Facets

The Stiddard Way

Wed, 09 Feb 2011 21:42:00 GMT

The Stiddard Way is an important part of the firm’s brand. It makes sure that the way we work in the office is consistent with the image that we portray. More importantly, it ensures that the associations made with the Stiddard name are in line with my own values.

It is a series of statements or guidelines that I believe to be important in the operation of a professional practice. These are as follows numbered 1 to 5 with each being followed by a personal interpretation:

1. Take responsibility for your individual actions and recognise that you are part of a team.

I am not interested in individual performance if it does not take into account the needs of the team. Actions that are based on self-interest and are detrimental to the needs of the team are unacceptable.

2. Do not shy away from responsibility. To make no decision is worse than making a wrong decision.

I don’t want to hear just what the problem is - that is only half of the story. I want to hear ideas as to how it can be resolved. You don’t have the right to air one without the other.

If you are asked for an opinion then give it based on your best knowledge of the facts. If you believe that you are not in possession of sufficient of the facts then get them and come back.

3. Do not compromise on quality of service and standards of professionalism. This is a moving target and if you are not going forward you are going backwards.

Never stop looking for improvements in every aspect of the business. There is always a better way of doing things.

Standards of professionalism mean a level of honesty and transparency so great that no person will ever doubt your motives.

4. Our overriding purpose is to do something positive in the profession, something different that engages the competition.

Do not just do what every other accountant or financial organisation does – think about and explore the alternatives.

5. Everyone is born equal and remain equal throughout their lives. Personal success is a function of the opportunities that are available and the extent to which they are grasped.

You do not have the right to pass judgement on anyone. Give the benefit of any doubt to your clients and work colleagues.

I am constantly shocked by the criticism given by accountants to their clients. It is always in the absence of the client and without knowledge of the facts. It is a reflection of arrogance and a failure to take on the responsibility of a potentially difficult case.

Welcome to the Stiddard Offices

Sun, 06 Feb 2011 22:26:00 GMT

The importance of the relationship between all of the members of the Stiddard offices and our clients cannot be over stated. One of the great things that I can do through Facets is help to build these relationships by introducing all of the personalities and sharing important developments in their business and personal lives. Today I want to start simply by sharing details of capital ownership, management and staff in respect of each office.

Bexley

The Bexley office is operated as an independent partnership between my holding company Stiddard Business Services Ltd and myself. The office is managed by Heidi Pithman ACCA (Client and Technical) and Chris Arnold (Administration). Other staff members are Accounts seniors Stephanie Roberts, Nancy Chad and Stacey Poulton.

Maidstone

The Maidstone office is operated as an independent Limited Company owned equally by the directors John Roberts and myself. The office is managed by Tim Phur ACCA (Client and Technical) and Charlotte Perry (Administration). Other staff members are Payroll Manager Jess Parnell, ACCA trainee Dan Williams and seniors Katya Siderova, Hannah Childs and Danielle Coles.

The office is shared with Stiddard Financial Services Ltd, which is owned by the directors Myself (50%), Mark Loughlin (40%) and John Roberts (10%). Mark manages the Company with accounting and administrative assistance from Hollie Binger.

Beckenham

The Beckenham office is operated as an independent Limited Company Stiddard Mathers Ltd, which is owned 75% by the director Alastair Mathers and 25% by myself. Alastair manages the office with the assistance of senior accountant Ian Moore.

Welcome to Facets - The Stiddard Financial Diary

Sun, 30 Jan 2011 16:29:00 GMT

Facets is an ongoing diary of financial activity within the Stiddard Businesses. A model of a small business operated in the “Stiddard Way” Its aim is to offer you a working example of how we apply the concept of Financial Identity.

All the posts will refer to real data and real life situations. It is a demonstration of our principle of absolute transparency. I am happy for you to copy and put into practice any part of what you read and equally if you are a direct competitor then you are welcome to use any of my ideas.

I would ask you to read several times the section on the website headed “What is Financial Identity” A lot of thought went into this and I think it is a good explanation of what I mean when I refer to “Financial Identity”.

To help you I have set out how the concept of Financial Identity applies to me:

"I recognise the unique attributes and characteristics that define my financial world". In the context of my business and personal finances this means that I am aware of the significance of my strengths and weaknesses.

"I understand how these strengths and weaknesses impact on my business and financial life". In practical terms this means that I organize my business and financial affairs so that my role is focused on the areas where my strengths lie. I can then partner with or employ persons who are strong in my areas of weakness. I therefore must have a clearly defined business model, market, brand and business process.

"I know with 100% confidence exactly where I stand from a financial perspective at any given time". In the context of my business this means that:

1. All Companies House and HMRC compliance requirements are always up to date.
2. I have available monthly managements reports, which provide me with all the financial data that I need to make good decisions.
3. I have a solid business plan, which summarises my best estimates of profit and cash flow over the next 3 years.

In the context of my personal finances this means that my personal investments are managed by an IFA who I know is properly qualified, honest and transparent in his dealings with clients (namely Mark Loughlin of Stiddard Financial Services).

Look out for the next Facets posts, which will give you an introduction to the Stiddard Business Model.

An Introduction to The Stiddard Business Model

Sun, 30 Jan 2011 11:21:00 GMT

The Stiddard Companies provide financial based services to individuals and small business clients. Currently this takes the form of Accounting Services and Business Advice from three Kent regional offices in Maidstone, Bexley and Bromley along with Independent Financial Services from our central office in Maidstone.

The Stiddard Model is designed to achieve and retain the close client relationships of a small accountancy practice whilst at the same time benefit from the advantages of a larger organisation. We achieve this by running each office independently as if it were a single practice. Each office is kept to a size that does not compromise the client relationship.

We aim to grow through the opening of new regional offices as opportunities arise and through the addition of other centralized financial based services. The 2 growth areas are closely linked in as far as further regional offices provide both additional turnover and a market for the centralized services.

The regional Accountancy offices are managed by qualified general practitioners who have the all round technical skills to serve the majority of the needs of any individual or small to medium sized business. Similarly, the centralized IFA is headed up by a Chartered Adviser with broad experience in the business and personal markets. In the event of their being a technical issue, which we cannot cover, we have arrangements with specialist outside firms.

Our market is therefore:
1. Any small or medium sized (typically owner managed) business, which is serious about growth and good financial control or
2. Any individual who has savings or income at a level, which will benefit from tax and investment planning.

As a firm, we believe that that the time that it takes to complete compliance based work such as Annual Accounts, Corporation Tax Returns and Personal Tax Returns to the required professional standard is on the whole fixed by the guidelines of the professional bodies. This means that fees are wholly dictated by the hourly rates charged. The Stiddard financial model means that we have the overheads of a small firm whilst maintaining the benchmark professional standards of a larger firm. Our hourly rates are less than the larger firms and more than competitive with equivalent small firms. If a competitor can charge less for a job it is because less time is being spent and standards are therefore being compromised.