The power of a Plan: “It’s the single most important exercise a business owner can undertake”

Corner Finance was born in November 2018, just over 12 months after my daughter was born.

This isn’t a coincidence.

My idea had always been to distill everything I’d learned from a 20-year career into helping smaller businesses where I could make a huge difference. Getting the chance to do that and spend more time with my daughter in her first few months was the kick that I needed to finally make it happen. I have to say, though: looking after my daughter was by far the harder job.

Currently, I act as a finance partner for business owners and boards. I’m numbers-savvy, but I communicate plainly, without jargon.

Throughout running my business, I’ve learnt there’s more to it than just the product or service that you are selling (and that you need help if you are to be able to do it all).

At the same time, I’ve also learnt that I enjoy some of the more creative side of running a company, such as creating content and marketing ideas. Who knew an accountant would enjoy that?

In fact, one ongoing challenge I’ve overcome has been the perception of an ‘accountant’. While I’m a qualified chartered accountant – and proud of it – Corner Finance was actually established to provide a much broader range of services than people perhaps expect from “traditional” accountants.

It still pains me that I have had to drop the “A word” from my up-front marketing and elevator pitches, but there are only so many glazed expressions that a man can take.

Today, everything I do is built around a plan for the business. I fundamentally believe that planning is the single most important exercise a business owner can undertake. Planning shouldn’t just be aimed toward satisfying external triggers, like a funding round or a business sale. It should be a living, breathing tool that is used to manage the business and make smart decisions.

With that said, don’t feel you have to stick to the plan rigidly. Planning is important as it gives you a sense of your goal and how to get there, but you will have to change direction here and there. The power of the plan is a reference point to help get back on track after one of these detours.

Don’t be afraid to take risks, but never take a risk that you don’t have to. Crucially, avoid any that your business couldn’t survive going wrong. Tomorrow is another day, so make sure your business will be there. Also: try to keep a level head regardless of what is going on around you.

Going forward, my goal is to continue spreading the plan’s importance as a business tool, rather than something to pull together whenever someone asks to see one. The more businesses I can help to take control of their numbers and make smart decisions, the happier I will be.