Andrea set up her business 6 years ago from her spare room. For most of the time since then, the business has grown steadily, and now she has a team of eight, is turning over approximately £350,000 per year and has a growing reputation for innovation within her technology related industry.
Andrea finds being a sole director a lonely place to be at times and values having an advisor that can provide a sounding board for new ideas and who can help her through some of the typical growth pains a small business can experience, such as cash flow pressures, the timing of office moves. As with most of us, she can become caught up in the day to day and lose sight of how far she has come in a relatively short period of time; she has definite aspirations for growth!
Using Xero and some of the related apps to keep the books up to date and, in particular, to keep debtors under control has been extremely beneficial to Andrea. She has struggled with cashflow at the times of peak growth, when new recruits and office moves were exerting more pressure than usual! Xero works well for Andrea, now that her invoices are sent out regularly and not held until the end of the month, and she needs little support with it these days; she knows though that we are there to help should the need arise.
Pricing has also been an issue over the years, with Andrea finding it a leap to raise her prices to reflect the real value of the service she and her growing team offers. She no longer undersells her service though, and has learnt the value of tracking the time and profitability of each job her team work on, and is now aware that firm control of both can quickly be felt on the bottom line.
Andrea usually completes her own tax Return each year, but has referred to us in the past if she is unsure of the treatment of any aspect of her affairs.
Andrea uses the following Baranov Associates services:
If Andrea’s business or challenges sound familiar to you, we can help! Why not get in touch now to discuss how.