Experience Required (but it doesn't have to be yours)

30th October 2019

I have an important message about business finances to share with you today...

...Now that I’ve recovered from the “party train”.

No, that isn't some kind of new financial jargon. I literally threw a party on a train!

My 60th birthday has just passed, and I celebrated it in Wales (where I now own a second home).

I chartered a train on the Talyllyn Railway, which I am heavily involved with -- it still has original 1860s locomotives and carriages in regular use.

So to make my big 60 memorable, I put all of my family and friends on the train for a big party as we chugged through the countryside. There were lots of laughs, and food and drink waiting for us at the other end of the line.

But it hasn’t all been about parties….

As I’ve approached the big day, I've naturally been thinking about what turning 60 means to me… …And evaluating what’s changed over the years, personally and in business.

When it comes to the latter, I am definitely not the same person who opened Insight Associates 27 years ago.

And the most important thing I’ve gained isn’t anything tangible… it’s simply:

Experience.

Compared to 27 years ago, there are so many things I know almost instinctively, simply because I’ve been around the block a few times.

I’m not saying nothing new ever comes up, but chances are that if a client faces a financial challenge or dilemma, I’ve encountered it before in some variation or another…

And there are lots of things you know simply because it’s come up before.

When it comes to complex business situations – for example, helping a client decide whether a certain investment is worthwhile, or how to handle cashflow problems – I understand better what needs to be considered and can see a more rounded picture, because of all the experience I've gained.

And that’s worth a lot. Over the years, I’ve seen lots of brilliant, committed, hard-working company owners who still struggle and make mistakes, that to me are obvious. It’s not that I’m any cleverer than them….

…And they’re not bad at their job.

It’s the first time they have encountered these situations.

They do what they already know – it hasn’t occurred to them to try a different approach, because they’ve never needed to before.

They shoot in the dark.

Or they make decisions without considering angles that someone who has been in that situation before would see immediately.

Despite all their excellent attributes, they still don’t have the experience to succeed.

The only way to get the necessary experience is to have been there, done that, and ideally to have done it all repeatedly.

THAT's what many businesses lack in the earlier phases of their development and growth. …

Particularly when it comes to financial matters. No matter how good you are at what you do, chances are that many of the financial dilemmas you are facing as you build and grow your business, are new to you.

It’s always beneficial to have at least one person in your corner who has longstanding experience with financial management.

We can provide that for you – all the things an experienced finance director does to make sure you've considered the numbers and their implications when you make decisions about the future of your company.

No matter the financial issue, I’ve seen it all before… And so have my team, which spends all day, every day dealing with the finances of dozens of businesses just like yours.

You can tap our experience to benefit your business.

To find out more about working with us, just get in touch and we'll arrange a chat.

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