Starting a business is difficult, and often a lonely journey. But it need not be if you have an entrepreneur, who is also a qualified accountant with loads of practical experience and expertise, at your side. My Finance Partner, who thrive on helping business owners, have caught our eye with their entertaining billboards and eye-catching marketing, so we’ve asked them to tell us what makes sets them apart from the rest .
If you think the team at My Finance Partner are your typical accountants and tax consultants, you are sorely mistaken. The team has extensive personal experience in owning and running various private businesses. As a result, they bring practical, real-life solutions to the table, and invest a disproportionate amount of time, energy and resources into giving entrepreneurs advice on the commercial matters pertaining to their business. Leading with advice, and not just attending to the compliance needs of a business, is just one of the things that sets them apart.
Literally a one-stop shop for startup businesses, everything is taken care of when it comes to getting a client going and helping them to build a solid foundation on which they can grow their business. From forming the company, to registering with all the relevant authorities (SARS, CIPC, Labour Department), paying all relevant taxes and having their annual compliance needs (AFS, tax returns) taken care of, there is nothing a client needs to worry about when engaging the services of My Finance Partner.
Most importantly, and at the core of why My Finance Partner was started 6 years ago, clients are offered advice throughout their business journey and are made aware of what is coming, and what to watch out for. Like a silent partner, the team works side-by-side with their clients. They will get to understand the complex, often family-driven relationships within small businesses and guide business owners through day-to-day decisions, whilst also taking care of things that business owners might not have time for, or are unaware of. Although the delivery of financial statements and getting taxes squared will always be important, MFP’s prime goal is to assist the business owner on their journey with making informed commercial decisions about their business.
My Finance Partner understands the pressures and challenges of owning your own business, as well as the temptations that can arise when it comes to dealing with these challenges. But, more importantly, they also understand the implications that could arise when giving in to these temptations and the stresses that it can create for businesses down the line! They therefore work very hard on assisting business owners to navigate through the daily challenges of owning a business without getting further into trouble.
The Kloof-based company consists of 16 members, comprising three Chartered Accountants and 12 accounting and bookkeeping staff, who all have a qualification in their respective areas of responsibility. My Finance Partner is not your typical small accounting business relying on one or two key staff members, and who has little or no cover in the event of an illness, leave or workload pressures. Enjoy a relaxed conversation with one of the team members and find out how this approachable and energetic company can help you or your business further your goals.
My Finance Partner share the following business lessons
Have a vision for your business and stay focused on it
It is too easy to become distracted and chase other opportunities “for the money” which result in you losing sight of what you set out to do, only to find five years later that your business is not achieving its full potential. We see this constantly in startup’s, and work hard to ensure business owners don’t lose sight of what it is they set out to build.
Entrepreneurs are in desperate need of advice and guidance – especially small, medium and micro enterprise business owners.
A lot of business owners rely heavily on the advice of their accountants, and this is often not forthcoming. Most accountants deal with a client’s annual compliance needs, but offer very little in the form of support/advice which means business owners don’t know if they are making good or bad financial decisions. We work very hard at regularly connecting with our clients and sharing information with them and making sure they understand the financial implications of the decisions they have made.
My Finance Partner hosts complimentary business breakfasts, sharing topics like, tax, cash flow, understanding financial statements and many more. These events have proven very popular and although they have had to halt, due to Covid-19, clients can look forward to them starting again.People’s perception of tax needs to change
Yes, noone wants to pay more than what they have to, but so often we see bad decisions being made in an attempt to reduce tax. We help people to understand the role of tax in a business, what it says about their business, what it can unlock for them and the fact that the various taxes or more or less balance back to the same percentage. As soon as people stop focusing on not paying tax, but rather on having the right disciplines in place to be able to pay whatever tax comes along, their business flourishes and moves onto another level.
Every business needs to invest in marketing
If you don’t promote your business and let people know who you are and what you are about, how are they ever going to know you exist and consider you as an option when the need arises for what you offer?
Mutual Respect – for your clients, your business partners, your staff and your suppliers must be a core value within any company. These people all contribute to the well-being of your business, and without their support you don’t have a business.