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Tales of the Unexpected

ManchesterConfidential.com have chosen Champion as our new accountants and business advisors

Published on November 14th 2007.

Tales of the Unexpected

The most dangerous point for any growing business is when the company needs to grow from around fifteen employees up to the forty. At this time they can rarely afford the middle management strata, especially when the business is committed to growth through in-house profits.

What we needed was a firm of accountants without marble foyers and fountains, but with sleeves rolled up ready to fill in more than a balance sheet. And we wanted clout.

Accountants are accountants, or half the board thought. Champion have done the expected….got accurate monthly figures rolling off the press by the 11th of the month and correcting a couple of situations where we weren’t employing ‘best practice’. Blah, blah.

It was the unexpected things that have so impressed.

Are you know that there are 4 ways to grow a business by the way?

  1. Increase your prices.
  2. Sell more stuff to your existing clients (apparently according to the boffins at MIT in Boston, it’s 17 times cheaper to get this than from a cold call)
  3. Get more clients (of the sort you want….no promiscuity here.)
  4. Improve the efficiency of your business.

Champion’s Management Accounts team showed us that if we were turning over £100k per month and we were making a 10% profit on that (£10k for the non-numerate) a small increase of just 2% to our selling prices would mean a 20% increase in profits.

Selling just 5% more services to our existing clients would increase the bottom line by 50% (we could do that without any additional costs).

Park new sales, we know about that!

And cutting just 3% off our running costs would increase profits by 27%.

That adds up to 97% increase in profits…..it’s the little things that make the difference and once we had got used to being lectured at by an accountant we are putting these things into practice whilst tightly managing a business that is growing at 8% per month. We have found our bottom line getting fatter enabling us to invest more, faster and in a closely managed way.

Our first experience of Champion was at their Elevation ’06 conference, here in Manchester in April last year. No ordinary conference this. The much missed Tony Wilson was the compere and he delivered in his inimitable style. Rude, iconoclastic and totally riveting. On leaving this writer witnessed two old seen-it-all-before non exec directors buying management books.

If you are looking for a new set of accountants and business advisors, we can recommend Champion. In the meantime look out for tickets for their Elevation ’08 conference, they are in short supply.

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