Young, enthusiastic, ambitious and dreaming of a bright future.

Not a headline that I have taken from a newspaper recently; nonetheless, this is a description of a typical person that I meet each week as a business advisor and mentor.

It is particularly encouraging to discover that these people already know at the outset that they will need more than just youth, ambition, and enthusiasm to ensure that their dream becomes a sustainable reality. The purpose of meeting me is simply that they want advice.

It is thirty six years ago this summer that I began my own business journey. At sixteen years of age and, just having completed my high school education, I agreed to spend the rest of the long hot summer months of 1975 working as an office junior in the accountancy practice owned by my father.

I laugh at the thought of the daily task of scheduling lists of receipts and payments, and reconciling balances finally attracting me to the accountancy profession. For me it has always been about the people. The very individuals themselves who are the business owners and team leaders.

The question that is often asked is; are people who are successful in business born to be successful or is it something that they learn? Whatever the answer, I have found over thirty six years that the owners of successful businesses all display the following characteristics.

They believe in their product or service. They know what makes it unique and how it can add value to their customer’s lives or businesses. They have a vision and from this vision they can then begin to set objectives. They are always organised and methodical. They have identified long and medium term goals and they plan each day, week and month in order to ensure that those longer term goals are achieved.

In order to ensure demand for their product, they are constantly undertaking customer and market research. After all, it is no good trying to sell somebody something that they no longer want. Not forgetting researching competitors too; discovering their strengths, weaknesses, products, (including pricing structure) and markets.

Having the ability to budget will ensure sufficient working capital and cash balances; this is also key. Knowing the average stock and debtor days will lead to the business holding efficient and optimum levels of stock and making sure that debtors stay within credit and payment terms. It is important too that relationships are built with suppliers and that they are also paid on time. Knowing the number of units or hours that need to be sold in order to break even; the weekly, monthly and annual cost of running the business is a sign that the owner is in control.

Building a motivated, skilled and adaptable team will enable the owner to manage, remain focused, stay motivated and above all enjoy their business. I will always remember the words written on a poster that I once saw in a clients office; "If you aint having fun, then you aint doing it right."

So, in conclusion, what advice do I pass on to my clients? The answer is not just the knowledge gained from an accountancy qualification. It is also the experiance, stories and. lessons learnt over thirty six years.

Finally; how do I see the future for business and the economy? From the young people that I meet, the future is bright.

Let's all raise a glass to the next thirty six years....Cheers everybody!