Tag: Business Owner

Starting all over again – Jenni’s Story

By on February 2023 in Our Team

Jenni is our Passionate PA based in Dorchester. She joined us in January 2018 and after a rollercoaster 5 years of personal and professional development, is delighted to share she will be a Passionate PA for a further 5 years!

This is Jenni’s very personal story of finding “a constant” during a tremendously turbulent period in her personal life, and why the decision to remain with #TeamPassionatePA was actually pretty simple.

Our franchisor, Kate Chastey, said “I have watched Jenni blossom as a Passionate PA over the last 5 years. She has found herself again, and strength I don’t think either of us knew she had at the beginning. Jenni is a wonderful woman and an incredibly Passionate PA, I’m beyond delighted she has renewed her Franchise Agreement. She is an asset to her clients – and she’s an asset to us!”

Starting all over again – Jenni’s Story

Around 6 years ago, my life reached a point where I knew things had to change. Having once had a thriving career, like many women, I had put “professional me” on hold to bring up my children. But in 2017 my children were 15 and 12 and growing up fast! I was needed by them less and less and my part-time job as a Facilities Co-ordinator for a well-known chain of travel agents was giving me little to no job satisfaction. My marriage was stalling too, and I was heading into my 40s feeling like my life was in freefall.

 

But what could I do? 

Even though my children were growing up, my daughter was a national level competitive swimmer, so I had the responsibility of 4.30am starts and late evenings by the pool as well as competitions at weekends all over the country. I knew that a full-time employed role would be unsustainable, especially if it involved a commute.

I threw myself into my volunteer role as the Club Secretary for my daughter’s large swimming club and this gave me the satisfaction that I craved – but for no pay! By using the skills I had garnered over 20 years of my professional career, I was able to work with a small team to turn an ailing swimming club into a profitable organisation and we guided the club through many many challenges – I needed to use every ounce of energy and passion I had to keep the club going. And whilst I loved the challenge that this role gave me, I knew I needed to throw that passion and ambition into a paid role!

 

And then the lightbulb moment…

Whilst pondering this conundrum over a coffee with my friend and successful business owner, Ally Case, Ally pointed me in the direction of The Passionate PA. Ally tagged me in a post seeking a Bournemouth franchisee and I immediately reached out to Kate. We hit it off immediately. I knew this was it – the ability to build my own business but work the hours I needed to on a freelance basis, working around my family, and at first, still maintaining my volunteer role.

Getting off the ground wasn’t easy, and Kate and I faced many barriers, but finally, in January 2018, I got there. I signed the Franchise Contract and I was officially a Passionate PA franchisee!

I’ll be really honest, at first I struggled with the commitment required to maintain the standards of the franchise, but I then learnt that this only serves to ensure I am the best version of myself and delivering my best work – achieving the success I so desired. Franchising is the ultimate way of working in my opinion – the choice to work when you want, with whom you want and create a lifestyle business, but at the same time the backing and support of a ‘Head Office’ structure.

 

Where am I now?

That was 5 years ago, and I can honestly say, I haven’t looked back. It has NOT been easy, I can promise you that. In the 5 years since becoming a Passionate PA, I have faced the toughest of personal circumstances; my marriage eventually broke, we faced a global pandemic, I moved house and became a single Mum. I look back and wonder how I ever got through.

But The Passionate PA has been a constant. I love working with my loyal clients. The role I take on for ambitious leaders is very rewarding and I’m entirely in control of my earnings.

When the time came to renew my contract as a franchisee or move onto pastures new, there was no questions. As I enter my next 5 year chapter as a Passionate PA, life couldn’t be better. I feel like I have all my confidence back – I’m just a wiser, more mature version of the ambitious girl I once was.

I am now in a wonderful relationship with a supportive partner, I have moved 25 miles away to a new town and built a whole new life with our blended families. I also have the client set of dreams. I earn an excellent income and have the ability to push that further when my (now 3!) children fly the nest.

I love my work and now throw all my energy and passion into life as a business owner. I have the backing of an amazing and incredible team of Passionate PAs and we are sharing the journey with all of its ups and downs. Each of us treading a unique path, but do you know what… I wouldn’t want to be doing anything else, with anyone else!

You can find out more about Jenni by clicking here!

 

START YOUR NEXT CHAPTER TODAY – CLICK HERE TO LEARN MORE

Further blogs from The Passionate PA: 

The 7 most common mistakes when outsourcing

By on February 2023 in Blogs

Kate Chastey is the Franchisor of The Passionate PA and after nearly 15 years in business, it’s fair to say she is an incredibly experienced freelancer in her own right. She has worked with hundreds of ambitious business owners on an outsourced basis, and she now mentors each of our Passionate PAs to help them build successful and rewarding client relationships too.

A huge part of Kate’s work is talking to potential clients. It’s a pleasure to meet such a variety of business owners and whether they have already harnessed the power of freelancers in the UK, or whether they are brand new to the idea and don’t know where to start, there are common pitfalls for all.

There are many benefits to outsourcing; fresh talent, highly sought-after skills, commercial experience and new perspectives are just a few. But, these are not always obvious if the business owner is not prepared.

So, today Kate shares the 7 most common mistakes she sees when a business owner begins to outsource, and gives a little advice on how to avoid them!

FIND OUT ABOUT KATE

7 The 7 most common outsourcing mistakes

1: “I want someone to save me time!”

This is the biggest, most common mistake. Time is so precious and there is so much talk of ‘saving it’ on social media and from self-proclaimed productivity gurus. But here’s a newsflash – nobody can save you time. What they can do is help you change how you spend it. This happens by helping you understanding what ONLY YOU can do in your business and then helping you delegate all other tasks and functions – whilst keeping a keen eye on profitability.

2: “I just need a bit of admin done!”

‘Just’ is a dangerous word as this undervalues the tasks and responsibilities in your business. If it needs doing, it’s important. If this is a phrase you’ve caught yourself saying, perhaps it’s time to really review what you mean by ‘admin’ and if repetitive tasks need outsourcing, investigate the zillions of automations and process streamlining tools available. Simple admin is not something to be outsourced to skilled professionals like Passionate PAs. 

3: Poor Scoping and Briefing

Taking the time to scope your outsourcing requirements fully will ensure the whole process is more successful. Good briefing is about clarity, collaboration and knowledge sharing so be prepared for questions from your freelancer as this is how they determine value in both sides of the partnership. 

4: Poor Research

Once you have scoped your requirements fully, find the best person for the job rather than simply someone with availability and a willingness to learn. Ask the powerful questions every freelancers should have the answers to – see this great blog for ideas!

5: Confusing Price with Value

As the saying goes, price is what you pay, value is what you get. Focus on what you will receive from your outsourcing partnership and be really clear from the outset what success looks and feels like to you before saying £35, £45 or even £50 per hour is simply too expensive. If a skilled freelancers can improve the momentum and results in your business, in just a few hours a week, surely that’s worth every penny? 

6: Understanding it’s business!

Most successful freelancers are running business selling their skills and knowledge. It’s not a side hustle or something to earn a bit of extra cash – it’s business. This means clients will be expected to make a commitment, adhere to T&Cs and behave in a professional manner at all times. Oh we’ve got some stories of clients who just didn’t get this – adding us to their family WhatsApp groups, asking us to do inappropriate work (stop it!), or simply not respecting our time and remit. 

7: Understanding the power of a partnership!

This is key to outsourcing being the best decision you’ll ever make. Your professional, well chosen freelancers can and should become invaluable partners to you and your business – with a partnership mindset, truly exceptional things happen.

 

Want to find out how we do things at the Passionate PA? Meet the team here or book a call with Kate to start scoping what you need and who from by clicking here. 

Further blogs from The Passionate PA: 

How to find the right business support for you

By on February 2023 in Blogs

Freelancers, or business support professionals, can be the solution to many modern business problems. There is no shortage of skills and experience available to businesses large and small, through the army of freelancers available in the UK and further afield.

However, a question we hear so often is “how do I find the right business support for me?”

The blog below has been created to give you an insight into finding the right solution for your needs. However, if you’d prefer to listen to a podcast, our director Kate Chastey was recently interviewed by Karen Murray and they discussed all of the below, and more!

TAKE ME TO THE PODCAST (APPLE)

Or to Spotify to listen there

 

Ok, on to the blog…

First things first

As the business owner, you need to determine what ‘right’ looks like to you.

What problem do you need to solve?
Be clear on the challenge you are facing and your desired solution. Is this challenge the result of an immediate or ongoing resource shortage? What skills and expertise are required?

How do you want your freelancer to work/deliver services?
Are you needing to physically meet with your freelancer or will briefing/communication all be done via technology? If you are looking for a long-term business relationship, consider how you want this to take shape.

When do you need work completed?
What are your timescales/deadlines and what working routines are you hoping for?

Who is the person you are looking for?
Or, more to the point, what characteristics and personality traits matter to you?

Why is a freelancer the best option?
Are you looking for flexibility or a skill you don’t have in your team?

With all that clear in your mind, finish this sentence; the perfect scenario is…

Check this is realistic by discussing it with trusted business colleagues or a seasoned freelancer (we are always happy to talk 😊).

 

Then comes the research

The next step is to start looking for the freelancer you need. The best places to do this are:

  • Your personal business network – ask for recommendations and referrals from people that know you best
  • Social media (particularly LinkedIn if you are keen to find a professional)
  • Internet search using key words (skills and location)
  • Then there are, of course, some big listing websites that will introduce clients to freelancers. These have their plusses and their minuses – but that’s probably a different blog altogether!
     

7 brilliant questions to ask your potential freelancer

So, after you have made it clear what you’re looking for – preferably by email so the potential freelancer has time to digest and you both save 15 mins on the next step… a Zoom call – then, it’s time to really get to know each other.

Here are 7 questions, with talking points, that will sort the wheat from the chaff. Remember, the beautiful, valuable, amazing thing about freelancers is that each one is unique. It’s hard to find the perfect fit but, once you do, that’ll be partnership power like you’ve never known before.

1. Tell me about your background and your skills and experience as a freelancer

  • Ask how long they have been freelancing – just starting out or seasoned pro
  • Discuss why they choose to freelance
  • Talk about what skills and experience they have to share

2. How could you add tangible value to my business?

  • Discuss what they know that you don’t
  • Ask what efficiencies they could introduce
  • Talk about the software/tools they are confident with
  • Ask whether they are an ideas person or a completion expert – or both!
  • Really delve into whether they understand your target market and sector

3. What does a successful working relationship look like to you?

  • Investigate what kind of personalities they like working with
  • Ask for clarity on what they need from you to get started, and then what they need from you to achieve the results you have set out
  • Discuss what sort of work/responsibilities you can outsource to them, further than the initial brief
  • Also clarify whether they will be doing all the work themselves or if they outsource/have employees

4. How would we communicate during our project/work/relationship?

  • Ask what their preferred communication channel is
  • Talk about how they manage workflow and deadlines
  • Understand their boundaries – when are they contactable (business hours/working days etc)
  • Discuss whether they work virtually or are they happy to meet in person

5. Tell me about your clients…

  • Who is their favourite client right now and why?
  • Talk about who their ideal client is, and is that you
  • Ask for the back story on a testimonial you have found – talk about tangible value and timescales
  • Discuss how they monitor results and client happiness
  • Ask how many clients they work with at any one time and how this looks in terms of weekly/monthly contact
  • Ask how close they are to capacity and whether there really is space for you
  • Discuss whether it is possible to speak with a current long-standing client

6. Tell me about a business challenge you’ve had, and how you overcame it?

  • Ask them to tell you about a time when they have missed a deadline or underdelivered to a client’s expectations
  • Discuss what their clients like most/least about working with them
  • Ask whether a client has ever ended a relationship with them abruptly – if so, why
  • Ask whether they have a contingency plan for emergencies (power cuts, equipment disasters, illness etc)
  • Delve into their business ethos – who supports them in their business development and growth

7. Tell me about your contractual terms, GDPR compliance, fee structure etc.

  • Understand the hourly/project rate and how this is tracked, plus, other than that are there any additional charges
  • Discuss contract terms, notice periods, service level agreements, invoicing procedure etc
  • Talk about how they will they keep your business information secure and confidential, whether they are registered with the ICO and their understanding of GDPR
  • Are they insured, registered with HMRC and fully aware of IR35 legislation

Seven key questions to really get beyond the fluff and into the value. Freelancers can add so much to your business and/or team but, as you can see, it’s not always easy. The perfect freelancer for you is likely to be someone who will help you create the momentum and results you need to thrive. Finding them can be tricky but it is worth putting in the time so that the relationship gets off to a flying start and your business feels the benefits quickly.

Happy searching!

You can find out more about our team of business support professionals by clicking here!

Further blogs from The Passionate PA: 

Is there life after a corporate career?

By on February 2023 in Our Team

Claire is our Passionate PA based in Ringwood. She joined us in January 2018 after a very successful corporate career.

In this personal blog, Claire shares insight into why she felt she had to resign from her role with an investment bank, and the damage that transition did to her confidence. She also talks openly though about the “best decision ever” – joining The Passionate PA and building the flexible business she’d always dreamed of.

Our franchisor, Kate Chastey, said “In 2023, Claire is celebrating 5 years as a Passionate PA – and we are delighted to say she will be with us for at least another 5 too after resigning her Franchise Agreement! Claire is one of the most diligent, hard working and inspirational people I know. She’s a multitasker extraordinaire.”

Is there life after the corporate world?

Before having children, I had a great career with a well-known investment bank. I ran a fantastic team of people, worked with prestigious clients worldwide, I earnt good money – life was good and I loved it.

But, when my husband and I started a family, my whole world turned upside down… I returned to a part-time role with the bank, but I was not prepared for the lack of sleep and feeling torn in so many directions. I shifted between feeling very grateful and overwhelmingly guilty every single day.

I could no longer commit to the long hours (and nor did I want to) and most devastatingly for me, I felt that I was looked upon differently by my colleagues and some friends. My personal identity was so connected to my successful career, finding a ‘new me’ was very hard.

 

The Difficult Decision

This was one of the toughest times in my life, so making the decision to resign from the bank after my second son was born was the right thing to do but equally, truly terrifying for me. I’d been in the corporate world for nearly 20 years… what if no one else would employ me? What if I couldn’t find a fulfilling role to fit around my family life? What if my previous zest for life never returned?

So many doubts hung in my mind, but I had faith that this was the end of a chapter and, when I was ready, I could start something new. Resigning gave me time to be a mum and enjoy my children whilst they were really young – and also time to think clearly about what I wanted life to look like.

 

What could be next?

I took a few years out, more than I planned, and so I began to feel restless and unfulfilled. Don’t get me wrong, being a Mum is a privilege, but I wanted, no needed, to work. I need to be ‘Claire’ again – the whole me, not ‘just Mum’.

I knew I needed to feel valued and respected, to be able to use my skill set and experience but it seemed that at every option I explored meant I either had no choice but return to full-time employment or take a much lower paid, unfulfilling role.

 

Finding my sparkle again

As fate would have it, I was approached at school pick-up one day and asked if I would consider taking on the role of Chair of the PTA. No one else would take on the responsibility and that meant an important part of the school would disappear. I couldn’t let this happen, so I eagerly accepted the voluntary role and began to work hard organising and planning the fund-raising activities for the year ahead.

I threw myself into the PTA, resurrected my business brain and discovered that I loved event management, organising, analysing costs and expenses, and much more! This put fire in my belly again and I loved every minute of it. It gave me back my confidence and I was thrilled to significantly increase the profit for the events I ran which led to the purchase of iPads for the school which I am particularly proud of.

 

Fate strikes again…

Nearly a year in, at the end of one of our meetings, the PTA accountant told me that I must reach out to Kate Chastey from The Passionate PA, saying that I would be a perfect fit!

I was intrigued…

I’d never been a PA, I had a PA myself in my previous role but when I started looking into the franchise, I discovered that the possibilities were endless! My traditional view of a PA was not the same as a freelance Passionate PA. My goodness, the skill sets within the team were vast, the clients they were all working with excited me and the potential to earn great money whilst working flexibly was second to none!

After that first meeting with Kate, I knew that I’d found something truly special. The idea that I could start my own business, with superb experience, guidance and support right behind me, was something I had only dreamed of.

I’ve always had a passion for entrepreneurship and the idea of being my own boss was close to my heart. My Dad has always run his own business, very successfully, and I grew up admiring his work ethic and the sheer passion for what he does. I talked this franchise opportunity through with him and my husband and so my journey as a Passionate PA began!

 

That was 2018

I’m five years in now and I can honestly say that I LOVE my work! This was without a doubt the best decision that I have ever made professionally; I run a successful business that lights me up inside. I get to work with awesome clients who are now friends too. I choose when I work and with whom and I can use my corporate experience to help my clients grow and expand their businesses which is really fulfilling.

I’m also continuously learning and so the challenges and opportunities are super. To date, I’ve worked in the manufacturing sector, with coaches and trainers, with charities, wellness ambassadors, private clients in Dubai, peer groups, marketing and SEO and many more. A true highlight was with a client in the beauty industry – helping with collaborations with Marie Claire and L’Oreal! I love how varied my work is and how much I can help clients achieve their dreams too.

 

Best decision ever!

Being a franchisee gives me the best of both worlds. I have the unwavering support of my franchisor, Kate Chastey, who not only believed in me but has encouraged and supported me every step of the way to build a business on my terms.

Team Passionate PA has an impressive selection of commercially savvy and ambitions women. We all have different types of expertise and experience and work together to support and encourage one another, whilst having a lot of fun too!

Being able to offer my clients the experience shared across the team is priceless and enables me to offer an exemplary service which I am incredibly proud of.

So, is there life after the corporate world – hell yes! And it’s better than you can imagine.

You can find out more about Claire by clicking here!

 

START YOUR NEXT CHAPTER TODAY – CLICK HERE TO LEARN MORE

Further blogs from The Passionate PA: 

From humble beginnings to Business Owner

By on January 2023 in Our Team, Passionate About Profit

Kara is our Passionate PA based in Southampton. She joined us in August 2022 and, after her first 6 months in business, has decided to share her story in the hope it may inspire others. With a 30 year career in Hospitality, Kara wondered whether there would ever be life beyond the sector for her and whether a franchise really was the springboard she needed…

Grab a cuppa, in this blog Kara shares her personal story in her own words.

From humble beginnings to Business Owner

My World of Work

My career started early, at the age of 14, washing dishes at a local hotel. Not long after starting this role, I was promoted to a weekend waitress which was when my love for hospitality started.

I went to university to study Hotel Management, where I learnt the fundamentals of running a business where success is dependent on hitting margins.

Throughout my career, I learnt far more than my university qualification covered though; the complexities of recruitment and HR, marketing, rate strategies, property management and compliance, to name but a few.

I worked my way through the ranks to eventually become a Hotel General Manager, and finally, the pinnacle of my career as Head of Operations for a group of hotels. If I am honest, my love of hospitality dwindled towards the end. I was running out of challenges, something that I thrive on. I was earning a good salary, but had no experience in any other industry, how could I find another career, with similar earnings, with such a specialised CV?

 

Seeking New Challenges

I had looked at franchises in the past, but none appeared to offer the challenge I was seeking or offered a comparable take home pay. They looked to me like they were recruiting for another ‘number’ – I have too big a personality for that sort of role!

A post from The Passionate PA popped up in my social media and sparked my interest, so I took a further look. The bespoke services offered, along with the ethos to ‘go above and beyond’, really struck a chord with me.

I booked a Discovery Call but, unfortunately, it was at a time when my team at the hotel needed me the most. Sounds crazy, I know, but my team were like family to me. We were in the process of adjusting to a post-Brexit/mid-Covid world and the ship needed a captain!

I cancelled that call with Kate to stay where I was needed.

A year later, and the time had finally come for the career change I had been craving. The Passionate PA had remained in the back of my mind. I am a people person, but I wanted to be self-employed. I didn’t want to ‘go it alone’, especially in a business I had no experience in, I wanted to be able to share my highs and lows with understanding colleagues. More importantly, I still wanted to learn, especially now that we live in an ever-evolving digitalised world with so many remote and hybrid options.

 

Getting The Full Picture

After further research into The Passionate PA, I sent another enquiry to Kate for more details. What I really appreciated was how there was no quick sell, quite the opposite in fact. She tells me now, she got very excited as she’d remembered my CV from a year earlier – but I didn’t know that at the time!

My Discovery Call with Kate finally took place, and she gave me a clear picture of what taking on this franchise would entail – both as a business owner but also on a personal level. I loved how easy Kate was to talk to, down to earth but incredibly informative. I felt I would be in very safe hands!

Kate suggested I researched other options and that I spoke to her Franchise Advisor, Ian Bradley too. He also suggested I be thorough in my research not just about this particular franchise, but about what becoming a franchisee would entail.

At Kate’s invitation, I also spoke to a couple of existing Passionate PA – the longest standing one and the newest, a great mix for honest feedback. The longest standing franchisee had a similar start to her career as I did. She assured me that my skills in hospitality management were easily transferable to this new career… she has since been proven right!

The ‘recruitment process’ was reassuringly thorough, it wasn’t just about whether I wanted to join this franchise, it was also about Kate learning about me to be 100% sure we could work together to build the business I desired.

This was a huge leap for me, I understandably had reservations and endless questions, all of which were answered fully and promptly by Kate.

We then met in person for lunch and it was like I had known Kate all my life! I imagine it was almost an interview process, but it felt far from that. We talked and ate yummy food. We even hugged at the end!

 

The Awaited Offer & Starting Training

A few days later, I was delighted to receive a franchise offer – I was going to join THE team of savvy business professionals! Woohooo! And what a relief it was to receive this news as I had already made my mind up that this was definitely the right move for me.

Once I was signed up, the online training started. This was broken down into easily digestible modules, with weekly Zoom calls with Kate to discuss any questions I might have.

The highlight of my onboarding was my Launch Retreat at a beautiful AirBnB. As much as this involved many 121 masterclasses and a professional photoshoot, it certainly didn’t feel like ‘work’ as it was fabulous to get to know Kate better, sample her delicious cooking and I got to meet a few of the other Passionate PAs too as they joined us for a training day.

 

Time For Clients

And then it was down to business! Getting started in my new career was nerve wracking, I was worried that I wouldn’t find clients quickly enough and I even considered getting a weekend job. But Kate assured me that I didn’t need to worry… “hold your nerve” she used to say, and she was right!

There were soon enquiries from potential new clients, and Kate initially joined me on my introductory Zoom meetings for reassurance. It wasn’t long before I was at capacity with Kate drip feeding me leads over the next few weeks.

Kate quietly let me learn to fly solo, but she continues to be there when needed, always checking whether I need more clients, whether I need any support, along with listening and advising on my journey as my current clients develop. I actually call her my Fairy Godmother – she’s just ‘there’ whenever I need her and always seems to have the right answer or question for me.

 

Team Spirit

I really enjoy our monthly ‘Biz Dev’ team calls, seeing the full team together, hearing how they are getting on, along with our continual training from Kate. I also love the special face to face masterclasses with overnight stays – the team spirit is just wonderful. Such a fun bunch of ladies to socialise with, and learn with, I feel truly honoured to a part of this team!

It is fabulous that we all have our own individual skill sets and personalities, which Kate fully appreciates when dealing with client enquiries. Her role is to match the client enquiry with the right Passionate PA. But, she also relishes the opportunity to really help each Passionate PA create their own version of success too. I, for example, want a full-time business with project work in the financial arena. Other Passionate PAs want part-time, others focus on completely different skill sets to me. That’s what makes The Passionate PA so unique for clients and for franchisees – there is no one size fits all.

 

Looking Back

I genuinely thought I would miss my previous career, it had been my life for over 30 years but, I honestly haven’t once looked back. I have a thriving business, clients that challenge me every day (in a good way!) and I’m earning more than I was in my last employed role – with scope for more as my business grows and develops.

I am eternally grateful that Kate has given me this opportunity, I never thought work could excite me this much… oh how wrong I was!

You can find out more about Kara by clicking here!

 

START YOUR NEXT CHAPTER TODAY – CLICK HERE TO LEARN MORE

Further blogs from The Passionate PA: 

Making numbers simple for business owners

By on November 2022 in Blogs, Passionate About Profit

Kara Birrell is our Passionate PA based in Southampton. She joined us in August 2022 after a 20+ year career in Operations Management and Hospitality.

Kara has always had a passion for numbers… more specifically, profit! In all her previous roles, she has been responsible for margins and, in the hospitality sector where margins are notoriously tight, Kara relished the challenge of not just knowing the numbers herself but inspiring those around her to care about them too.

In this blog, Kara shares her top three tools for making the numbers in your small business simple and meaningful.

FIND OUT ABOUT KARA

Making numbers simple

Everybody knows it’s vital to have a handle on their business’s numbers, but why? How can a small business owner with responsibility for everything from service delivery to marketing, IT to strategy planning, be expected to know one end of a P&L from another?

I get it. And here’s the truth… a lot of people do not understand their numbers.

However, getting a handle on them at an early stage will be the difference between a profitable business that allows you to live the life you desire, and a self-employed “job” where you become trapped.

In my many years of working in hotels and restaurants, and running my own hospitality consultancy, it was very common to find business owners who ran their business finances from their bank account. But this is just a daily snapshot of where your business is, it doesn’t give you a full picture or a forecast for what’s to come.

It is vital that all small business owners have their finger on the financial pulse to:

  1. ensure that they can afford to pay their bills when they are due
  2. ensure they can pay staff and freelancers for the value they are adding to the business, and
  3. (most importantly) ensure the business is actually making a healthy profit.

As a small business owner or sole trader, you might well be thinking I don’t need big profit margins – just enough to pay yourself is plenty?

But, hold up… what about planning for your future and the growth of the business, paying taxes and saving for a rainy day – that will require investment and nobody wants to be a busy fool!

As much as financial reporting may well be seen as ‘over kill’ for a small business, it can be a doddle. I promise 😉

Here’s a simple guide to a few basic financial reports that are easy to produce in excel yet essential for the success of your business.

TOOL #1: Sales Forecasts

This is a simple projection of what business you currently have secured on your books or in your sales pipeline, and then what further sales you hope to make.

‘Secured’ means deposit paid, full amount paid or purchase order received.

‘Hope’ means exactly that; you think it’s going to happen based on an intelligent estimate, but there is absolutely no guarantee yet.

A simple excel spreadsheet with the months listed at the top, and then your projected sales figure underneath is all you need. All your figures should be excluding VAT, if this is applicable to your business.

Top Tip: It’s great to look back on your forecast at the end of the month to see how close your forecast was. This review, which should only take a few moments, will give you a good guide as to how much you understand your sales pipeline. If both figures are very similar, you’ve nailed it!

TOOL #2: Cashflow Forecast

Simply put, your cashflow forecast will give you an indication of how much you should have in your bank at the time when bills need to be paid.

Again, a simple excel spreadsheet will suffice with your outgoings and actual/anticipated income in different columns.

Top Tips: Your sales forecast will help with your income figures, but you also need to take into account the following:

  • If you don’t take payment at the time of the service/sale, put in strict credit control procedures and make sure that your customers are fully aware of your payment terms before the service/sale is agreed. Make sure you have a procedure for chasing payment when it’s overdue!
  • Negotiate good supplier terms. Make sure there is no big difference from when you pay your suppliers, to when your customers pay you.
  • If you need to hold stock, it is vital that this is tightly controlled with regular stock takes. Cash in the bank is far better than products in your stock room. It’s a fine balance to get stock in at the right time, at the right price, while avoiding having cash tied up in it.

TOOL #3: Profit and Loss Account

You can easily produce a basic monthly profit and loss account for your business. The point of this is to understand your profit margin. In simple terms, it is your turnover less all your expenses and you want it to be as high as possible otherwise your business may not be viable.

A simple guide:

Once you have the above reports in place, it should give you a far better understanding of how your business is performing on a weekly or monthly basis. Doing this review yourself also means there are no nasty surprises at the end of the year from your accountant.

Making margins matter

Now that you have a way to track your numbers, you can ask yourself whether your margins (gross and net profit as a percentage of turnover) are close to your industry’s recommended margins.

A quick Google search will tell you roughly what these are, but a great accountant will also be able to advise.

If your margins are far higher or far lower than your industry’s recommended figures, then it’s time to dig a little deeper into your numbers…

  • Can you control your spending?
  • Can you cut supplier costs?
  • Is it time for an efficiency review?
  • Can you increase your selling price, without over pricing yourself against your competitors?

Numbers are the life blood of any business. People only really find them boring when they haven’t fully understood their importance. It is essential for any successful business owner to know where their numbers are likely to be at any given time and these tools should help you do that.

If you would like help in setting up these financial reports for your business, or digging deeper into the numbers to determine what they really mean for you, then please get in touch. Profit is my passion so I would love to help!

You can find out more about Kara by clicking here!

Further blogs from The Passionate PA: 

7 steps to happy, productive OUTSOURCED team

By on October 2022 in Blogs

Steph Taylor is our Passionate PA based in Christchurch, Dorset. She joined us in November 2021 after a 20+ year career in Human Resources and Change Management.

In her role as a Passionate PA, Steph helps her clients manage their people through associate models i.e. where one or two directors grow their business and develop their client offering by outsourcing work to trusted consultants, associates or freelancers.

Today, we thought we’d share her top tips for creating happy, productive outsourced teams.

FIND OUT ABOUT STEPH

7 steps to creating a happy, productive OUTSOURCED team

You’re running your business and it’s going well. You’ve started to build a team around you using the associate model – choosing people for their skill and knowledge, adding value to your end clients. Things should be getting easier, right?

Ahh… but what if they are not? Creating happy, productive outsourced teams seems like a lot of hard work, and a spoonful of magic sometimes. In this blog, Steph sheds some light on the 7 things you need to consider when building the right associate team for your business.

TIP 1: Invest your time in your people

There is no CRM in the world that can replace the value of your time – so invest it in your people. Get to know them as humans, as well as for the skills and experience they can bring to your business. Setting time aside to collaborate and discuss long-term visions and relationships will lead to improve understanding and rapport.

TIP 2: Be clear on roles and responsibilities

You know exactly what you want these humans to do, but do they? Being clear from the outset (and as you progress) what skills and know-how your business needs will ensure there are no niggling feelings on either side. We advocate going so far as having a Team Handbook so that all the ‘rules of play’ are written down and easy to understand. If your team members know what’s expected, they will find it easier to deliver – and if they don’t, because you were clear, you’ll find it easier to manage their exit! When everyone is clear on what ‘good’ looks like, it’s also easier to see ‘exceptional’ (see point 7 below).

TIP 3: Don’t skip the legals

It’s all too easy to get swept away with the hubbub of the day-to-day business but contracts and Letters of Engagement are vital and should be done before any work actually takes place. These set the boundaries, ensure understanding and give everyone peace of mind. The timely production of contracts also sets the tone for the level of excellence at which your business operates.

TIP 4: Culture doesn’t happen by accident

The culture of your business is a direct result of your communications and behaviours. If you want an autonomous, responsible, proactive team then micro-managing isn’t going to get you there. Encouraging all team members to make time for each other, learn from each other and seek best practice not just motivates your people, it creates great results for your business too!

TIP 5: Clarity of communication

Whether it’s an internal 121 email, a company-wide announcement or a quick conversation, being clear, consistent and honest at all times will allow your team to trust you, even with the not-so-good news. Being open about the direction of the business is also key to building a happy, productive long-term team.

TIP 6: Know your weaknesses

A good leader will know where they are not so good. Get the right people in your business to support in these areas. For Passionate PA clients, we are often the conduit for great comms – never instead of the business leader, more a buffer/filter/positioner. There really is nothing more valuable that a seriously great PA who understands your business vision and works with you to achieve that (but we might be biased, of course!).

TIP 7: Feel good factor

Showing appreciation and recognition goes further than just paying your teams’ invoices on time. Kind words, constructive feedback, referrals for other work are all ways in which people can feel valued. And, back to Tip 2 – if you have been super clear what a good team member looks like, recognising excellence and building further on that relationship is easy.

If you’re not natural leader of people, outsourcing the task of bringing your team together through a people-centred project manager or business support professional can be an ideal way to reap the countless rewards of the outsourced team. If you’d like to have a chat about how this might work for you, book a call with Steph today.

You can find out more about Steph by clicking here!

Further blogs from The Passionate PA: 

Claire’s Project Management with Julia’s House

By on April 2022 in Client Stories

Claire Bartlett, our Passionate PA based near Ringwood, Dorset, is currently working with children’s hospice charity, Julia’s House. The charity provides clinical, practical and emotional respite care and support for families caring for a child with a life-limiting or life-threatening condition.

The charity’s CEO, Martin Edwards (pictured above with Claire), has been a long-term supporter of The Passionate PA and when the opportunity arose for him to find a Project Manager to assist with their office move, Claire jumped at the chance to partner with him.

Bournemouth-based interior design company, KTM Design, are also working on the project and have shared their news here!

Claire commented; “Workspace needs have shifted since the beginning of the pandemic, as many people have become more accustomed to certain ways of working to suit their personal needs. We wanted to carry this flexible mentality through to the new office and believe KTM Design’s ideas effectively capture what we’re trying to achieve. I’ve thoroughly enjoyed working closely with KTM Design on this project and I am very much looking forward to seeing the end result. Julia’s House is excited to introduce the new space to its staff and I hope it will help them continue doing a fantastic job for hundreds of Dorset families in need of their lifeline of care and support.”

TAKE ME TO THE FULL ARTICLE

You can find out more about Claire by clicking here!

Further blogs from The Passionate PA: 

Let’s talk about the cost of delegating…

By on March 2022 in Guest Bloggers

Is there a risk that delegating tasks or responsibilities in your business will cost you more than if you did it all yourself?

Let’s explore with Chris Croft, one of the world’s leading trainers who provides a wide variety of courses. To date Chris has trained some 87,000 people face to face and eighteen million online.

Chris regularly delegates to his Passionate PA, Claire, click here to read his blog!

 

TAKE ME TO THE FULL BLOG!

You can find out more about Claire by clicking here!

Further blogs from The Passionate PA: 

Choosing the right CRM for your business

By on December 2021 in Blogs

In this blog, systems specialist and Passionate PA, Louise Cummins (pictured) shares her top 5 tips for choosing the right CRM system for your business.

There’s no shortage of business owners who want to be more efficient and provide their clients with an awesome client experience. Are you one of them?

But, do you feel overwhelmed by the sheer volume of work in your business and it’s growing faster than you can keep up with?

Implementing the right CRM system into your business is a gamechanger.

As Passionate PAs, we work with our clients to decide on the system that suits their needs and not just to sign up with the latest system to hit the market. As, let’s face it, what one person is using is irrelevant to the next! It’s all about identifying what YOUR business needs, implementing that system effectively and ensuring it’s embedded in your daily routine forever more.

We know it’s a challenge. You might well be thinking…

  • How do I know what I need?
  • Will it connect to my other systems/apps?
  • Will I have to change everything I already have in place?
  • Will the free version fit my needs?
  • How long will it take to implement?
  • Who can help me with that?
  • and most importantly… Will it actually do what I want it to?

Firstly, you need to know where you want to take your business. Then, follow Louise’s 5 simple steps to choosing the software that’s right for you and your business to create a seamless customer journey for your own clients and ultimately more efficiency and profit!

  1. Brain dump a list of the essential elements your CRM system has to include and then a ‘would be nice to have’ list too (such as integrations with mailing and accounting software, video hosting, branding etc).Don’t start with Google – it will throw up thousands of suggestions which just creates noise and confusion! Start with your own head and your knowledge of your business.
  1. Ask for recommendations and pros and cons of each system. Liaise with clients, suppliers, networking buddies etc and ask the same questions so you can make a comparable list.Then do some Google research and see what other systems match your spec.
  1. Create a short list of the systems that fit best with your requirements including the price of each level of access.You’ll now need to strike off the list those that aren’t of interest or giving enough value for the investment. Ensure you look at all price points to ensure you do a true comparison.
  1. Trial the system you think most suited and make use of all the features. We’d suggest this trial is done over a month! Things change in business and doing just a week’s trial won’t really give you a good indicator as to whether the system will suit your business in the long term.Ensure you keep all your ‘must-haves’ at the forefront of your mind when carrying out the trial.  All systems have a support team that can help you through the trial too.
  1. Analyse the results of the trial and make your decision to go with it or start another trial.Did it meet your requirements? Is the price right? If not, set up another trial until you find the correct system for you. Keep going until you find THE ONE! We know this sounds really time consuming, but, the rewards are great. The right CRM will be a total gamechanger for you.

If implementing a CRM system into your business is something you are considering but need someone to support you and keep you on track with trialling and through to implementation – then please do get in touch. Louise has huge experience in this area and takes on project work to help ambitious business leaders achieve their CRM goals.

You can connect with Louise on LinkedIn or, why not book a Discovery Call to see how you could work together – email her directly on louise@thepassionatepa.co.uk.

You can find out more about our team of business support professionals by clicking here!

Further blogs from The Passionate PA: 

Are you a value seeker or a bargain hunter?

By on November 2021 in Blogs

In this blog, seasoned freelancer and Passionate PA Debbie Frith (pictured) explores why business owners looking for freelance business support need to focus on more than just hourly rate… price is what you pay, value is what you get.

Whether you sell a product or a service, have you ever been in a situation where you’ve been asked to lower your price? Have you ever been told that you’re too expensive? Or been asked for a discount, to do a deal or to give more for less?

I expect that somewhere along the line you have, and I’ll wager that you were pretty cross about it. I imagine that you were told that your product or service was available elsewhere cheaper too.

When price is a driver, value becomes unimportant

Price is simply defined as the amount of money expected, required or given in payment for something.

Whereas value is the regard that something is held to deserve; the importance, worth or usefulness of something.

Focusing on price is a short-term consideration, delivering short term wins. When you’re looking for a longer term and more stable strategy, then focusing on value is the way forward.

In the words of Warren Buffet, “Price is what you pay, value is what you get”. 

When something is offered at a cheaper price to your own product or service, there’s usually a reason why it costs less, reasons such as:

  • Lower quality and standards
  • New to the market
  • Lack of skills or experience
  • Mass produced
  • Lacks longevity
  • Desperation for customers

Those seeking value in their purchase are more likely to be looking for:

  • Unique strengths
  • A personal connection
  • An excellent overall buying experience
  • Values aligned with their own
  • Quality and consistency
  • Trust in a brand or concept

When being cheaper is more expensive

We’ve all done it though, haven’t we. Bought that cheaper version of a product or service whether it be a buying clothes from Primark or using a casual tradesman that’ll fix that leaky pipe for just £10 cash.

What happens?

The clothes don’t last very long, they’re cheap and cheerful yes, but they’re not likely to be your wardrobe staples that you can rely upon, wear after wear, wash after wash. That leaky pipe, may well be fixed for now, but when it springs a major leak, just before you’re about to go away for the weekend, where’s your £10 tradesman now? Disappeared I expect and what will you have to do? Call out a certified professional, Friday evening at what might seem an extortionate rate – oh how you wished you’d called them out in the first place and got the job done right first time.

So why am I talking about leaky pipes and Primark in the realms of freelance business support?

Let me tell you… If your business is as important to you as mine is to me, then you want to do your absolute best for it. If you’re in the market for some freelance business support to help you progress and develop your business, then you need to find someone who perfectly aligns with your own values and who is a good match for your own personality.

Buying this type of service on price is not advisable, it’s much more important to find and identify the right person with the right skill set (here’s a handy blog that will help you do this).

Invest in that person and you are by default investing in your own business (#winning)

That person charges a price which isn’t plucked out of thin air. It’s a price which is derived from experience and skills (though it’s up to you to do your homework on this), it’s a price derived from that person knowing their value and being prepared to stand by it. Treat others as you would like to be treated yourself – isn’t that a great mantra for life and business!

If you’d like to find your perfect match with a Passionate PA, then the best person to talk to right at the start of your journey is Kate Chastey, our Franchisor, she knows each member of our team very well and is a skilled match maker! After a discovery call with Kate, she’ll put you in touch with the person most aligned with your requirements, always based on experience, skill set and personality – in that way delivering the best value for you.

You can find out more about our team of business support professionals by clicking here!

Further blogs from The Passionate PA: 

Getting to know Claire

By on October 2021 in Our Team

Claire Bartlett is a font of corporate know-how and experience, known best for her ability to work with directors of large teams looking to improve efficiency and profitability. Here she shares a typical day in her world.

Claire joined The Passionate PA in January 2018 after a high-flying career with an investment bank. She has proven herself to be an exceptional strategic partner with commercial focus; Business Development and Strategy are her forte. Meticulously organised and detail-orientated in everything (yes, everything!), Claire is known for her infectious laugh and can-do attitude.

Getting to know Claire

Alarm goes off at:
6.30am

Start the day with:
Coffee and checking Rightmove to give me a daily fix for one of my life’s passions – property! Then it’s reviewing the calendar for the day ahead. I always document the top three things that I need to achieve that day and try to get the most challenging one completed first. This gives me a sense of achievement and motivates me for the day ahead.

Where do you do most of your work?
Pre-Covid, it was an 80/20 split with the majority of my time spent face to face with my clients. Currently, its about 50/50 but I’m working up to getting out there more as this is when I can really get under the skin of my clients’ businesses and identify opportunities for improvement.

What sectors do your clients operate within?
Currently my clients are in management training and I also work with a fast-growing CEO and Managing Director level peer networking group.

Best part of your work:
Seeing the relief on my clients’ faces when I start taking the pressure off and organising projects and tasks for them. I love taking the lead when clients just don’t have the time. I also thoroughly enjoy bringing lessons from my prior corporate experience to the table and offering solutions they may not have considered before. Also, not forgetting the amazing feeling of being my own boss, deciding on the clients I work with and when and, also having that flexibility when I need it the most.

Worst part of your work: 
Finding a happy balance between being the greatest businesswoman I can be and the greatest mum too. I find it so hard to down tools at times, but it is so important to look after yourself to ensure you are the very best you can be. Champagne Friday’s help a lot!

Clients you add most value to:
Two of my current clients are looking to grow their business rapidly over the next few years and I am helping them identify and implement strategic initiatives to move them towards achieving their goals. This is the work that I really love and being part of their Senior Management Teams allows me to challenge ideas together with suggesting different approaches at times. Taking the lead with some of these initiatives greatly reduces the strain on my clients, enabling them to focus on what they are brilliant at knowing that there is a trusted pair of hands helping them along the way.

After work you’ll be:
Since Covid, I’ve taken a hard look at how I spend my personal time. I love nothing more than a walk on the beach with my family – you’ll often find us at Hengistbury Head enjoying pizza on the beach. I love to read, cook and have dinner with friends. Life is so precious, and I love spending time with people that inspire me and lift me up.

Why a franchise with The Passionate PA and not go it alone?
I didn’t want to go out and do this on my own as I love the support of Kate and her guidance and understanding of the role. The other Passionate PAs are invaluable not only in terms of support but in our shared knowledge and experience! I did not appreciate just how well-known our brand was until recently, this has opened so many doors which, had I gone it alone, would not have presented themselves.

What did you do before:
18 years in various management roles at JPMorgan including a four-year stint in Luxembourg. Working on major clients, I was a key player in retaining and turning client relationships around. Management experience, risk and compliance management… big job, fun at the time. But this is rewarding on a very different level.

Favourite drink:
Champagne!

Favourite location for a business meeting:
I really enjoy going to clients’ houses or offices as I believe this enables me to really get to know them and provides valuable insight into their lives. We can tell so much by what’s on someone’s desk or dining table! Otherwise, it has to be The Olive Branch in Wimborne or anywhere with a good, comfy sofa and a delicious lunch.

What are you reading?
“Feel the Fear and Do It Anyway” by Susan Jeffers.

Your guilty pleasure:
A monthly massage with the amazing Fran. Check her out on Instagram!

Favourite hobby/past time:
My new passion is on the water, on a gorgeous boat with a glass of bubbles. Failing that, a good walk at the beach or in the New Forest with my husband and boys.

Most inspirational/influential person in your career:
My Dad. One of the strongest, most intelligent, hardworking and honest businessmen I know. He built a successful company and survived a recession when most local building firms did not. He taught me integrity and respect, and to always go to bed with a clear conscience.

Favourite animal and why:
My cats. Love their independence and calming presence.

Greatest contact/supplier that deserves a plug:
Heidi Roper, View HR. Heidi is not only incredibly knowledgeable and amazing at what she does, but she is so much fun to work with and gets amazing results with the clients that she works with. She has true passion, and it shows.

Your business plan (in one sentence!) for the coming year:
To build strong, trusting, local relationships to ensure that I am the Executive PA of choice for Ringwood and the surrounding area.

You can find out more about Claire by clicking here! Or, pop her an email and make a date to get together for coffee (or champagne?).

Further blogs from The Passionate PA: