Being the best and going for Gold!
Sometimes in life you get to feel like an Olympian, even if technically you are not. To win a gold medal means to be the best; the very best in the world at whatever sport you have made your life’s pursuit. It is, perhaps, the greatest sporting honour that can be bestowed upon anyone.
Not everyone can be an Olympian…
There simply are not enough number one spots to go around for everyone to attain the top prize. To award everyone equally would belittle the value of being the best – it would take away the meaning of a Gold Medal. But there is one competition which everyone can win and celebrate that victory in style with well-deserved acclaim. You can be the best that you can be – you can deliver outstanding results and make a difference – you can become a person or a business which others recognise as being noteworthy.
Excuse me a little indulgence!
For me, business is about two things: 1) Delivering a service which I can be proud of and which I know my customers will appreciate and be happy to pay for. 2) Creating the lifestyle that I desire for me, those who I love the most (my family), and the people who work for me in the business. That much I know I can do and do to my own gold medal standard. It is nice to gain external recognition for it too…
Earlier this year a book was published called, ‘The world’s most inspiring accountants’ and Meades & Co were asked to be involved. The book was designed to promote the profession ‘externally’ and to inspire those working within it to be the best that they can be. Here is our entry:
Preventing a client losing his business and his family home
Meades & Co: A two director practice with a team of 14 based in Watford, England helped a client to turn a huge loss in an even bigger profit and stop the owner from losing his business and his house.
Director Paul Meades says: “It feels great to have been able to help prevent that kind of catastrophe for our client and his family. And, as you can imagine, our client feels great too.” Within three years of being appointed, Meades & Co had helped this waste recycling business:
- Turn losses of £350,000 into profits of £650,000
- Transform its balance sheet from £850,000 net liabilities into £1.4 million of net assets
- Replace £300,000 of bank borrowings with cash balances of £650,000
- Save the business owner £260,000 in tax
Paul Meades explains: “The owner moved to us after I demonstrated how we could initially save him £16,000 in personal tax a year. But it soon became clear that they needed our all-inclusive service giving them monthly management accounts, management information, ratio analysis, cash flow and profit forecasts and KPI monitoring, along with all the normal year-end accounts payable and tax returns support.”
“Armed with that kind of meaningful, reliable and insightful information, we have held monthly BoardView strategic meetings with the owner, helping him use the data to identify and address the areas of the business that needed improving. Acting as a sounding board, and helping him make better decisions based on better information, has proved invaluable to a client who historically had only ever worked ‘in’, rather than ‘on’ his business.
“Most importantly, the bank has told us that in the early days they were only able to continue to support the business because of the very comprehensive management information we provided on a regular basis, and twice yearly projected profit and loss accounts, balance sheets and cash flow forecasts. Without that bank support, the owner would probably have lost his business and his house. So it feels great to have been able to help prevent that kind of catastrophe for our client and his family. And, as you can imagine, our client feels great too.”