Knowing your finances, understanding what they mean, being clear on how to read your management accounts, and how to use that information to shape your decisions – these are essential, but challenging skills that founders need to master.
I met Reza Hooda when we were both panellists on a webinar called ‘Cash is King’. He qualified as a chartered accountant and tax advisor with PwC and then became Managing Partner of Walji & Co chartered accountants in 2008. He has since transformed the small traditional firm on the south coast into a highly successful practice being acknowledged in the 2019 Accounting Excellence Top 5 small firm of the year awards by Accounting Web.
Over the last 12 months, Reza has built a virtual coaching and mentoring business for other accounting firm owners to help them build more enjoyable, successful and profitable accounting firms. He has used social media extensively to build his reputation amongst the accountant community where he now has a large following – over 500 accountants in his Facebook group and every month nearly 100 accounting firm owners attend his mentoring sessions.
So, I invited Reza onto the podcast to share his experience of helping entrepreneurs make better use of their finances and management accounts.
On the podcast we discuss:
- The key difference between an entrepreneur and a small business owner
- How your numbers help you look to the future and make decisions (rather than just reflecting on past achievements)
- The numbers give you clues to the decisions and behaviour of your team members
- How often founders should be reviewing their management accounts
- Why start-ups and scale-ups need to be extra diligent
- Key measures you need to pay attention to and why these are important
- The three most common challenges his start-up clients gave and the role an accountant plays in dealing with them
- What the most successful business owners have in common and do more than anyone else
- The pricing mistakes you need to avoid, and how to use pricing to drive your business decisions
- 3 essential ingredients to building a high performing team