Financial Therapy - Three Minute session with David Grunberg
"Numbers rule the universe" - Pythagoras

Numbers are integral to what I do as an accountant. Without the whole concept of mathematics, I would be out of a job. Numbers also play an important role in our day to day lives, by measuring time, distance, tax and much more. This edition of Financial Therapy is very much linked to time and numbers, it being a three minute read!

David Grunberg

First 100 days at Colindale

There is a tradition amongst the press in the US to review the first 100 days of the President’s term.  With Donald Trump recently having jetted back to the US after his visit to the UK, I thought it would be an idea to reflect on our first 100 days at our new office.

Our move to Colindale couldn’t have gone smoother, and it feels like we have always been here. Clients seem to be enjoying the new facilities on offer and our meeting rooms – named after VC winning First World War pilots – are constantly busy. Our offices have even been described as ‘Google-esque’ by some of our visitors.

Our staff also seem to have settled in comfortably and have made the place their own.

In addition, our new satellite offices in Moorgate, are proving to be a popular destination for client meetings, saving time and money on travel. 

So, in the words of Mae West “Come up and see us sometime”.

Less than 250 days until we leave the EU

Regardless of your political views or leanings, it is remarkable to think that we are now less than eight months away from leaving the European Union.

To help you plan for the exit, be it hard, soft or no-deal, here are a few things to consider in the weeks ahead:

Cashflow – Have you considered how the money flowing through your business could be affected?

VAT – You will likely need to reassess your VAT arrangements with suppliers in the EU, so it is worth exploring all options.

Skills – Net immigration from the EU is falling, with a commensurate reduction in the skilled workers needed to grow your company. Should you be investing in existing staff to meet this gap or exploring how you would access the skills you need?

Tariffs – There is a strong chance that tariffs will be initiated. Have you factored these into your future projections/growth models?

Contracts – Now may be the time to review contracts with European suppliers, as it has been revealed that some cross-border agreements may no longer stand.

While the outcome of Brexit is still uncertain, Grunberg & Co continue to support our clients, by providing advice and assistance to their businesses.  Indeed, many clients have already used our risk assessment tool to help them with this matter, [the tool can be found on our dedicated Brexit webpage here].

I would encourage anyone with concerns, or potential opportunities from Brexit that they wish to explore, to speak to me or our team, to see how we can help.

Young, Gifted and on Track – Grunberg Partners make 35 under 35 “Hit List”

I am delighted to announce that our youngest partners, Alex Kossoff and Benjamin Grunberg, have been included in this year’s Accountancy Age 35 under 35 list, being ranked 16th and 7th respectively.  This list recognises the most talented young professionals in the UK, with the nominees being selected by those within the industry.

Their positions place them ahead of peers at a number of the “Big Four firms”, with the editors at Accountancy Age praising them for their forward-thinking approach and pragmatic advice given to clients.

I would like to congratulate them both on this achievement.  It really demonstrates the excellent up and coming talents that we have here at Grunberg & Co.

A Number of Trending Topics

The world is evolving rapidly, and becoming technologically side-lined, could leave your business at the mercy of more advanced competitors.

We are constantly on the lookout for new trends, which we feel could have a big impact on our clients, these being a few we have spotted:

Generation Z – This describes those born after the mid 90’s. Generally, they have lived their whole lives with the internet, smartphones and much of the technology we enjoy today. Many of them are now beginning to enter the workforce, with a completely different level of expectations and skills.  Businesses need to learn how to make use of their novel approach, to enhance their offering.

AI – Cars, planes, offices and even the workforce itself will soon be affected by ever more advanced artificial intelligence (AI).  It is critical that businesses are adept in visualising where this technology could enhance or supplement their current offering.

E-sports – This sector is really fascinating, and shows the changing attitudes of the world in general. When I was young we played table tennis (I was even a county champion), but now people are paying to watch video games online and even betting on the outcome of these matches.

VR and Augmented Reality – Once considered just a plaything, a number of industries, particularly in the creative and design sectors, are now actively exploring how these technologies can be integrated into their businesses.

Grunberg & Co are no strangers to using the latest technology, and we are already leading the way in practice management systems that we use and our online accounting services, with the aim of helping our clients prepare for the upcoming Making Tax Digital regime.

If you would like to know more about how we can enhance your business with our innovative services, why not speak to me or our team.

Tips from the Top – Six things to consider, on the way to success

The internet is awash with lists and articles on what entrepreneurs need to do in order to succeed, but there are very few lists that discuss what they need to avoid to make a success of themselves.

Here are my personal top tips:

  1. A zebra is a horse designed by a committee – Where possible, avoid forming or holding committees, they often slow the process down and cause conflict and cost.
  2. Avoid breaking the law – This seems a good general rule for life, but you would be amazed at the number of businesses that have failed because they have failed to comply with legislation, or one of its founders has exercised overbearing influence.
  3. Don’t be afraid to fail (occasionally) – Most entrepreneurs or owners will face failure at some point in their company’s history. Don’t focus on the failure, learn from it and move on to bigger and better things.
  4. Cut out emotions when making decisions – You don’t have to be a robot, but sometimes you should approach a problem with minimal emotional attachment. I know a lot of passion goes into building a business, but this can lead to errors in judgement.
  5. See ideas through – If you have an idea or new concept that you are certain will be a success, make it happen and stick with it. Too often people abandon projects early on, only for a competitor to swoop in and make it happen.
  6. Take time to relax – Some people wear the number of hours they work like a badge of honour, but often it pays to take a step back, relax and gather your thoughts. Once refreshed, you may spot something you had missed or find a way of making your business more efficient.