Running A Successful Family Business
And how Essendon can work for you ...
POSTED BY ROGER EDDOWES ON 18/12/2017 @ 8:00AM
A family business is made up of different close relatives. From parents and children to siblings and spouses, a common set of talents, skills and experiences can either make it or break it ...
Family businesses can be a wonderful thing, but they can also end in disaster!
copyright: andreypopov / 123rf stock photo
An example of one of my clients is a married couple who met at university. They were full of the joys of life back then and totally carefree about their future. Deciding to work together to create a business, it grew very quickly and they found that it consumed all of their time.
"They didn't have time for each other, despite promising themselves that their business would give them the freedom they wanted!
As their business had quickly grown, it wasn't just the two of them anymore and they now have other team members to coordinate, payroll to run, more in-depth bookkeeping and complicated accounting and had to ensure clients were coming in regularly to keep the business in the black.
And, of course, they were taking their work home with them. It was sometimes difficult to distinguish between a business conversation over dinner and a husband/wife one. And this is typical amongst many family businesses because the work becomes all-consuming.
Bill, the husband (the names has been changed to protect the innocent) got in touch with me and said "We know our work/life balance is out of whack. When we started, we wanted a lifestyle business, but in trying to succeed we've ended up with a machine that we constantly have to feed!" His wife, Martina added, "We were planning to have kids, but as the business is taking up all of our time, how can we do that and keep the business running successfully?"
"I put my Business Godparent hat on because they just didn't need an accountant, they needed a trusted advisor!"
As Essendon Accounts is a family run business, I knew many of the issues they were facing as we'd had them happen to us, and we found a way. We were perfectly positioned to help guide them through the choppy waters of stabilising their business and giving them more time to themselves.
These are some of the things this Business Godparent did for them:
Outsourced all accountancy functions including bookkeeping, credit control and cashflow projections
Engaged business mentors to restore their work/life balance, keep them motivated and inspired and to get the business working efficiently
Simply listened, on the phone or face-to-face over a coffee, and supported them with any issues they may have
Both Bill and Martina were able to take a breath and just be a couple again.
They were back in the business, and letting the creative juices flow for their clients. It was a great start and as the trust grew between them and the team at Essendon Accounts, we've been able to help them in many other ways too.
It's been one of my favourite success story so far and I'm proud of them both for working so hard to get their work/life balance back into sync. They now have time for themselves, time for their business and time for each other.
Family businesses can be a wonderful thing, but they can also end in disaster. They can provide for your family or they can tear it apart; and that's why every family business really needs a Business Godparent to care for it and help it grow.
"Would you like to know more?"
If you're running a family business or are considering going into business with your close relatives, do give me a call on 01908 774320 or click here to ping me an email and let's see how we can help you to succeed.
Until next time ...
More about Roger Eddowes ...
Roger trained at Edward Thomas Peirson & Sons in Market Harborough before working at Hartwell & Co, followed by Chancery, as a partner. He started Essendon Accounts and Tax with Helen Beaumont in 2014 as a general practitioner with a hands-on approach.
Roger loves getting his hands dirty, working with emerging, small-to-medium and family businesses to ensure they receive the best possible accountancy advice. Roger utilises an extensive network of business contacts to leverage the best guidance and practical solutions.
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