Teamwork adds up to ongoing business success says accountant

Matt Jordan, a Director at Shrewsbury-based DJH Accountants, argues that by getting external advisers such as solicitors, bank managers, HR consultants, and marketing experts more involved in the wider strategic running of a business, they can add significant value and have a hugely positive impact on a firm’s profitability and performance.

“In many cases, a business owner will only utilise the expertise of their wider professional team in specific situations,” Matt explained. “For example, if they are signing a legal document, they’ll look for advice from their solicitor, or when it’s time to file year end accounts they’ll turn to their accountancy firm. However, adopting a more collaborative approach to wider business affairs can reap real rewards in both the short and long-term.

“Holding regular meetings involving the entire professional team – from core consultants such as bank managers, accountants and solicitors, through to other areas such as public relations consultants, website administrators, and IT suppliers – can ensure everyone is on the same page and aware of any issues that might need tackling, as well as providing an open forum to share new ideas. It is, of course, in the best interests of each expert or consultant that the particular business is as successful as possible, so having everyone working together towards a collective objective is a win-win scenario.”

Matt advises that for issues such as tax planning, for example, joint-meetings involving both a firm’s accountant and independent financial advisor are held, as the subject is relevant for both company and individual matters.

“It’s only natural that, depending on the business, certain advisors will be much more visible, vocal, or involved than others, but again, that too can be turned into an advantage. Use these ‘cheerleaders’ to enthuse, motivate, and orchestrate the other members of your professional team and ensure they are fully on board,” Matt concluded.