Why small businesses need accountants more than ever

About five years ago, I first began to read predictions that traditional accountants could soon find that their number was up. According to reports, accountants were literally living on borrowed time, because of technology’s relentless advance. I’ve even had accountants tell me this recently.

In 2014, it was estimated that almost half (47%) of job categories could be automated within two decades, with accountants and auditors high up on the endangered list. Technology would be able to complete most of their duties and tasks, faster, better and at a far lower cost, some sources predicted.

End game

In the coming decades, some believe automation will kill the accounting profession as we know it. Accounting software companies continue to add more automation to their wares, impacting manual accounting processes and slowly but surely removing the need for accountants and bookkeepers to take care of many simple tasks.

With little knowledge, freelances, contractors, sole traders and micro-business owners can now use apps that allow them to conveniently manage their expenses, invoicing and tax from their smartphones. Such apps provide data that makes filling out tax returns much easier.

They can be connected to current bank accounts and credit card accounts – while some apps even offer their own business current account. And they target accountants, encouraging them to get their clients to become users, so that accountants are freed from mundane tasks and can contribute value in other ways (well, that’s the marketing spiel, anyway).

“Many business owners may not be as tech-savvy as you believe. According to ONS data, only 48% of UK businesses have a website. ”

Cause for comfort

Some say it’s inevitable that in the future, tech rather than accountants will advise business owners on finance, funding, tax and other matters. Small-business owners may be able to use chatbots, for example, to have their questions answered in real time, for free or at low cost, rather than having to meet or call a flesh-and-blood accountant (and pay for the privilege).

Accountants are offered some crumbs of comfort in this brave new future world, because although there will be fewer accountants and accountancy firms, those still standing will take on more strategic and analytical roles, we’re told. Time will tell.

No one knows the extent to which technology will impact accountancy or how soon significant change will come. And many UK business owners may not be as tech-savvy as some would have you believe. According to the most recent ONS data, only 48% of all UK businesses have a website. The figure for micro-businesses is just 45%.

“Many people – especially older business owners – aren’t going to be using chatbots to have their business queries answered any time soon”

Vital role

Although research suggests that 100% 16-24 year old use their mobile phones to get online, more than a quarter (27%) of 55-64 year old do not use their mobile phone to get online, while neither do 40% of mobile phone users aged 65-plus. About 14% of people in the UK aged 60-plus now run their own business, either full time or part time, with a further 9% freelancing. So, we see that many people – especially older business owners – aren’t going to be using chatbots to have their business queries answered any time soon.

Clearly, accountants still have a pivotal role to play in ensuring that the UK’s 5.9m SMEs are kept well informed and expertly advised. Never more has that been truer than this year, of course when many micro and small businesses have relied on their accountants to help them negotiate their way through furloughing and tax and business rate changes. Small businesses also needed to know about government grants and loans, as well as how to cut costs and keep their cash flow healthy.

Throughout the UK, the best accountants and accountancy firms reached out regularly to their small-business clients, to give them life-saving guidance in the most challenging of times. With the economy in an alarming state, things still far from stable because of Covid-19 – and with the Brexit transition period ending early next year – small businesses need their accountants more than ever. Who else can they rely on?

• With 15 years’ experience as a leading writer of small-business content, Mark Williams is the founder of Dead Good Content, which specialises in producing cost-effective bespoke and readymade content for accountancy firms and other organisations that want to market their services to small businesses.   

Six key start-up truths I was reminded of while launching Dead Good Content

Lockdown was a double-edged sword for many of us. Although I enjoyed spending more time with my family and made a reasonable job of homeschooling my six-year-old (despite my appalling maths), work was severely disrupted and I qualified for very little government financial support. 

But I had plenty of thinking time and although for a while I’ve recognised the need to make changes, the lockdown and gloomy economic outlook added much urgency. No business can afford to stand still – the solution is evolution.

Rethink, reposition and rebrand  

With the market having become significantly more crowded since I started writing small-business content 15 years ago, I’ve needed to find a better way to set myself apart and highlight my expertise. So, shortly after lockdown began, I decided it was time to rethink, reposition and rebrand my business.

My ultimate aim is to create something more special, more robust and more entrepreneurial. Something that’s bigger, better and more scalable. The result is Dead Good Content, a brand new small business content agency that will provide accountancy firms and others with a much more cost-effective way to market their services to SMEs by using content marketing.

While setting up Dead Good Content, I was reminded of six key start-up truths…

“Starting a business without speaking to the most important people of all – potential clients – can prove disastrous”

1 Market research in a must

You can learn so much from basic market research. You don’t need to spend lots of money or ask complex questions. But starting a business without speaking to the most important people of all – potential clients – can prove disastrous.

You won’t solve your customers’ problems if you don’t know what those problems are. And things change, so, you must maintain your market knowledge if your new business is to survive and thrive. 

I contacted a sample of target customers, asking their opinions and attitudes on a range of issues via a concise questionnaire. The results gave me confidence in many of my existing ideas, but I was also able to make slight changes to ensure that Dead Good Content could better meet potential customers’ actual needs.

2 Launching a new business takes hard work

For the past 15 years, I’ve constantly written about how easy it is to start a business. Registering a new business is remarkably simple, but if you want it to succeed, you must work hard to lay good foundations and get it off the ground.

There are many tasks to complete, which can take time. Frequently, in recent months, I’ve worked late into the night (after writing or homeschooling all day) or at weekends, whether I’ve been doing market research, designing our corporate ID, writing and building the Dead Good Content website or producing marketing collateral. No pain, no gain. 

“Much depends on what you’re selling and whether you need stock or premises, but you can start a business for very little money”

3 You can still start a business on a shoestring

Another key start-up message I’ve communicated for 15 years. Much depends on what you’re selling and whether you need to buy stock or operate from premises, etc, but you can start a business for very little money.

When starting your own business, you must be prepared to roll up your sleeves and do many things yourself. I would have loved to hire an agency to build our website or create our corporate ID, but I had to minimise my start-up costs, so I did it all myself. I’m fortunate to have those skills. If you don’t, maybe you could swap skills with those who do. Making do with what you have can really help to reduce risk and minimise your start-up costs.

4 Not all ideas are good ones

I’ve had the name, Dead Good Content, for ages. I like it a lot, because it underlines our commitment to quality and says what we do, but it does it with personality. Other ideas have come and gone, because they didn’t work.

I love neon signs, and initially I planned to use a neon-like font for our new logo. A friend and talented graphic designer called Andrew Cothliff created logos for me, which all looked great. But, they didn’t work when used small, so neon was out. We went for a simpler typeface. We also tried different versions of our website, but scrapped them and started again from scratch. You must challenge your own thinking and listen to your gut instinct. And it usually pays to keep things simple.

“When starting your own business, there are people who will help you – often for free. If you trust them, listen to what they tell you and act on it”

5 Honest feedback from trusted sources really helps

I’m lucky to have a great network of friends and some work in media, PR, marketing, advertising, graphics and branding. I value their opinions and sought their advice on everything from our new corporate ID and website to our business model and prices.

Sometimes others see things that you can’t see, because you’re too close. The feedback I received was mostly positive, but changes were recommended. Acting on some of those has made a big difference. When starting your own business, there are people who will help you – often for free. If you trust them, listen to what they tell you and act on it.

6 Starting a new business is exciting

So, after many months of planning and hard work, Dead Good Content is up and running. I’m under no illusion about how much hard work it’s going to take to establish, especially in these uncertain and challenging times. But I’m up for it and initial response has been excellent. And for the first time in a while, I’m really excited about what the future may hold for my business. Life’s too precious to waste doing something that doesn’t excite you.

• With 15 years’ experience as a leading writer of small-business content, Mark Williams is the founder of Dead Good Content, which specialises in producing cost-effective bespoke and readymade content for accountancy firms and other organisations that want to market their services to small businesses.

How to come up with a "dead good" business name

Dead Good Content founder Mark Williams (left) with sisters and brother, Stanley Park, Liverpool, 1976 (clothes models’ own)

Coming up with a good business name remains one of the most enjoyable start-up tasks. I was reminded of that recently, while launching new small-business content agency, Dead Good Content.

Pleasurable as it is, it can be tough and much is at stake. If you get it right, your business name becomes a deadly marketing weapon that distinguishes you from your competitors, tells the world who you are and helps you to attract and retain customers. But get it wrong and it can really hold you back.

“You can always change a businesses name, but it’s better – and cheaper – to get it right at the start”

“Backrub” keywords?

Kabir Chibber, in his BBC News piece, The dark art of choosing a company name, likens new businesses to newborns. “And just like children, the wrong name can scar for life,” he warns. “Imagine if Google had been called BackRub, as in its first incarnation,” he reveals. Imagine indeed.

Before changing name in 1958 to Sony (which is far easier to say), for 12 years the business had been called Tokyo Tsushin Kogyo. Global sporting heavyweight Nike (pronounced Ni-key – derived from the Greek goddess of victory) started life as Blue Ribbon Sports.

eBay used to be called AuctionWeb and PayPal was Confinity when launched in 1998. Amazon supremo, Jeff Bezos, considered Awake, Bookmail, Browse and Cadabra as business names, but registered Relentless.com before settling on Amazon. You can always change a businesses name, but it’s better – and cheaper – to get it right at the start.  

Legal restrictions

There are legal restrictions when naming a business. According to government website Gov.uk: “Your name can’t be exactly the same as another registered company’s name.” You can search the Companies House register to find out if your preferred choice is already taken.

And your name: “Can’t contain a ‘sensitive’ word or expression unless you get permission; or suggest a connection with government or local authorities; or include a word that could cause offence.” Companies House provides detailed guidance on legal restrictions when naming a business.

Only limited companies can use the word “limited” in their name, and you can’t suggest national importance (eg British), patronage (eg Royal), special status (eg Association) or function (eg Trust) if it’s not true.

“Linking yourself too closely to a geographic location can limit your ambitions, as can using your own name. And don’t make your business name so obscure that customers will never know what it means”

Mistakes to avoid

Phil Davis, in his entrepreneur.com piece – 8 Mistakes To Avoid When Naming Your Business – likens a business name to a building’s cornerstone. “If it’s off, even just a bit, the rest of the building is off, and the misalignment becomes amplified,” he opines. Asking too many people for their opinions is a bad idea, he says, while making sure those you speak to have a creative outlook, otherwise “your name will end up too literal and descriptive”.

Davis isn’t fond of one-word business names that result from putting part of an adjective in front of a noun (eg “QualiWidgets”), nor words that don’t provide distinction or personality. Linking yourself too closely to a geographic location can limit your ambitions, he warns, as can using your own name. Avoid clichés (eg “Summit, Apex, and so on”), he advises, and don’t “make your business name so obscure that customers will never know what it means”.

Deliberately misspelling your business name to secure a URL isn’t wise, he says, because people won’t find you when entering the correct spelling into Google. And if you pick the wrong name, change it, Davis says, because the problem won’t “magically resolve itself”.

Short and sweet

In his www.123-reg.co.uk blog, 6 top tips for choosing a business name, Tim Fuell reinforces the idea that simplicity is best when naming a business. “Long-winded names are unlikely to become big-hitters,” he argues. “Apple, Dell, Google, Amazon, etc. Short, sharp and simple wins every time. It’s more memorable, easier to write or type and simpler to engage with,” he explains.

When considering business names, think about how easy your preferred options are to say and spell over the phone, particularly when speaking to people in other countries (you also need to consider whether your business name could cause amusement or offence in other languages). Choosing unusual words and spellings can backfire.

Boring is bad

Amusing names work well for some businesses, but they can be a terrible idea for others, as they can make you look unprofessional. You could pick a word that has no apparent meaning, a tactic that worked well for many successful businesses, including Kodak, IKEA and others.

Writing for Forbes.com, Richard Harroch cautions against coming up with business names that are hard to spell. Before making your final choice, he recommends carrying out online research, to see whether you can get the URL you want. Although “boring is bad”, he doesn’t believe in choosing something that’s too “out there”, pick something likely to resonate with target customers.

““Boss” or “sound” hadn’t quite entered the Scouse lexicon back then, great things were “dead good””

Dead Good Content?

So, how did I come up with Dead Good Content, the name of my new small-business content agency? I had the name about 12 months before starting up. Everyone I mentioned it to told me they liked the name (unless they were just being polite).

Quality has always been vital to everything I’ve done professionally and I wanted that to come across loud and clear in my new business name, but not in a predictable or pretentious way. I wanted something more authentic, more down-to-earth  – much more “me”.

So, I thought back to my childhood, as I often do, and asked how I would have described it growing up in Liverpool in the 1970s. “Boss” or “sound” hadn’t quite entered the Scouse lexicon back then, great things were “dead good”. “Content” was added so there would be little doubt about what we do. For the moment, I’m pretty pleased with Dead Good Content. Will it prove to be a wise choice? Time will tell…

• With 15 years’ experience as a leading writer of small-business content, Mark Williams is the founder of Dead Good Content, which specialises in producing cost-effective bespoke and readymade content for accountancy firms and other organisations that want to market their services to small businesses.