PIVOT, NOT U-TURN by Robert Binns
Director, Cotton Court
One of the best pieces of business advice I was ever given was around having a clear vision of what it is you are trying to achieve.
It sounds simple and makes perfect sense. And that is, of course, what anyone starting a business does; they want to bring that big idea to life and reap its fiscal rewards.
So why is it that even though we know it’s going to be a tough old slog, at the first bump in the road we abandon rule number one like it never existed and do a massive panic-stricken U-turn which often results in failure?
The solution is very simple. Within the business vision phase when that big idea is being formed, factor in the flexibility to perform various pivots along the journey.
Pivots are controlled responses to the ever-changing environments of
business. Change is a constant and the current Covid-19 pandemic is a great, albeit severe, example of this, so providing safety measures such as social distancing is a pivot to allow you to achieve the vision.
Among the most impressive business pivots was that of entrepreneur Stewart Butterfield. His company initially developed a game called Glitch, but soon realised that while the concept wasn’t viable, the internal communications platform they had developed to communicate between offices had real potential. That technology became Slack, which now has more than 10 million daily active users and the company is now worth over $20bn.
So, remember to pivot, not U-turn. After all, if you put a postcode into your sat nav and hit a road closure along the way you wouldn’t just do a U-turn and go home.
JUST AN ACCOUNTANT OR A TRUSTED ADVISOR? by Chris Brown
Managing director, Brown & Co
The American author Helen Keller said: “Alone we can do so little, together we can do so much”. She was both deaf and blind from the age of two and described living as “at sea in a dense fog”. Despite this, she became one of the 20th century’s leading humanitarians.
Business owners can learn from this, and call on the support of others to navigate their challenges. Your accountant can be that trusted advisor, so long as they meet these three requirements:
Offers a wide range of services
Many business owners expect their accountant to help in making strategic decisions, also advising on matters such as tax planning, obtaining finance, HR and IT to name a few.
And rightly so. The more services offered, the deeper the partnership and understanding of the business.
Increased communication
How often do you meet with your accountant? Business owners who meet with their accountants monthly tend to view them as their most trusted advisors, consulting with them for business advice more often than family, friends, and even their lawyers.
Keeps on top of technology trends
There seems to be a direct correlation between businesses who view their accountants as trusted advisors and overall software adoption. This is because they have suggested and implemented time and money-saving tools and everything just runs more smoothly.
Support is more than just financial. It’s more than just solving problems. It’s about genuine insights, empathy and understanding.
The role of a trusted advisor today has never played such an important role in a business. Get the right one and together you can do so much.
01253 871111
www.brownandcompany.co.uk
Stuck? We can turn your business around.
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BUSINESS SUPPORT
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