My Week: Hands Off

yes-no-maybeHallo folks. It was the launch of the iPhones week in true Apple style. It was the iPhone 8 and iPhone 10. Also known as iPhone X. Being Apple, X is not the letter but the number in Roman numerals.

I watched the full launch where Apple’s top executives were talking about their desirable products as if they are giving them away. No no no. They come with a premium price tag. No doubt they will sell well. I will be one of their customers!

Moving on to the mundane that is FT Practice Ltd. My week was spent thinking about ways I could be more hands off from day to day work.

Day to Day

As you know from day 1, I intended to delegate the day to day work asap. The plan was for me to work on practice expansion and also to further improve the return on the practice.

The position to date is I am still involved in the day to day work. Though to a significantly lesser extent. A minute of my time on the day to day work means a minute less on practice building work. As a business owner, it is important that I do not roll up my sleeves and start producing accounts and tax returns. That, in my opinion, is business suicide.  I would better off getting a job.

Problem

The reality is I have a micro practice. It means I am not able to attract the caliber of employee that would take on all the day to day from me. More recently, Q has taken on a fair amount of day to day work from me. It is not enough.

Further, Q at this stage does not yet have the experience or confidence to take charge and run with it. At the same time, I am pleased with her performance. I am getting a good return on my investment. I hope she becomes a long-term employee of FT Practice Ltd.

Some people, just prefer to be led rather than lead. They do not want the stress. Q falls in this category. No matter what I do, this fact will not change. I have accepted it, and I am working with what I have.

Options

Being blunt my options are to get someone who has the confidence and personality to take charge. Find this person for a micro practice at the right price in London? Ha! There is also thinking about Q, who will not, understandably, be happy to be led by someone from outside.  Q is a valuable resource; I want to make sure that I am not forced to hand over a P45. That would be my training and support walking out of the door.

Foundation

You have to bear in mind; I came to the exciting world of micro practice without a background of working in accountancy practices. It has its advantages, the main one is NOT always going for safe and tried and tested options. The key downside I think is not thinking about the long term implications of the decisions I made in the early years of being a micro practice owner. These decisions form the foundations of FT Practice Ltd.

I now have to make the most of the foundations I laid out earlier. There is no turning back. The key one is not taking on a more experienced person. It does impede the growth of the practice. That is down to me no one else.

I hope a solution will evolve over a period, allowing me to be more hands off than I am now.

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