Case Study - Prossor Town Planning

I've been with SMART as my accountant and tax advisor for around 5 years.  And I've been a SMART Financial Planning client for the past 3 years. Shannon helped me set up everything involved with Prossor Town Planning, from trusts and company names, business accounts and so on.

Shannon has been my personal accountant for many years when I was an employee at a large town planning company. She helped me set up the right structures when I went into a business partnership a few years later, then helped me again when I started Prossor Town Planning on my own 12 months ago. Shifting from personal accounting to business accounting meant that Shannon would provide me deep tax planning and business advice from an accounting perspective, yet she would always go that step further in her knowledge sharing for business development. We formalised our business coaching relationship when I started Prossor Town Planning so I could be sure that I was setting off on the right foot with all aspects of my business, not just financials.

As my business accountant, I speak to Shannon regularly, but we officially meet for business coaching once per quarter where we run through the numbers in detail, I can ask questions and get on-the-spot resolution.

To be honest, I sometimes don’t even really know that we are ‘coaching’ as such! Shannon has such a deep knowledge of my business since being my business accountant, so the tax planning advice and strategic business advice is organic. I sort of feel like it’s an extension to having a really good business accountant, though I realise that having that extra dose of ‘coaching’ is not something that every accountant does. Having Shannon involved in all corners of my financial life means that she can see and helps facilitate the big picture. At the beginning of COVID, we really drilled down into my costings and helped me understand on a monthly level what my invoice target was to ensure I remained profitable. Setting solid KPIs and then benchmarking against my own numbers assists in quoting accurately, and understanding my base line and profitability. Having Shannon come from a service industry herself means she completely understands the ebbs and flows of operating a service business.

This year being my first official year in operation as Prossor Town Planning has been challenging due to COVID. I had to change tactic a bit and reassess where expenses were occurring and where we could streamline. The business coaching has meant that I have learned how to become intimate with my numbers. This understanding has definitely improved my business operations. Shannon helps me see things that I may not have identified myself. At this stage, I’m not looking for significant business growth. I want to maintain and sustain the business and improve operations.

Yes, definitely. Shannon is also my Financial Planner, so she knows my personal goals, the one year, three year, five year goals, and so on.   With that full visibility, I can make sound decisions such buying cars, selling or buying houses, renovating or holidays.   Also, as a business owner you can sometimes feel isolated. Having Shannon is my business coach, and also my friend means that I have complete comfort knowing I am not alone. She is absolutely in my corner, and if I need the support she is always willing and available to offer it.   Currently, maintaining relationships and a steady business is my priority.

Absolutely, yes. I see Shannon as my accountant and tax advisor first. The business coaching is a natural flow on from the work we already do together. Having her so involved in all areas of my financials, both personal and business, means that the lines between accountant and financial planner and business coach are blurred. For me, this is a good thing. Our conversations are very organic. Sometimes we talk about marketing and business growth and sometimes we’re rapidly responding to a crisis such as COVID. We always look at the numbers together which gives me so much more confidence. Shannon is like my common-sense guidance in business.

Anyone who spends the majority of time working IN their business and not ON it. You need a business coach to get the balance right. You can get so caught up in doing your job. You can sometimes end up being the passenger in your own busy-ness. If you’re not driving, then who is? Having a business coach means you prioritise ‘driving’ your business. A good coach will ensure you step out of your busy work, surround yourself with a good team, and allow you space to focus.