Harnessing the Impact of Daily 1% Enhancements in Business
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Chapter 1: Introduction to Incremental Improvements
In this episode, I have a conversation with Gareth Burton, the founder of Assure UK and Progress Accountants. This interview is part of a series recorded at the Accountants BootCamp held in late April. I had the privilege of speaking with several distinguished UK accountants who traveled to Australia for this event.
Gareth Burton is the visionary behind two businesses. His first venture, Assure UK, specializes in the UK Pension market, offering assurance reports for independent trustees, master trusts, pension scheme administrators, and other service organizations. Recognizing a gap in the market where accountants were not adequately serving these professional practices, he launched a second company, Progress Accountants, which caters to forward-thinking professional practices with more than three employees.
Key Highlights of the Episode:
- The motivation behind Gareth's dual business approach.
- Achieving 100 incremental improvements over 100 days.
- The decision to establish his own accounting firm.
- The technology employed in his operations, including Xero, Dext, Microsoft, BreatheHR, and MyWorkPapers.
- The transformative impact of Microsoft's shift to Teams on the accounting sector.
- Strategies for identifying niches within niches.
- The evolution from a commodity-focused to a service-oriented business model.
- Valuable insights gained from attending the Accountants BootCamp.
- Customer service and experience strategies inspired by Disney.
- Advice for aspiring accountants: "Focus on small improvements."
Before diving into today's discussion, I encourage you to stay connected with the evolving accounting tech landscape through various platforms:
As we walk through the scenic grounds of Sanctuary Cove, you might notice some ambient noise, which I hope enhances your listening experience!
Gareth’s Background
Heather Smith: Could you introduce yourself to our listeners?
Gareth Burton: I’m Gareth Burton from the UK, and I run a specialized audit firm called Assure UK, along with an online accounting firm named Progress Accountants.
Heather Smith: It's fascinating that you operate two distinct businesses.
Gareth Burton: Yes, they complement each other.
Business Locations
Heather Smith: Where are your businesses located?
Gareth Burton: One is in London and the other in Banbury.
Heather Smith: So, you commute between the two?
Gareth Burton: Yes, one is entirely virtual, while the main office is in Banbury, where most of my team works.
Heather Smith: I once worked in Banbury to conduct a stock count for sausage rolls.
Gareth Burton: Not many people visit Banbury just to see Banbury's cross.
The Inspiration Behind Two Firms
Heather Smith: What inspired you to launch two businesses?
Gareth Burton: After running a business for a decade, I aimed for a tenfold improvement. My partner and I decided to part ways, and I wanted to retain momentum by implementing 100 1% improvements. As I developed Assure UK, I sought a more proactive and advisory accountant but couldn't find one, so I created my own firm to assist others in their growth journeys by providing essential management information.
Heather Smith: And you aimed for sustainable growth as well. Regarding the 100 1% improvements, how did you structure that timeline?
Gareth Burton: It was over 100 days. We transitioned our server to the cloud.
Heather Smith: That must have taken a few days.
Gareth Burton: Yes, we migrated from an in-house server to Amazon WorkSpaces, among other changes, such as adopting Xero from a different accounting system and automating expense management with tools like Expensify and Dext.
Daily Improvements: A Continuous Journey
Heather Smith: It's remarkable that you emphasize daily 1% enhancements.
Gareth Burton: Exactly! Whether it's improving desk ergonomics or staying hydrated while traveling, small changes add up.
Explore the concept of daily improvement through James Clear's insights in this video, focusing on the question: What Happens if You Get 1% Better Every Day?
Technology Integration in Business
Heather Smith: You mentioned implementing Dext and Xero. What other technologies are pivotal in your operations?
Gareth Burton: We also use Breathe HR for HR management, transitioning from paper-based systems. Recently, we switched from CCH ProAudit to MyWorkpapers for our audit processes. Our latest shift has been towards a Microsoft-based work environment, which was quite a shift for me as an Apple user.
Heather Smith: That's a significant transition!
Gareth Burton: Indeed, but if it streamlines processes and enhances client experiences, it's worth it. We now utilize e-signatures and client portals for document signing.
Heather Smith: The Microsoft transition is particularly interesting, especially how Teams became essential during COVID.
Gareth Burton: Absolutely. Just before the pandemic, Teams appeared on our desktops, and within months, we transitioned entirely to it. It created a sense of community during a time when we couldn't be physically present.
Developing Progress Accountants
Heather Smith: Let's delve into your advisory firm. How has Progress Accountants evolved?
Gareth Burton: Progress Accountants is still small, and we focus on customer service. While we strive for a paperless approach, we recognize that some clients prefer a hybrid model, allowing for a more personalized experience.
Heather Smith: It’s essential to cater to diverse client needs, especially since some high-net-worth individuals may not want fully digital solutions.
Gareth Burton: Exactly. My initial firm has thrived due to its specialized focus, and last year, I aimed to identify a new niche. We discovered a niche within a niche, targeting clients in pension insurance, which opened up new opportunities.
Balancing Niches
Heather Smith: With niche markets, do you have a contingency plan?
Gareth Burton: We offer assurance services that focus on internal controls, which are non-financial aspects that clients seek. We assist larger companies in assessing their workflows and implementing technology solutions.
Heather Smith: That’s a valuable service!
Gareth Burton: One of our clients runs a fashion business, and we helped him set up an e-commerce platform integrated with Xero, allowing for online payments.
Heather Smith: He must be thrilled!
Gareth Burton: Initially hesitant, he soon realized the benefits, especially during lockdown, as his business became accessible to a global audience.
Insights from the re:Boot Camp
Heather Smith: After attending the re:Boot camp, what were your key takeaways?
Gareth Burton: The shift from being a commodity to a service-focused business is crucial. It's about building relationships and tailoring services to meet specific client needs. Serving fewer clients with higher quality can lead to better feedback and client satisfaction.
Heather Smith: One case study discussed how Disney would manage an accounting practice, suggesting innovative perspectives for our industry.
Gareth Burton: Absolutely! We conduct client surveys to gather feedback, ensuring we understand their preferences and areas for improvement.
Conclusion and Contact Information
Heather Smith: It sounds like you're already implementing many best practices.
Gareth Burton: We're in a strong position, and we plan to enhance customer experience further.
Heather Smith: It’s been enlightening to see how leading firms share ideas and support each other. Thank you for joining me on the Cloud Stories podcast. Do you have any final thoughts for our listeners?
Gareth Burton: Focus on small improvements. Don’t aim for drastic changes overnight; instead, make one small change each day or week for significant long-term benefits.
Heather Smith: How can people connect with you?
Gareth Burton: You can reach me via email at [email protected].
Heather Smith: Thank you for being on the Cloud Stories podcast!
Gareth Burton: Thank you, Heather! Have a wonderful evening.
Delve into the concept of marginal gains with insights on why successful individuals pursue 1% improvements every day.