascoigne FCA: as well. And there's that ripple effect.
Gillian Bowen, Host: I agree. Look, that is all we have time for. Have you
Gillian Bowen, Host: checked out the podcast page on the CA ANZ website?
Gillian Bowen, Host: There's plenty of great content, experts, interviews and resources tailored
Gillian Bowen, Host: to you. I will put a link to it in
Gillian Bowen, Host: the show notes so it's easy to find. And of
Gillian Bowen, Host: course you'll see a link to the podcast in the
Gillian Bowen, Host: newsletters you receive from CA ANZ and on our social
Gillian Bowen, Host: media channels. I'm also going to put a link to
Gillian Bowen, Host: the new Smaller Practices Resource Centre. If you haven't checked
Gillian Bowen, Host: that out already, I strongly encourage you to head there
Gillian Bowen, Host: to have a look, and if you want to get
Gillian Bowen, Host: in touch with the podcast, email us podcast@charteredaccountantsanz.com and follow
Gillian Bowen, Host: the pod in your favourite podcast app. Let's start a conversation.
Gillian Bowen, Host: Thank you Heather Smith and Amanda Gascoigne for being my guests,
Gillian Bowen, Host: my experts on Small Firm, Big Impact.
Heather Smith FCA, FCCA: Thank you very much.
Amanda Gascoigne FCA: Thank you very much.
Gillian Bowen, Host: Bye bye.