Hi there, I’m Shane Lukas, and I’m the Managing Director of AVN. The AVN team are excited to announce the release of our new book The Business Owner’s Guide to the UK’s Best Accountancy Practices which is free to download here: https://unbouncepages.com/business-owners-guide-claim-free-book/. Our book has been designed to help businesses find accountants who go the extra mile to help improve the success of the company and make the business more enjoyable to run.
I recently spoke to Tim Davies, the Managing Director of Wrexham based accountancy firm John Davies & Co. John Davies & Co are one of the accountancy firms which feature in The Business Owner’s Guide to the UK’s Best Accountancy Practices.
Interviewing Tim Davies, helped me understand how John Davies & Co stand out and why they are head and shoulders above traditional accountancy practices. Through speaking to Tim Davies, I found out how John Davies & Co use benchmarking and goal setting effectively. Benchmarking helps businesses to compare key criteria against their competitors and work out what they need to do to become more successful. By identifying areas of weakness John Davies & Co can tailor their advice to the individual company and help to make improvements and increase profitability.
During the interview, Tim Davies told me an incredible story of how a client came to him three years ago, with an overdraft of £230,000 and minor profitability for his bakery business. Tim and his team benchmarked the bakery against over 200 competitors, focusing on the gross margin and gross profit. The conclusion from the benchmarking was that the client could increase their prices by 10%.
Naturally afraid of losing customers, the client was reluctant to raise prices. Using innovative software, Tim showed the client how he could afford to lose 5-10% of the customer base and still be profitable. After a year of following Tim’s advice, the client’s overdraft had disappeared, and profits had increased. The success has continued, and the client now has £250,000 in the bank and is making a yearly profit of £225,000. Not only is the business much more successful, but the client’s lifestyle has changed, and he has gone from a stressed out entrepreneur to a relaxed business owner.
Tim and his team at John Davies & Co help clients who have a vision and who want to succeed. It is wonderful to see accountancy firms that want to go the extra mile for their clients, as Tim says; “I want to leave a mark and be able to say that I’ve helped businesses get to where they should get.”
If you want to find out more about John Davies & Co or other firms that go the extra mile for businesses, you can find them in our book, The Business Owner’s Guide to the UK’s Best Accountancy Practices. This book is free to download at https://unbouncepages.com/business-owners-guide-claim-free-book/
You can watch my interview with Tim Davies, one of the founding partners of John Davies & Co here: https://youtu.be/1jDSQTYWilU?list=PLDQoKaIXbLSw1G3RtE5Dp-C25Uyx-zTbU