The following are a collection of some of the more practical common tips I wish I’d known earlier:

1. Always have 2 bank accounts with the same bank
2. Always take a deposit
3. Always carry business cards – always
4. Re-prioritise your to-do list daily
5. Regularly ‘brain dump’ – everything you need to do
6. Those annoying things that sit at the bottom of your to-do list – move three of them to the top weekly
7. Be aware of what your competitors are doing
8. Always ask for any design work in vector base (.eps and .ai)
9. Always move your VAT on sales into another bank account as soon as it clears
10. Ask for all intellectual property (IP) rights on all web/design
11. Keep all your passwords secure and together – including ones you think others should be keeping safe for you
12. Always back-up your systems
13. Check you have the right insurance policies that will actually cover you!

There are also some philosophical ones I think are worth reading:

1. Never make assumptions about day to day client interactions – what they think compared to what your think
2. The way to only get a wrong answer is not to ask the question
3. If you don’t value your product/service/time no one else will
4. There’s a big difference between knowing something and being told something
5. If you don’t market you don’t make it
6. Fail to plan, plan to fail
7. Always have a back-up plan

I would love to update these lists regularly – so please send me your top tips and best advice and they will get added to my next update!

Costs:
Attendance/food/refreshments  -  £20.00
Travel/parking etc  -  £4.00
Follow-up Coffee & travel x 2  -  £20.00
Total  -  £44.00

If you say go to two per week for three weeks so you get a feel for it your actual cost could be as much as £264.

Oops I forgot to mention your time.  If you were working on chargeable work instead of doing all this at say £55 per hour this will really scare you – £2,145!

So the true cost could be as much as £2,409 and this is before you’ve signed up as a member, and committed to regular attendance!

What can you get out of networking?

After reading all of the above you would think I am completely against networking, I’m not – It’s built my business.

So how do you do it, so it doesn’t cost you quite so much and you get results?  I recommend being smart about it!  This only comes with experience I’m afraid.  Trying to speak to everyone in the room is a common mistake as how can you be remembered or remember the other person if you only speak to them for a minute.

However be pleasant and friendly to everyone you pass as you just never know.  Listen, ask questions and be enthusiastic, then try to spark some want or need in the people you do speak to, whether this be socially or commercially.

Try to arrange follow-up meetings at a time and place that is convenient to both of you.  This is easier said than done, generally those who charge by the hour are more precious with their time, than those who don’t.  Also always consider travel time.

The best advice is to keep an open mind, one of my best networking results was when I met a tiny new start business, my initial reaction was to try to move on, but I didn’t – I made such a great impression that around 6 months later I was recommended to a friend of theirs, who has since become one of my best and most profitable clients.

Choosing your accountant is an important decision – when prices and quality of service vary so much.  It’s also worrying how many business owners I speak to who quite simply have been given little or none of the right advice appropriate to them!

This guide aims to highlight the questions that I would want prospective clients to ask me:

Ask any accountant you meet with about:

1. Their qualifications and double check these against the national registers (see below).  No qualification? – doesn’t mean they are bad accountants – it simply means that there is no-one regulating the quality of how good they are and ultimately if there is a serious problem no-one to complain to (But ask for their HMRC Accountancy Service Provider registration details).
2. Their past experience.  If they have worked ‘in practice’ for a number of years then hopefully they are pretty up-to-date with current regulations, but if they have worked out-with the industry for any length of time they may not be up-to-speed – so you want to know what they have done to prepare them to give you advice.
3. Their training (CPD or similar), all good accountants will spend time, money and energy on high quality training and development to ensure that they are up-to-date with all the latest techniques and tax rules.  Ask about their training policy?
4. The size and legal status of their clients.  For example if you have a private limited company and the accountant deals mainly with sole-trader businesses they may not know some of the more technical disclosure points required under the Companies Act such as ‘transactions with directors’ disclosure.
5. Their Professional Indemnity insurance – confirm they’ve displayed their certificate.
6. Their ICO registration (Data Protection Act) because they will be holding very personal information about you, your business and your staff, and despite the fact they’re holding it, its your responsibility to ensure that it’s safeguarded.
7. Fees.  This is a tricky area as prices vary so much – if the price is unrealistically low – ask why?  Compare it to your own charging rates.
8. Paying upfront, by instalments or after the work is completed.  I’m always cautious about any business that asks for fees to be paid in full and up front – simply because you do not know the quality!
9. Annual meetings/regular reviews – this is where you need to ask if there are any additional savings you should be aware of.  Looking forward rather than at the historic detail, doesn’t come easily to all accountants.
10. Who you will be dealing with.  If it’s not the partner – how will you know you’re being looked after?  Its important that you ‘click’ with your accountant – as lets face it – you will probably tell him/her things you wouldn’t tell your own family!

National registers of qualified accountants:
CA = http://icas.org.uk/Find_a_CA.aspx,
ACA = http://www.icaew.com/en/about-icaew/find-a-chartered-accountant,
ACCA = https://www.acca-business.org/dom/