June 13, 2025 • 39 mins
Key Performance Indicators offer a tangible way to measure business performance and track progress toward growth goals. We pull back the curtain on how these metrics can transform decision-making and provide early warning systems for potential problems.
• Pick three key KPIs to monitor monthly for most businesses
• Financial KPIs include gross profit percentage, net profit percentage, and staff wages to turnover ratio
• Stock turnover rate is crucial for retail businesses to avoid locking up cash in inventory
• Non-financial metrics like customer satisfaction and operational efficiency are equally important
• Modern accounting software and tools like Fathom make tracking KPIs simpler than ever
• Perception often differs from reality—KPIs provide objective data to counter gut feelings
• Regular monitoring allows early detection of issues, as with a client selling products at a loss
• Accurate, up-to-date bookkeeping forms the foundation for reliable KPI tracking
• Team transparency around KPIs creates alignment and shared purpose
• Industry-specific metrics matter—consult your accountant about which ones apply to your business
If you're struggling to identify which KPIs would be most valuable for your specific industry, drop us a message mentioning your business type, and we'll suggest 3-4 key metrics to start tracking.
🎧 Listen now on Spotify & Apple Music and don’t forget to subscribe, share, and leave a review – and send us your questions for future episodes!
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:02):
Welcome to Business with the Donos, where we talk
about family business andeverything in between.
I'm your host, jade Dono, andI'm here with my dad, paul Dono,
and this week we are going tobe talking about KPIs.
Speaker 2 (00:16):
Key Performance Indicators.
Speaker 1 (00:18):
Oh, how exciting.
Speaker 2 (00:20):
Absolutely.
Speaker 1 (00:21):
Do you want to explain to all of our listeners
what KPIs are?
Speaker 2 (00:26):
Key Performance Indicators.
Speaker 1 (00:29):
Well, do you want to explain it in a way people might
actually understand what thatis?
Speaker 2 (00:33):
So the KPIs are really, really important for
business and I would say formost businesses.
Pick three KPIs and monitorthem on a monthly basis so that
you know how your businessmonitor them on a monthly basis,
so that you know how yourbusiness is doing on a monthly
basis.
So KPIs that we do in oneaccount.
We do gross profit percentage,we do net profit percentage and
(00:57):
we also do the ratio betweenstaff wages and turnover.
They're our main three KPIs.
We, we do.
We have others on thebackground.
They're our main three KPIs.
We do.
We have others on thebackground but they're our main
ones.
They're the ones I really takenotice of.
Speaker 1 (01:09):
They're the ones you take notice of, but they're not
the ones we actually share withthe team on a monthly basis.
Speaker 2 (01:13):
Are they?
No, oh, what do we share?
I always get it wrong, don't I?
They're the ones I do.
Speaker 1 (01:21):
They're the ones you do to yourself.
Speaker 2 (01:22):
Okay.
Speaker 1 (01:23):
She's lovely.
Speaker 2 (01:23):
Indeed.
Speaker 1 (01:24):
But we actually do tax returns completed month by
month.
Speaker 2 (01:29):
Oh yeah.
Speaker 1 (01:29):
Turnaround time of accounts.
Speaker 2 (01:31):
Yep, they're good ones.
Speaker 1 (01:34):
What else do we do?
Oh, the amount of new clientswe get in.
Speaker 2 (01:36):
Yep, they're good ones.
Speaker 1 (01:39):
Yeah.
Speaker 2 (01:39):
Excellent, I didn't know that.
Speaker 1 (01:47):
I did know that, but I kind of yeah, obviously the um
we need better communication onwhat our KPIs actually are
communication is good,communication is great.
So you said it's a keyperformance indicator.
But like to people, what?
Why are they tracking stuff?
Is it like to achieve a goal?
Is it what?
Why?
Why do they need to track it?
Speaker 2 (02:06):
so, as an example and we've had it twice this, this,
this last week, and, in fairness, james in the office has done a
lot of good work on this we'vegot some retail clients and what
we're looking at is how oftentheir stock turns over.
So, and why is that important?
Well, if you have stock thatonly turns over twice a year,
(02:27):
you're locking up so much cash.
You've bought your stock,especially if you're a seasonal
business.
You've bought your stock upfront.
You need to sell it, but it'sjust sitting there.
You might, for argument's sake,spend £100,000 worth of stock,
but if you're not turning thatover quickly, you're not
converting it to cash to buyyour new stock to earn your
profits.
Speaker 1 (02:46):
Yeah, it's just sitting there.
Speaker 2 (02:47):
So a key performance indicator, certainly in a retail
business that's selling aproduct, is how much their stock
turns over.
Yeah, and I would say, you know, typically if we can get it to
six, that would be great.
If we can get it to four Insome of these cases that would
be okay, but even if we can getit even higher than that, that
would be great.
(03:08):
Which means that people arebuying your stock, we know it's
working and we're making ourmargin on it as well.
By measuring the other keyperformance indicator, gross
profit percentage, on whatprofit you're making on the
stock and at the end of the day,if you're not turning that
stock, sell it, buy, buydifferent stock, but convert
that stock into cash.
Speaker 1 (03:28):
It's no good sitting there earning being dead money
yeah, and I think as well um,you don't want to just be
thinking of financial kpis.
They're really really important.
You should absolutely trackthem, but you need to be
thinking of other things as well.
So say, you've say, on a monthby month basis, you're setting
these goals kpis.
(03:49):
Say you again are working in arestaurant and there's one dish
that you're not selling much of.
Maybe that month you have a kpito sell a certain amount of
that dish and you can also dothings like customer
satisfaction, making sure thatyour customers or clients are
(04:09):
leaving good reviews, and maybehave a KPI to get five, five
star reviews every month.
Yeah, that sort of thing aswell are really important, not
just the financial.
Speaker 2 (04:19):
No, absolutely.
But go back to the restaurant.
A really good KPI for arestaurant is how many covers.
But go back to the restaurant.
A really good KPI for arestaurant is how many covers,
how many people are sitting downand actually attending your
restaurant and ordering food.
That's a really good one aswell.
Bring the covers up again.
Brings the income through.
I'm just laughing because we'vegot Django, which is your dog,
(04:41):
giving us a little bit of arunning commentary in the
background.
So if you can hear him barking,he's got the hump because we've
locked him in the kitchen.
Speaker 1 (04:47):
So that he'll be quieter.
So he'll be quieter, ironically, yeah.
Speaker 2 (04:50):
So yeah, for those who are listening, that's Django
adding to the podcast.
So welcome Django to thepodcast.
Speaker 1 (04:57):
Oh, poor pup in the other room.
Speaker 2 (04:59):
I think the problem is I gave him treats, didn't I?
Speaker 1 (05:01):
You did, and he wants more treats.
You gave him treats.
Speaker 2 (05:03):
Yeah, freeze-dried chicken.
Speaker 1 (05:05):
And he was being really good with the treats and
then I was like, well, we needto take him out so he doesn't
bark out the window.
Speaker 2 (05:10):
That's because I run out of treats.
So maybe a KPI for Django ishow many treats it takes to keep
him quiet.
Speaker 1 (05:17):
Yeah, there you go Probably a lot.
Speaker 2 (05:19):
But then we need to cut that down, don't we?
Just a bit of training A bit oftraining.
That would be good.
Speaker 1 (05:26):
Training who?
What?
So KPIs aren't just for them,big corporate firms, they're for
all businesses, absolutely Bigand small.
Speaker 2 (05:36):
Yeah, absolutely.
And if things are changing, ifsuddenly your gross profit
percentage ie what you're makingfrom your sales has suddenly
dropped, dropped, there has tobe a reason for that and then
you need to look at that.
You know, we spent a lot oftime, um, with a client, um
earlier on in the year wheretheir gp percentage dropped and
(05:59):
what we found was actually theywere selling a different product
within their range and that wasdragging their gross profit
down.
They actually were selling itat a loss.
They would not have known thatif we hadn't put a plan in on
their KPIs.
Yes, no, they wouldn't haveknown that.
And we hit it early.
Speaker 1 (06:16):
Yes, we did, and that's really important because,
tracking these things, thereality might be different to
what you're feeling.
Yeah, so like one that we donot.
That Dad knew is new clientsthat we get and Dad was like, oh
, we haven't had any new clients, blah, blah, blah, blah, blah.
And then I sat down and I waslike oh, we've had this many new
(06:39):
clients this last month andDad's like oh really, and I'm
like yeah, and he's like ohmonth.
And dad's like oh really, andI'm like yeah, and he's like oh.
So sometimes you need toattract these things, because
sometimes what you're feelingisn't necessarily the reality of
the situation and that can workboth ways as well.
Like you could feel really good.
So I know we do like accounts,turnaround time and we could
(07:00):
feel like we're really smashingit with that, but then if you
actually look at the KPI, itmight be that we're actually
nowhere near the goal that wewant to be.
So it might be that we're doingbetter, but we're not where we
envisage ourselves to to be.
So it's really important totrack and I think it's really
important to be really open withyour kpis, with your team and
(07:21):
and me.
And you.
I am open.
I have a full team meetingevery month.
Speaker 2 (07:27):
Oh, but you do have to attend those.
Oh, okay, I do attend them, doyou?
Speaker 1 (07:31):
I've been to all of them, have you?
I think you're getting confusedwith the quarterly meetings.
Speaker 2 (07:37):
Oh, I go to the quarterly ones.
Yeah, I try and go to the teamones.
Yes try and go to the teamwork.
Speaker 1 (07:48):
Yes, it's easier for me if you're not there to be
fair.
That's nice, isn't it?
That is nice.
I don't get bullied.
So I think as well with kpis.
I think they they really bringfocus as well to what you want.
So if you've got a goal say youwant to grow your business by I
don't know 10 then your kpisneed to be aligned to that goal
as well, so that you aretracking every month or every
(08:09):
week how you are getting to thatgoal.
Speaker 2 (08:14):
So that's really important.
I mean, I know the answer tothis, but how does someone want
to track that?
How do they track it?
What do they do?
Speaker 1 (08:22):
Well, they can track all sorts of things.
Speaker 2 (08:27):
Yeah, I mean, but a lot of the software,
particularly zero, has thatinformation yeah we just need to
set it up for the client on howthey extract that and then how
they can work it, and then we'veobviously got tools for the
clients we're working with on a,you know, a more regular basis.
We We've got tools like Fathomthat go into it.
Give us the reports, give usthe graphs, show us the trends
(08:49):
and it's quite important, notjust on monthly trends but on
like a rolling average trend.
You know where we might have alittle bit of variability, but
actually our average trend over12 months is going up.
And we did that about a yearago with someone and that was
really powerful, particularlywhen they were looking at with a
(09:09):
third party, looking at theirbusiness, and we could show them
that actually their averagetrend was going up and that
that's a useful tool andobviously, with us helping to
interpret that, um, that in thatparticular client's case,
helped them a lot in somedecisions they needed to make
yeah, and I think it isimportant to make those
(09:31):
decisions.
Speaker 1 (09:32):
But also, if you are growing, you need to know the
why's as well, and that is whereyour kpis for client
satisfaction and teamsatisfaction as well and the
kpis can filter down.
So you can have your main onesand you pick two or three really
big ones that you want to trackevery week or every month, um,
but you can also have teammember kpis that they need to be
(09:53):
working towards as well, um,and that's really important too
yeah because your team is your,what's keeping your business
running for you, and you need tomake sure you've got goals and
accountability there, and thekey performance indicators will
help you keep on track of wherethey're at.
(10:15):
And one you said which is reallyimportant to us is turnover in
relation to staff, because allof ours is service-based,
absolutely.
Turnover in relation to staff,because all of ours is surface
service based absolutely.
Yeah, we need to know, you know, how much money we're making
out of each of our team members,which sounds really you know
yeah sort of cutthroat, but that, if you're in a service-based
industry, it's really importantand a lot of.
Speaker 2 (10:37):
What a lot of people forget is that while we're
accountants, we're still abusiness yeah we've still got to
make money, um to be able toreinvest into everyone, to earn
a profit for ourselves, um, andto reinvest that into the
business.
So you know we're not there forthe fun of it.
You know we we enjoy what we do.
We love helping otherbusinesses, but we are a
(10:58):
business so we are monitoringeverything as well.
Speaker 1 (11:00):
With the background absolutely, and everyone should
be really aware of what's goingon in their business.
And, yeah, saying kpis is areally good way way to do that.
Um, so also, oh, my goodness,django's really going for it he
is.
Speaker 2 (11:16):
Yeah, he doesn't like it.
Normally, josh is at home,isn't?
Speaker 1 (11:19):
he looking after everybody we need to.
Speaker 2 (11:21):
We need to make sure that happens next time.
We learn every week.
Speaker 1 (11:27):
This week, Josh needs to be looking after Django I'm
trying to fix the 1%.
Speaker 2 (11:33):
The 1%.
Speaker 1 (11:33):
This week is don't shut Django in the kitchen.
I might go let him out.
Actually in a second, I thinkhe'll be quieter.
Speaker 2 (11:40):
to be honest, I think he's been good background noise
really.
Speaker 1 (11:44):
Is he?
I think everyone's reallyenjoying that I can hear people
chuckling oh my goodness, oh mygoodness, what you forgot to say
.
Speaker 2 (11:51):
He's a cockapoo and he's bonkers yeah, he is yeah he
is crazy yeah but he's cute,he's really cute he does like um
freeze dry chicken as well yeah, which is why he's having a
tantrum at the moment not onlydo I mess up systems in the
office, I mess up the systemsfor the podcast as well, don't I
?
Yeah, excellent.
Speaker 1 (12:09):
So so with kpis, dad, how, how, what, what are you
using to track them?
Are you using excel?
You're using a mixture of exceland fathom.
What are you doing?
Speaker 2 (12:20):
so most of our most of our clients do have zero.
You know probably 90% of ourclients have zero.
The others probably haveQuickBooks or they have Sage
those reports.
She's let Jan go out and he'snow huffing and being annoyed.
(12:40):
So they have monthly profitloss reports, they have
quarterly profit loss reports,they have quarterly profit loss
reports, yearly reports, etc.
They're really easy to get toand if you don't know how to get
to them, we're more than happyto show you and they will show
you what, where your trends arefor your kpis.
Some of them have a percentageand there is a way of getting
(13:02):
the percentages, particularly onzero, and I know the others do
it as well, and you can use thator you can, if you're a little
bit over favor of excel.
Doesn't require a lot of work.
You can just dump it to exceland then work out your gross
profit percentages and netprofit percentages and the
percentages of what otherexpenses you want in there.
It's an easy process, um, andthat's probably the longest
(13:23):
winded way or you work withourselves.
We use products like Favum.
There are others on the market,but we use Favum, we like Favum
and at the end of the day, withthat, that will run the reports
and that will give nice reportson what you need there.
Speaker 1 (13:41):
Yeah.
Speaker 2 (13:42):
The heavy breathing is not me.
It's Django, it's Dj Django,he's literally by the microphone
now um on the windowsill, Imight have to shut him out of
this room now.
Speaker 1 (13:49):
No, he's fine.
Um, anyway, with with that aswell, I think.
Yeah, excel is is fine.
You can track it on there,makes a nice little graph.
But yeah, we use tools likefathom and stuff and if you've
got an account and it's worthasking them if they can help you
get those a kpis as well,absolutely, yeah, yeah and, and
I'm I'm sure they'll they'llhelp you, and if they don't,
(14:10):
then you know where to go umanyway.
My next point is kpis and familybusiness.
How do we have KPIs Like, doyou have KPIs for me?
Speaker 2 (14:29):
Do I have KPIs for you?
Yeah, no, because you'll justget upset about them.
So no, I don't.
Speaker 1 (14:35):
Probably for the best .
Speaker 2 (14:36):
And I don't have KPIs for myself either.
That's also for the best.
I treat the business as kind ofit is our business, so the KPIs
I use are what I use for thebusiness.
Do we have any specific KPIsfor the family business?
Probably not.
It's more business specific andindustry specific as well.
(14:58):
So other family businesses thatwe deal with.
You know we would look at theirindustry and it's really
important to look at yourindustry.
Speaker 1 (15:04):
Yeah.
Speaker 2 (15:04):
And see what is.
You know what works at theirindustry and it's really
important to look at yourindustry, yeah, and see what is.
You know what works in thatindustry as well, yeah, um.
So, yeah, in terms of specificfor a family business, um, I
suppose a kpi could be how manytimes you tell me off in a week?
Um, I really got told off theother day.
Speaker 1 (15:23):
Why?
What did I tell you off about?
Speaker 2 (15:25):
no, so I go into the episode that we just moved to
Kayla, who we love yeah, she'sgreat she deals with my hearing
aids.
She moaned at me for not havinghearing aids.
That was as I walked in thedoor go into the office.
Shay moans at me for making amess in the office that she's
just created.
So maybe I should have a KPI onhow many times I get told off
(15:49):
in a day.
Speaker 1 (15:50):
Yeah, I can have a KPI for how many times I tell
you off in a day.
Speaker 2 (15:53):
Yeah, I'm not sure Excel's got enough power on that
, I don't think it's got enoughcells.
Speaker 1 (16:01):
No, I think, though, with the family business, with
stuff like KPIs, it's just soimportant to be open and honest
about everything, and that ishow you get through it.
Like, if you know, if you'retracking a KPI that you know,
like, say, I knew like Katie wasaccountable for like it's not
(16:23):
good enough to just sit on it.
I would need to go talk toKatie.
Otherwise, it's going to ruinfamily time as well, because
I'll be sitting on it stewing,and it's going to ruin family
time as well because I'll besitting on it stewing.
And it's important to go talkto them.
Speaker 2 (16:34):
I think one of the KPIs that's not working for us
at the moment is our marketing,isn't it?
Yeah, we've employed amarketing company.
I think the strategy is wrong.
Speaker 1 (16:42):
Yeah.
Speaker 2 (16:43):
We've now agreed that the strategy is wrong and our
KPIs are not where we wantedthem to be.
No, they're not so you knowthat is specific to us in a
specific area.
We've looked at and as a familywe agreed to go down this
particular route and we're nowaddressing that.
Speaker 1 (17:00):
Yeah.
Speaker 2 (17:00):
So I think you know, that's kind of areas where we
need to be a little bit morespecific and open about that.
Speaker 1 (17:06):
Yeah, I think so as well.
And yeah, with this particularmarketing company, they've,
they're, they're doing like ourSEO and our website.
So I think the strategy wasright at the beginning of the
year, but now it's not rightyeah at this point with AI and
whatnot um the money should beinvested elsewhere, and that is
(17:28):
the sort of conversations that,yeah, yeah, we're having.
But, like, dad came to thisconclusion probably a month
before me, and Katie did,because we worked so hard to get
a marketing company in thefirst place.
So then to have to admit thatDad is right is not something
we're all for.
Speaker 2 (17:44):
I mean, I know you want to put this podcast on
YouTube, but I think thelistener out there probably can
see my very smug face at thetime.
Speaker 1 (17:53):
It's too smug and I can't believe.
Speaker 2 (17:55):
You said I'm right publicly.
Speaker 1 (17:58):
I don't know I can edit it out.
I have those skills.
Okay, and Katie, even more thanme, was trying to hang on for
dear life.
Speaker 2 (18:08):
Katie would be going.
Oh no, jade, why did you tellhim he was right?
Speaker 1 (18:12):
I had to phone Katie up and say, katie, I think we've
got a problem, and she's likewhat?
And I was like I think dad'sright.
And she's like oh no, Jade,doesn't happen very often,
everyone.
Speaker 2 (18:26):
And that's flagged because the KPIs we set haven't
worked.
Speaker 1 (18:29):
Yes, yes it is, and before we, because you have to
give things like SEO a bit oftime, and I think me and Katie
were hoping that with a bit ofyou know building, it would pay
off, and it's just it's notgoing that way, unfortunately.
So, yeah, we've had to admitdefeat, and that is the sort of
(18:49):
thing you get in a familybusiness Like you have to not
only admit that you're wrong,you have to admit you're wrong
to your parents.
Speaker 2 (18:57):
That's no fun.
Well, you know, we just sitback and wait for you to admit
all your children, as you haveto do all the time not sure I've
done that probably not.
Speaker 1 (19:07):
Probably just stormed ahead anyway.
So, yeah, all right.
So what are your top tips forour listeners in terms of KPIs?
Speaker 2 (19:20):
So the main top tip is to know your numbers and
that's the top tip we give allthe time and that's really going
throughout.
Our entire business is gettingthe clients to know their
numbers, keeping completely upto date with your bookkeeping
yeah often, often treated as alast thing.
Once you've got all that andyou've got the data, then you
can do your kpis and you knowthat you're relying on current
(19:43):
data and up-to-date data.
There's no excuse.
Nowadays, the software iscapable of helping the support
is there.
You know we run a bookkeepingservice to give that up to date
service.
It's not mega expensivenowadays.
It used to be when it was allmanual but a lot of our stuff is
can be automated and it and itand it is quite cost effective
(20:05):
for people.
Um, and you know, I would say,get a really good bookkeeper.
Speaker 1 (20:11):
Yeah.
Speaker 2 (20:12):
Get your, make sure everything's up to date.
Sit down with your accountant,look at your industry, look at
what works for you in terms ofKPI, discuss it.
You know we do have a lot ofknowledge.
You know, and and youraccountant out there will also
have a lot of knowledge wouldhave dealt with a lot of
different industries.
You know a lot of knowledge.
(20:33):
Would have dealt with a lot ofdifferent industries.
You know, um, unbelievably,this uh retail client we had the
other day didn't know whatstock turnover was in his
industry no, well, you don't gettaught this stuff, do you?
Speaker 1 (20:41):
and?
Speaker 2 (20:42):
I.
One of my questions was well,you know, you, you go through a
buying group, etc.
What do they say?
They come back with a reallylow figure, but they would do
because they're they're the rep,um, but you know, we now give
the tools for them to challengethat type of person, and I think
that that's really, reallyimportant you know, and it's not
(21:03):
the only industry that we've.
We've done that too.
Um, okay, buyers out.
You know buyers out there andsales reps out there might not
like us, but it's up to us togive our clients those tools to
challenge.
Speaker 1 (21:16):
Yeah, and I think as well.
Finances and numbers completelyoverwhelm people.
I think you're taught in schoolthat it's really really hard
and also accountants for yearshave made it seem really really
hard well it's a little dark art, isn't it?
it's like a little dark art inthe background and, in reality,
(21:39):
if you understand it, if youmake the time to try and
understand it, it's not.
It's not as hard as it seems.
Not the stuff like the grossprofit percentage and the things
like that, the the things thatyou can track and understand
about your business.
Yeah, it's not that hard andlike I'm so, currently I'm
studying towards my mba, whichis a master's in business are
(22:00):
you?
I am, yeah, I don't know whetherI mentioned it anyway my, I get
a first on your.
Speaker 2 (22:05):
I did.
Speaker 1 (22:05):
I did get a first in the first module yeah, you never
told me oh, no, no, I kept,really kept it to myself.
Yeah, anyway, I'm doing thefinance module now.
Are you?
I am, which I'm not anaccountant that's terrible.
I'm not an accountant, so likeit's, it's fine, it's a bit dull
, everyone, um, but I'm in acohort with with a of other
(22:29):
people, some business owners,and then also I've got a lot of
people who are in the publicsector, so people working for
the council and the NHS, and soI've got in this cohort some
really intelligent people, likepeople that everyone would say
like if you're a doctor, you'revery intelligent.
Like you think yeah, they'rereally, really, really smart.
(22:49):
And the finance module isblowing people's minds and like
all they're asking them to do isto do a calculation on gross
profit percentage, which is likeit's not it's it's not a hard
calculation.
I think it's like dividing andthen times in by 100.
Like it's not difficult.
Yeah, thank you, it's not thatdifficult, but it is absolutely
blowing people's minds becauseeveryone's like it's maths and
it's not that difficult.
(23:10):
But it is absolutely blowingpeople's minds because
everyone's like it's maths andit's finance.
Therefore, it is difficult.
Move that to one side andactually look at it and you'll
see it's not a dark art and youcan understand it and you'll be
fine.
Like it's not, it's not too bad, and that's coming from me who
did musical theatre.
(23:30):
So take it from me.
It's not a dark art.
You can understand yourbusiness and you can understand
your numbers.
You might not be able toproduce a set of accounts, but
you don't need to do that.
You employ someone to do that.
You don't need to produce a setof accounts, but you can at
least be part of a conversationthat understands these metrics.
Speaker 2 (23:50):
You need to challenge , yeah, you need to challenge
absolutely and understand.
Yeah, you're right, make thatunderstand.
You know we've got, you know, aparticular client who does
challenge a lot and sometimesgets under your skin with the
way they challenge, but they'reonly trying to understand what's
going on with their businessyeah um, and it's our job to
(24:12):
help them understand that and toanswer those questions, and
there isn't such thing as a daftquestion no, absolutely not how
many clients have we had sortof in front of us going oh this
is really daft question and Ireally don't mean to sorry to
ask this.
It's not a daft question becauseit's it's.
You know, it's causing them anissue and we're happy to answer
(24:33):
it.
Speaker 1 (24:33):
Yeah, and yeah, there might be some what might be
some sort of what we feel isbasic questions, but it's not to
them so you know and wewouldn't be able to do half of
our clients I can't build a wallno, like it's it can't put a
shell.
People should ask questions andyou know we're all learning all
the time.
So, yeah, ask the questions,but equally like I think this is
(24:58):
a different point of view fromyour customer service within
your business also, understandthat your customers and clients
don't necessarily understandwhat you do either, and to make
sure that that is coming across,yeah yeah that's a.
Speaker 2 (25:10):
That's that's yeah that is definitely right.
We do a lot of things that inthe background that our clients
are not aware of and that needsto be communicated across.
We work really hard to try anddo that, but we don't always get
that right.
What we think is easy becausewe've had years of training, you
know, and you know most of ourteam have got good
(25:32):
qualifications behind them umand have had that training, but
they treat it as an easy thingand the client's not really
aware that actually that neededquite a lot of work to do that,
yeah, absolutely.
Speaker 1 (25:45):
Um, so as well with with kpis.
My last little tip for that isto make sure you are involving
your team, being reallytransparent absolutely um
telling me telling you yeah,telling you the kpis is always
good, and to also review themregularly.
(26:06):
and I think if you're strugglingto pick what kpis you want to
track, just give us a messageand let us know what industry
you're in and we can let youknow three or four KPIs we think
would be good for you to track.
You can just message us and,yeah, I'll give you a hand.
So do you have anything else onKPIs you want to say?
Speaker 2 (26:24):
No, I think we've exhausted KPIs.
I think so too.
Speaker 1 (26:27):
That's a lot, isn't it?
Yeah, okay, so now for ourunfiltered minute.
Speaker 2 (26:32):
Unfiltered minute.
Yeah, oh, my goodness so.
Speaker 1 (26:35):
I do have a bit of a rant this week, so my rant is at
company's house.
My rant was at company's houseas well.
No, it wasn't.
Oh.
No, you had a different rant.
Have I got a?
Speaker 2 (26:45):
different rant.
I think so Okay.
I think so Okay, but I am in ajoint rant on this one.
Speaker 1 (26:49):
Yeah, this is a big rant.
This is really annoying.
So for a little while now we'veknown that companies' sales are
changing what they're doing, sonow they're going to make sure
that all directors of limitedcompanies have been.
ID'd, yeah, which is fine, andwe ID everyone anyway, because
we have to as accountants,regulated accountants we have to
(27:12):
with um, as accountants,regulated accountants, we have
to make sure everybody is id'dand that they're um, you know
they are, who they say they are.
We have to do all that anyway.
So we were like, oh, this willbe fine, lovely, anyway,
companies house decide they'regoing to email every single
director of every single limitedcompany on tuesday, um, but
they're not going gonna tell oursoftware companies how we can
(27:33):
actually upload the IDs or howwe can actually have a process
for this and and this comes inin the autumn, so we've got time
to figure this out.
So this has sent the accountingindustry into a spiral this
week because everybody is likewhat do we do?
I've spoken to two softwarecompanies, both who are telling
(27:56):
me that I need to go to theother one to do it, um, and I'm
sure I'll get clarity.
This is because they haven'thad clarity from companies house
of what the api is going tolook like for them to plug into
it and the emails are justnightmare, absolute nightmare.
Speaker 2 (28:11):
I mean literally.
Just as we walked in here, wehad an email from a client.
Is this spam?
Yeah you know, it looks likespam yes, the way it reads it
looks like spam.
This client obviously doesn'tread our loads of emails we put
out and our newsletters that weput out, telling people it isn't
spam but we're dealing with it.
(28:32):
But they're just putting thisstuff out.
It's unsolicited and it's anabsolute nightmare yes and it's.
We're having to answer clientswho are saying is this spam?
It's not spam, but now thatthat's going out, there is more
than likely going to be a lot ofspam yes so there is.
Speaker 1 (28:51):
It's just shocking it is and like it's just been a,
it's been a whole hoo-ha thisweek.
Yeah, there's no other way todescribe it.
It's been a hoo-ha, and for ourclients, we want to make sure
that we can absolutely help asbest that we can, um, and so we
are researching into exactly howwe can do this on behalf of our
(29:13):
clients but we're registerednow.
Speaker 2 (29:16):
Yeah, we are registered as a a csp something
whatever it's called, but we'redefinitely, we're definitely a
company house approvedaccountants.
Now we can yeah?
Submit the id on behalf of ourclients.
We can make that process morestreamlined.
And again, it's another servicewe can help our clients with
yeah that's because our moneylaundering regulations you know
(29:40):
we're monitored by aat for ourmoney laundering um, so that has
allowed us to register yes, ithas so it seems to be.
It's the yeah, there are somepeople can be um, you know,
approved by hmrc, but it seemsto be that this is the start of,
you know, proper, registered,regulated accountants being able
(30:01):
to provide a service um thatsome may or may not be able to
in the future yeah, I actuallythink it's a good thing for
companies.
Speaker 1 (30:08):
It's just been a like ideally, a little bit of
warning would have been nicewell, I think this goes on to my
rant okay, you, you do, your,your, my rant did include
companies house.
Speaker 2 (30:20):
But making tax digital, rant number two love
the um, our government, that'sanother rant.
So clients now get emails.
So property people and soletraders get emails to say you
need to register at Making TaxDigital.
Making Tax Digital is comingnext year, you need to submit
(30:43):
everything quarterly, etc.
Etc.
We are now getting emails goingand we're saying well, what's
going on?
Have you got pricing for this,etc?
We haven't got pricing for this, etc.
We haven't got pricing for itbecause the software companies
have only just provided aservice that we think is
reasonable and can be costeffective yeah, you know, you're
very much in the process ofgetting a service made up but
(31:06):
yet again they're getting theseemails that are saying you need
to do this, and without gettingquestions yeah and it's just
horrendous.
And on top of that, to me at themoment it feels like we're back
at covid yeah, it does there isone thing after another of
(31:26):
regulatory change.
I mean rachel from accounts.
I mean, you know she said theeconomy's shrinking.
Oh, what a surprise.
We've just put 15% on nationalinsurance and dropped the
thresholds.
We're dealing with that at themoment.
You know, we're dealing withemails from Companies House.
We're dealing with emails fromHMRC that are all putting
pressure on us as a businesssupport service.
(31:50):
You know, that's what we are.
Speaker 1 (31:51):
Yeah, yeah.
Speaker 2 (31:52):
And we're having to get answers straight away when
actually our software companiesdon't have the answers.
Hmrc and Companies House don'thave the answers, yeah, and
we're expected to have theanswers, yep.
So I just feel like we might aswell be in the start of a
pandemic again.
That's my rant.
Speaker 1 (32:11):
No, I get it.
It has been just one thingafter another after another, and
normally it's all fine.
We are well aware of MTD.
We're getting somethingtogether, but it doesn't come
into play until April next year,so we've got a lot of time to
make sure we've got the rightsolution out there.
(32:33):
What we didn't want to do isget something out there to all
of our clients and it be wrong,because that could have happened
as well and HMRC have pushedMTD back.
What four times.
Speaker 2 (32:42):
Yeah, so we've been in this process a couple of
times now.
We've had to pull back on theeffort we've put in.
Yeah, I mean, we spent afortune on a marketing campaign
a couple of years ago and thennature pulled it yeah will they
pull it this time?
I don't think so.
Speaker 1 (32:56):
I don't think so, but you know, who knows, who knows?
Speaker 2 (33:01):
it's just, um, just seems a little bit relentless at
the moment, and in mtd inparticular.
You know I know sort of ianphillips from zero when we did
that thing.
Um, you know that course withhim some accountants are doing
like a race to the bottom.
You know they can do mtd for aprice that we can't even touch.
(33:23):
Yeah, it's not going to beright, you know it's.
The files are not going to beright.
Um, from account.
You just cannot costeffectively do it.
So we've got to get our pricingright as a business to give the
service and the support thatthe clients need.
Speaker 1 (33:41):
Yeah, and I think that's really important as a
business is to not always lookat whatever you've got, to know
what everyone else is doing, butto not always try and match it,
because if you're not going tomake any money, what is the
point at the end of the day?
Speaker 2 (33:54):
yeah, and it's not right for the client that mtd is
there just to.
I mean, there are probably acouple of reasons and the cynic
in me says it's to collect moneyearlier.
But that's not on the cards atthe moment, but I think that'll
be later on um.
But you know if if small soletraders are having to do MTD,
(34:15):
then they're having to keeptheir software up to date.
So maybe they'll start to takea little bit more notice and
then maybe they will um havebetter businesses in the future.
Speaker 1 (34:26):
Yeah.
Speaker 2 (34:27):
But only if they want it.
You know a gardener, forargument's sake, might be doing
their business to.
You know cut people's grass.
You know tend their flower bedset cetera, but that's all they
want to do.
They don't want to grow thebusiness, they don't want to
sell the business.
It's their lifestyle and theywant to do that.
Why on earth are they thenchucking them on?
(34:47):
You know software and we'redoing this, so you've got to
report this quarterly, etc.
That's not their bag and they'regoing from probably spending
400 quid a year on a tax returnto nearly a thousand pounds.
I mean, why is that fair?
Speaker 1 (35:01):
and also, if you are a sole trader and you are just a
gardener like that and you arelistening to this podcast, be
aware of MTD, because youraccounting costs are going to go
up.
Whoever you, your accountingcosts are going to go up.
Whoever you're with, they'regoing to go up because this
quarterly reporting is fourtimes the amount of work you
would have had to have donebefore absolutely and it's yeah
(35:24):
you really need to look into.
Yeah to that, and we'll beputting out a load of
information as one accounts umand no doubt we'll have a
podcast so, uh, we'll probablyhave a podcast and we'll
probably have another podcastand we'll probably have a real
another rant about it, to befair.
Um, so yeah, yeah, and I meanlike us keeping on top of these
changes.
We know that this could be anopportunity for us as a business
(35:48):
.
That's a good thing, but it'salso we just feel for the, the
people that it's impacting.
It would have made more senseto hit corporation tax first, if
they're making all taxesdigital yeah, yeah that's not
the way they've gone, so 50grand turnover first year
Speaker 2 (36:05):
yeah that includes property yep 30 grand the year
after, 20 grand the year after,20 grand the year after.
That's turnover.
Yep, you know bonkers.
Speaker 1 (36:14):
Bonkers, if you have any questions on MTD and you're
not getting any support fromyour accountant, again, just
message us and we'll give you ananswer.
Speaker 2 (36:23):
Absolutely.
You don't have to be a client.
We're more than happy to help.
Speaker 1 (36:25):
Absolutely.
Just message the podcast andwe'll give you some help.
Okay, so, lastly, I have alistener question and now it's
really important if you'relistening to this podcast and
you have a question, pleasemessage it to me so that we can
highlight it on the podcast andwe can answer it and if you do
own a business, put yourbusiness name in there and I
(36:45):
will make sure to plug that inour podcast too.
So, please, please, please, sendme questions.
Um, but this question is andthis was um sort of out of a
conversation that we'd had atwork, so I've sort of framed it
to fit the podcast um, it saidhow do I know if the changes I'm
making in my business areactually working?
So our last podcast, episodefive, was all about change.
(37:09):
So, um, this was like well,jade, I'm making changes, but
how do I know they're working,which fit very nicely into this
podcast.
Speaker 2 (37:21):
Well, I mean, the simple way is that the next time
you have your meeting with us,we go you've done really well
and those changes you've madeare working really well.
So that's a start.
Speaker 1 (37:30):
Yes.
Speaker 2 (37:30):
Some people might say well.
Well, actually, I've got moremoney in the bank.
I've taken more money myself.
Um, I'm getting better leads.
I'm getting better quality workyeah you know.
So these are all changes that wehelp with, that that you can
start to see, um, and if you'regoing through our program, you
(37:51):
know you're starting to see, andif you're going through our
program, you know you'restarting to see your balance
sheet change.
Now that's quite a like whoo.
He's talking about balancesheet.
That's a dark art.
But we're really working hardto teach our clients what a
balance sheet is, what apositive balance sheet is, and
we just work with them to say,right, if you make this change,
this will make this differenceto your balance sheet.
Speaker 1 (38:17):
Maybe we'll do our next episode on the balance
sheet, because this, literallyit confuses so many people.
No one understands theirbalance sheet, or some people do
I like I would say 20 of ourclients probably actually
understand what their balancesheet is.
Everyone else glazes over whenyou bring up the balance and
they all think about profit, butthe balance sheet is such an
important document yeah, butwe'll talk about that next
(38:38):
episode because I think it'sreally important and I want to
make sure that everybody canunderstand it in a simple way
and not be overwhelmed by theconfusing jargon and terms of
phrases that's on there whenit's not too difficult.
Speaker 2 (38:52):
Josh has just got home, which means django is
going to be noisy no, not justthat, he hasn't cleaned that
bird's poo off the top of yourcar he's gonna be in so much
trouble, so there you go he'slooking at me.
We we best stop there before,before josh knocks on the door
and django goes well one beforewe do stop, if you want to track
the changes you're making.
Speaker 1 (39:13):
Also, if we go back to the original topic, have some
KPIs Absolutely and then you'llbe able to know.
But anyway, before Djangodecides to go absolutely crazy,
thank you for listening to ourpodcast.
There he goes.
Please subscribe, leave areview and share this podcast
with a business buddy.
Next time Django will not beallowed in the podcast and we
(39:35):
shall see you next week.
Goodbye.
Welcome to Business with the Donos, where we talk
about family business andeverything in between.
I'm your host, jade Dono, andI'm here with my dad, paul Dono,
and this week we are going tobe talking about KPIs.
Speaker 2 (00:16):
Key Performance Indicators.
Speaker 1 (00:18):
Oh, how exciting.
Speaker 2 (00:20):
Absolutely.
Speaker 1 (00:21):
Do you want to explain to all of our listeners
what KPIs are?
Speaker 2 (00:26):
Key Performance Indicators.
Speaker 1 (00:29):
Well, do you want to explain it in a way people might
actually understand what thatis?
Speaker 2 (00:33):
So the KPIs are really, really important for
business and I would say formost businesses.
Pick three KPIs and monitorthem on a monthly basis so that
you know how your businessmonitor them on a monthly basis,
so that you know how yourbusiness is doing on a monthly
basis.
So KPIs that we do in oneaccount.
We do gross profit percentage,we do net profit percentage and
(00:57):
we also do the ratio betweenstaff wages and turnover.
They're our main three KPIs.
We, we do.
We have others on thebackground.
They're our main three KPIs.
We do.
We have others on thebackground but they're our main
ones.
They're the ones I really takenotice of.
Speaker 1 (01:09):
They're the ones you take notice of, but they're not
the ones we actually share withthe team on a monthly basis.
Speaker 2 (01:13):
Are they?
No, oh, what do we share?
I always get it wrong, don't I?
They're the ones I do.
Speaker 1 (01:21):
They're the ones you do to yourself.
Speaker 2 (01:22):
Okay.
Speaker 1 (01:23):
She's lovely.
Speaker 2 (01:23):
Indeed.
Speaker 1 (01:24):
But we actually do tax returns completed month by
month.
Speaker 2 (01:29):
Oh yeah.
Speaker 1 (01:29):
Turnaround time of accounts.
Speaker 2 (01:31):
Yep, they're good ones.
Speaker 1 (01:34):
What else do we do?
Oh, the amount of new clientswe get in.
Speaker 2 (01:36):
Yep, they're good ones.
Speaker 1 (01:39):
Yeah.
Speaker 2 (01:39):
Excellent, I didn't know that.
Speaker 1 (01:47):
I did know that, but I kind of yeah, obviously the um
we need better communication onwhat our KPIs actually are
communication is good,communication is great.
So you said it's a keyperformance indicator.
But like to people, what?
Why are they tracking stuff?
Is it like to achieve a goal?
Is it what?
Why?
Why do they need to track it?
Speaker 2 (02:06):
so, as an example and we've had it twice this, this,
this last week, and, in fairness, james in the office has done a
lot of good work on this we'vegot some retail clients and what
we're looking at is how oftentheir stock turns over.
So, and why is that important?
Well, if you have stock thatonly turns over twice a year,
(02:27):
you're locking up so much cash.
You've bought your stock,especially if you're a seasonal
business.
You've bought your stock upfront.
You need to sell it, but it'sjust sitting there.
You might, for argument's sake,spend £100,000 worth of stock,
but if you're not turning thatover quickly, you're not
converting it to cash to buyyour new stock to earn your
profits.
Speaker 1 (02:46):
Yeah, it's just sitting there.
Speaker 2 (02:47):
So a key performance indicator, certainly in a retail
business that's selling aproduct, is how much their stock
turns over.
Yeah, and I would say, you know, typically if we can get it to
six, that would be great.
If we can get it to four Insome of these cases that would
be okay, but even if we can getit even higher than that, that
would be great.
(03:08):
Which means that people arebuying your stock, we know it's
working and we're making ourmargin on it as well.
By measuring the other keyperformance indicator, gross
profit percentage, on whatprofit you're making on the
stock and at the end of the day,if you're not turning that
stock, sell it, buy, buydifferent stock, but convert
that stock into cash.
Speaker 1 (03:28):
It's no good sitting there earning being dead money
yeah, and I think as well um,you don't want to just be
thinking of financial kpis.
They're really really important.
You should absolutely trackthem, but you need to be
thinking of other things as well.
So say, you've say, on a monthby month basis, you're setting
these goals kpis.
(03:49):
Say you again are working in arestaurant and there's one dish
that you're not selling much of.
Maybe that month you have a kpito sell a certain amount of
that dish and you can also dothings like customer
satisfaction, making sure thatyour customers or clients are
(04:09):
leaving good reviews, and maybehave a KPI to get five, five
star reviews every month.
Yeah, that sort of thing aswell are really important, not
just the financial.
Speaker 2 (04:19):
No, absolutely.
But go back to the restaurant.
A really good KPI for arestaurant is how many covers.
But go back to the restaurant.
A really good KPI for arestaurant is how many covers,
how many people are sitting downand actually attending your
restaurant and ordering food.
That's a really good one aswell.
Bring the covers up again.
Brings the income through.
I'm just laughing because we'vegot Django, which is your dog,
(04:41):
giving us a little bit of arunning commentary in the
background.
So if you can hear him barking,he's got the hump because we've
locked him in the kitchen.
Speaker 1 (04:47):
So that he'll be quieter.
So he'll be quieter, ironically, yeah.
Speaker 2 (04:50):
So yeah, for those who are listening, that's Django
adding to the podcast.
So welcome Django to thepodcast.
Speaker 1 (04:57):
Oh, poor pup in the other room.
Speaker 2 (04:59):
I think the problem is I gave him treats, didn't I?
Speaker 1 (05:01):
You did, and he wants more treats.
You gave him treats.
Speaker 2 (05:03):
Yeah, freeze-dried chicken.
Speaker 1 (05:05):
And he was being really good with the treats and
then I was like, well, we needto take him out so he doesn't
bark out the window.
Speaker 2 (05:10):
That's because I run out of treats.
So maybe a KPI for Django ishow many treats it takes to keep
him quiet.
Speaker 1 (05:17):
Yeah, there you go Probably a lot.
Speaker 2 (05:19):
But then we need to cut that down, don't we?
Just a bit of training A bit oftraining.
That would be good.
Speaker 1 (05:26):
Training who?
What?
So KPIs aren't just for them,big corporate firms, they're for
all businesses, absolutely Bigand small.
Speaker 2 (05:36):
Yeah, absolutely.
And if things are changing, ifsuddenly your gross profit
percentage ie what you're makingfrom your sales has suddenly
dropped, dropped, there has tobe a reason for that and then
you need to look at that.
You know, we spent a lot oftime, um, with a client, um
earlier on in the year wheretheir gp percentage dropped and
(05:59):
what we found was actually theywere selling a different product
within their range and that wasdragging their gross profit
down.
They actually were selling itat a loss.
They would not have known thatif we hadn't put a plan in on
their KPIs.
Yes, no, they wouldn't haveknown that.
And we hit it early.
Speaker 1 (06:16):
Yes, we did, and that's really important because,
tracking these things, thereality might be different to
what you're feeling.
Yeah, so like one that we donot.
That Dad knew is new clientsthat we get and Dad was like, oh
, we haven't had any new clients, blah, blah, blah, blah, blah.
And then I sat down and I waslike oh, we've had this many new
(06:39):
clients this last month andDad's like oh really, and I'm
like yeah, and he's like ohmonth.
And dad's like oh really, andI'm like yeah, and he's like oh.
So sometimes you need toattract these things, because
sometimes what you're feelingisn't necessarily the reality of
the situation and that can workboth ways as well.
Like you could feel really good.
So I know we do like accounts,turnaround time and we could
(07:00):
feel like we're really smashingit with that, but then if you
actually look at the KPI, itmight be that we're actually
nowhere near the goal that wewant to be.
So it might be that we're doingbetter, but we're not where we
envisage ourselves to to be.
So it's really important totrack and I think it's really
important to be really open withyour kpis, with your team and
(07:21):
and me.
And you.
I am open.
I have a full team meetingevery month.
Speaker 2 (07:27):
Oh, but you do have to attend those.
Oh, okay, I do attend them, doyou?
Speaker 1 (07:31):
I've been to all of them, have you?
I think you're getting confusedwith the quarterly meetings.
Speaker 2 (07:37):
Oh, I go to the quarterly ones.
Yeah, I try and go to the teamones.
Yes try and go to the teamwork.
Speaker 1 (07:48):
Yes, it's easier for me if you're not there to be
fair.
That's nice, isn't it?
That is nice.
I don't get bullied.
So I think as well with kpis.
I think they they really bringfocus as well to what you want.
So if you've got a goal say youwant to grow your business by I
don't know 10 then your kpisneed to be aligned to that goal
as well, so that you aretracking every month or every
(08:09):
week how you are getting to thatgoal.
Speaker 2 (08:14):
So that's really important.
I mean, I know the answer tothis, but how does someone want
to track that?
How do they track it?
What do they do?
Speaker 1 (08:22):
Well, they can track all sorts of things.
Speaker 2 (08:27):
Yeah, I mean, but a lot of the software,
particularly zero, has thatinformation yeah we just need to
set it up for the client on howthey extract that and then how
they can work it, and then we'veobviously got tools for the
clients we're working with on a,you know, a more regular basis.
We We've got tools like Fathomthat go into it.
Give us the reports, give usthe graphs, show us the trends
(08:49):
and it's quite important, notjust on monthly trends but on
like a rolling average trend.
You know where we might have alittle bit of variability, but
actually our average trend over12 months is going up.
And we did that about a yearago with someone and that was
really powerful, particularlywhen they were looking at with a
(09:09):
third party, looking at theirbusiness, and we could show them
that actually their averagetrend was going up and that
that's a useful tool andobviously, with us helping to
interpret that, um, that in thatparticular client's case,
helped them a lot in somedecisions they needed to make
yeah, and I think it isimportant to make those
(09:31):
decisions.
Speaker 1 (09:32):
But also, if you are growing, you need to know the
why's as well, and that is whereyour kpis for client
satisfaction and teamsatisfaction as well and the
kpis can filter down.
So you can have your main onesand you pick two or three really
big ones that you want to trackevery week or every month, um,
but you can also have teammember kpis that they need to be
(09:53):
working towards as well, um,and that's really important too
yeah because your team is your,what's keeping your business
running for you, and you need tomake sure you've got goals and
accountability there, and thekey performance indicators will
help you keep on track of wherethey're at.
(10:15):
And one you said which is reallyimportant to us is turnover in
relation to staff, because allof ours is service-based,
absolutely.
Turnover in relation to staff,because all of ours is surface
service based absolutely.
Yeah, we need to know, you know, how much money we're making
out of each of our team members,which sounds really you know
yeah sort of cutthroat, but that, if you're in a service-based
industry, it's really importantand a lot of.
Speaker 2 (10:37):
What a lot of people forget is that while we're
accountants, we're still abusiness yeah we've still got to
make money, um to be able toreinvest into everyone, to earn
a profit for ourselves, um, andto reinvest that into the
business.
So you know we're not there forthe fun of it.
You know we we enjoy what we do.
We love helping otherbusinesses, but we are a
(10:58):
business so we are monitoringeverything as well.
Speaker 1 (11:00):
With the background absolutely, and everyone should
be really aware of what's goingon in their business.
And, yeah, saying kpis is areally good way way to do that.
Um, so also, oh, my goodness,django's really going for it he
is.
Speaker 2 (11:16):
Yeah, he doesn't like it.
Normally, josh is at home,isn't?
Speaker 1 (11:19):
he looking after everybody we need to.
Speaker 2 (11:21):
We need to make sure that happens next time.
We learn every week.
Speaker 1 (11:27):
This week, Josh needs to be looking after Django I'm
trying to fix the 1%.
Speaker 2 (11:33):
The 1%.
Speaker 1 (11:33):
This week is don't shut Django in the kitchen.
I might go let him out.
Actually in a second, I thinkhe'll be quieter.
Speaker 2 (11:40):
to be honest, I think he's been good background noise
really.
Speaker 1 (11:44):
Is he?
I think everyone's reallyenjoying that I can hear people
chuckling oh my goodness, oh mygoodness, what you forgot to say
.
Speaker 2 (11:51):
He's a cockapoo and he's bonkers yeah, he is yeah he
is crazy yeah but he's cute,he's really cute he does like um
freeze dry chicken as well yeah, which is why he's having a
tantrum at the moment not onlydo I mess up systems in the
office, I mess up the systemsfor the podcast as well, don't I
?
Yeah, excellent.
Speaker 1 (12:09):
So so with kpis, dad, how, how, what, what are you
using to track them?
Are you using excel?
You're using a mixture of exceland fathom.
What are you doing?
Speaker 2 (12:20):
so most of our most of our clients do have zero.
You know probably 90% of ourclients have zero.
The others probably haveQuickBooks or they have Sage
those reports.
She's let Jan go out and he'snow huffing and being annoyed.
(12:40):
So they have monthly profitloss reports, they have
quarterly profit loss reports,they have quarterly profit loss
reports, yearly reports, etc.
They're really easy to get toand if you don't know how to get
to them, we're more than happyto show you and they will show
you what, where your trends arefor your kpis.
Some of them have a percentageand there is a way of getting
(13:02):
the percentages, particularly onzero, and I know the others do
it as well, and you can use thator you can, if you're a little
bit over favor of excel.
Doesn't require a lot of work.
You can just dump it to exceland then work out your gross
profit percentages and netprofit percentages and the
percentages of what otherexpenses you want in there.
It's an easy process, um, andthat's probably the longest
(13:23):
winded way or you work withourselves.
We use products like Favum.
There are others on the market,but we use Favum, we like Favum
and at the end of the day, withthat, that will run the reports
and that will give nice reportson what you need there.
Speaker 1 (13:41):
Yeah.
Speaker 2 (13:42):
The heavy breathing is not me.
It's Django, it's Dj Django,he's literally by the microphone
now um on the windowsill, Imight have to shut him out of
this room now.
Speaker 1 (13:49):
No, he's fine.
Um, anyway, with with that aswell, I think.
Yeah, excel is is fine.
You can track it on there,makes a nice little graph.
But yeah, we use tools likefathom and stuff and if you've
got an account and it's worthasking them if they can help you
get those a kpis as well,absolutely, yeah, yeah and, and
I'm I'm sure they'll they'llhelp you, and if they don't,
(14:10):
then you know where to go umanyway.
My next point is kpis and familybusiness.
How do we have KPIs Like, doyou have KPIs for me?
Speaker 2 (14:29):
Do I have KPIs for you?
Yeah, no, because you'll justget upset about them.
So no, I don't.
Speaker 1 (14:35):
Probably for the best .
Speaker 2 (14:36):
And I don't have KPIs for myself either.
That's also for the best.
I treat the business as kind ofit is our business, so the KPIs
I use are what I use for thebusiness.
Do we have any specific KPIsfor the family business?
Probably not.
It's more business specific andindustry specific as well.
(14:58):
So other family businesses thatwe deal with.
You know we would look at theirindustry and it's really
important to look at yourindustry.
Speaker 1 (15:04):
Yeah.
Speaker 2 (15:04):
And see what is.
You know what works at theirindustry and it's really
important to look at yourindustry, yeah, and see what is.
You know what works in thatindustry as well, yeah, um.
So, yeah, in terms of specificfor a family business, um, I
suppose a kpi could be how manytimes you tell me off in a week?
Um, I really got told off theother day.
Speaker 1 (15:23):
Why?
What did I tell you off about?
Speaker 2 (15:25):
no, so I go into the episode that we just moved to
Kayla, who we love yeah, she'sgreat she deals with my hearing
aids.
She moaned at me for not havinghearing aids.
That was as I walked in thedoor go into the office.
Shay moans at me for making amess in the office that she's
just created.
So maybe I should have a KPI onhow many times I get told off
(15:49):
in a day.
Speaker 1 (15:50):
Yeah, I can have a KPI for how many times I tell
you off in a day.
Speaker 2 (15:53):
Yeah, I'm not sure Excel's got enough power on that
, I don't think it's got enoughcells.
Speaker 1 (16:01):
No, I think, though, with the family business, with
stuff like KPIs, it's just soimportant to be open and honest
about everything, and that ishow you get through it.
Like, if you know, if you'retracking a KPI that you know,
like, say, I knew like Katie wasaccountable for like it's not
(16:23):
good enough to just sit on it.
I would need to go talk toKatie.
Otherwise, it's going to ruinfamily time as well, because
I'll be sitting on it stewing,and it's going to ruin family
time as well because I'll besitting on it stewing.
And it's important to go talkto them.
Speaker 2 (16:34):
I think one of the KPIs that's not working for us
at the moment is our marketing,isn't it?
Yeah, we've employed amarketing company.
I think the strategy is wrong.
Speaker 1 (16:42):
Yeah.
Speaker 2 (16:43):
We've now agreed that the strategy is wrong and our
KPIs are not where we wantedthem to be.
No, they're not so you knowthat is specific to us in a
specific area.
We've looked at and as a familywe agreed to go down this
particular route and we're nowaddressing that.
Speaker 1 (17:00):
Yeah.
Speaker 2 (17:00):
So I think you know, that's kind of areas where we
need to be a little bit morespecific and open about that.
Speaker 1 (17:06):
Yeah, I think so as well.
And yeah, with this particularmarketing company, they've,
they're, they're doing like ourSEO and our website.
So I think the strategy wasright at the beginning of the
year, but now it's not rightyeah at this point with AI and
whatnot um the money should beinvested elsewhere, and that is
(17:28):
the sort of conversations that,yeah, yeah, we're having.
But, like, dad came to thisconclusion probably a month
before me, and Katie did,because we worked so hard to get
a marketing company in thefirst place.
So then to have to admit thatDad is right is not something
we're all for.
Speaker 2 (17:44):
I mean, I know you want to put this podcast on
YouTube, but I think thelistener out there probably can
see my very smug face at thetime.
Speaker 1 (17:53):
It's too smug and I can't believe.
Speaker 2 (17:55):
You said I'm right publicly.
Speaker 1 (17:58):
I don't know I can edit it out.
I have those skills.
Okay, and Katie, even more thanme, was trying to hang on for
dear life.
Speaker 2 (18:08):
Katie would be going.
Oh no, jade, why did you tellhim he was right?
Speaker 1 (18:12):
I had to phone Katie up and say, katie, I think we've
got a problem, and she's likewhat?
And I was like I think dad'sright.
And she's like oh no, Jade,doesn't happen very often,
everyone.
Speaker 2 (18:26):
And that's flagged because the KPIs we set haven't
worked.
Speaker 1 (18:29):
Yes, yes it is, and before we, because you have to
give things like SEO a bit oftime, and I think me and Katie
were hoping that with a bit ofyou know building, it would pay
off, and it's just it's notgoing that way, unfortunately.
So, yeah, we've had to admitdefeat, and that is the sort of
(18:49):
thing you get in a familybusiness Like you have to not
only admit that you're wrong,you have to admit you're wrong
to your parents.
Speaker 2 (18:57):
That's no fun.
Well, you know, we just sitback and wait for you to admit
all your children, as you haveto do all the time not sure I've
done that probably not.
Speaker 1 (19:07):
Probably just stormed ahead anyway.
So, yeah, all right.
So what are your top tips forour listeners in terms of KPIs?
Speaker 2 (19:20):
So the main top tip is to know your numbers and
that's the top tip we give allthe time and that's really going
throughout.
Our entire business is gettingthe clients to know their
numbers, keeping completely upto date with your bookkeeping
yeah often, often treated as alast thing.
Once you've got all that andyou've got the data, then you
can do your kpis and you knowthat you're relying on current
(19:43):
data and up-to-date data.
There's no excuse.
Nowadays, the software iscapable of helping the support
is there.
You know we run a bookkeepingservice to give that up to date
service.
It's not mega expensivenowadays.
It used to be when it was allmanual but a lot of our stuff is
can be automated and it and itand it is quite cost effective
(20:05):
for people.
Um, and you know, I would say,get a really good bookkeeper.
Speaker 1 (20:11):
Yeah.
Speaker 2 (20:12):
Get your, make sure everything's up to date.
Sit down with your accountant,look at your industry, look at
what works for you in terms ofKPI, discuss it.
You know we do have a lot ofknowledge.
You know, and and youraccountant out there will also
have a lot of knowledge wouldhave dealt with a lot of
different industries.
You know a lot of knowledge.
(20:33):
Would have dealt with a lot ofdifferent industries.
You know, um, unbelievably,this uh retail client we had the
other day didn't know whatstock turnover was in his
industry no, well, you don't gettaught this stuff, do you?
Speaker 1 (20:41):
and?
Speaker 2 (20:42):
I.
One of my questions was well,you know, you, you go through a
buying group, etc.
What do they say?
They come back with a reallylow figure, but they would do
because they're they're the rep,um, but you know, we now give
the tools for them to challengethat type of person, and I think
that that's really, reallyimportant you know, and it's not
(21:03):
the only industry that we've.
We've done that too.
Um, okay, buyers out.
You know buyers out there andsales reps out there might not
like us, but it's up to us togive our clients those tools to
challenge.
Speaker 1 (21:16):
Yeah, and I think as well.
Finances and numbers completelyoverwhelm people.
I think you're taught in schoolthat it's really really hard
and also accountants for yearshave made it seem really really
hard well it's a little dark art, isn't it?
it's like a little dark art inthe background and, in reality,
(21:39):
if you understand it, if youmake the time to try and
understand it, it's not.
It's not as hard as it seems.
Not the stuff like the grossprofit percentage and the things
like that, the the things thatyou can track and understand
about your business.
Yeah, it's not that hard andlike I'm so, currently I'm
studying towards my mba, whichis a master's in business are
(22:00):
you?
I am, yeah, I don't know whetherI mentioned it anyway my, I get
a first on your.
Speaker 2 (22:05):
I did.
Speaker 1 (22:05):
I did get a first in the first module yeah, you never
told me oh, no, no, I kept,really kept it to myself.
Yeah, anyway, I'm doing thefinance module now.
Are you?
I am, which I'm not anaccountant that's terrible.
I'm not an accountant, so likeit's, it's fine, it's a bit dull
, everyone, um, but I'm in acohort with with a of other
(22:29):
people, some business owners,and then also I've got a lot of
people who are in the publicsector, so people working for
the council and the NHS, and soI've got in this cohort some
really intelligent people, likepeople that everyone would say
like if you're a doctor, you'revery intelligent.
Like you think yeah, they'rereally, really, really smart.
(22:49):
And the finance module isblowing people's minds and like
all they're asking them to do isto do a calculation on gross
profit percentage, which is likeit's not it's it's not a hard
calculation.
I think it's like dividing andthen times in by 100.
Like it's not difficult.
Yeah, thank you, it's not thatdifficult, but it is absolutely
blowing people's minds becauseeveryone's like it's maths and
it's not that difficult.
(23:10):
But it is absolutely blowingpeople's minds because
everyone's like it's maths andit's finance.
Therefore, it is difficult.
Move that to one side andactually look at it and you'll
see it's not a dark art and youcan understand it and you'll be
fine.
Like it's not, it's not too bad, and that's coming from me who
did musical theatre.
(23:30):
So take it from me.
It's not a dark art.
You can understand yourbusiness and you can understand
your numbers.
You might not be able toproduce a set of accounts, but
you don't need to do that.
You employ someone to do that.
You don't need to produce a setof accounts, but you can at
least be part of a conversationthat understands these metrics.
Speaker 2 (23:50):
You need to challenge , yeah, you need to challenge
absolutely and understand.
Yeah, you're right, make thatunderstand.
You know we've got, you know, aparticular client who does
challenge a lot and sometimesgets under your skin with the
way they challenge, but they'reonly trying to understand what's
going on with their businessyeah um, and it's our job to
(24:12):
help them understand that and toanswer those questions, and
there isn't such thing as a daftquestion no, absolutely not how
many clients have we had sortof in front of us going oh this
is really daft question and Ireally don't mean to sorry to
ask this.
It's not a daft question becauseit's it's.
You know, it's causing them anissue and we're happy to answer
(24:33):
it.
Speaker 1 (24:33):
Yeah, and yeah, there might be some what might be
some sort of what we feel isbasic questions, but it's not to
them so you know and wewouldn't be able to do half of
our clients I can't build a wallno, like it's it can't put a
shell.
People should ask questions andyou know we're all learning all
the time.
So, yeah, ask the questions,but equally like I think this is
(24:58):
a different point of view fromyour customer service within
your business also, understandthat your customers and clients
don't necessarily understandwhat you do either, and to make
sure that that is coming across,yeah yeah that's a.
Speaker 2 (25:10):
That's that's yeah that is definitely right.
We do a lot of things that inthe background that our clients
are not aware of and that needsto be communicated across.
We work really hard to try anddo that, but we don't always get
that right.
What we think is easy becausewe've had years of training, you
know, and you know most of ourteam have got good
(25:32):
qualifications behind them umand have had that training, but
they treat it as an easy thingand the client's not really
aware that actually that neededquite a lot of work to do that,
yeah, absolutely.
Speaker 1 (25:45):
Um, so as well with with kpis.
My last little tip for that isto make sure you are involving
your team, being reallytransparent absolutely um
telling me telling you yeah,telling you the kpis is always
good, and to also review themregularly.
(26:06):
and I think if you're strugglingto pick what kpis you want to
track, just give us a messageand let us know what industry
you're in and we can let youknow three or four KPIs we think
would be good for you to track.
You can just message us and,yeah, I'll give you a hand.
So do you have anything else onKPIs you want to say?
Speaker 2 (26:24):
No, I think we've exhausted KPIs.
I think so too.
Speaker 1 (26:27):
That's a lot, isn't it?
Yeah, okay, so now for ourunfiltered minute.
Speaker 2 (26:32):
Unfiltered minute.
Yeah, oh, my goodness so.
Speaker 1 (26:35):
I do have a bit of a rant this week, so my rant is at
company's house.
My rant was at company's houseas well.
No, it wasn't.
Oh.
No, you had a different rant.
Have I got a?
Speaker 2 (26:45):
different rant.
I think so Okay.
I think so Okay, but I am in ajoint rant on this one.
Speaker 1 (26:49):
Yeah, this is a big rant.
This is really annoying.
So for a little while now we'veknown that companies' sales are
changing what they're doing, sonow they're going to make sure
that all directors of limitedcompanies have been.
ID'd, yeah, which is fine, andwe ID everyone anyway, because
we have to as accountants,regulated accountants we have to
(27:12):
with um, as accountants,regulated accountants, we have
to make sure everybody is id'dand that they're um, you know
they are, who they say they are.
We have to do all that anyway.
So we were like, oh, this willbe fine, lovely, anyway,
companies house decide they'regoing to email every single
director of every single limitedcompany on tuesday, um, but
they're not going gonna tell oursoftware companies how we can
(27:33):
actually upload the IDs or howwe can actually have a process
for this and and this comes inin the autumn, so we've got time
to figure this out.
So this has sent the accountingindustry into a spiral this
week because everybody is likewhat do we do?
I've spoken to two softwarecompanies, both who are telling
(27:56):
me that I need to go to theother one to do it, um, and I'm
sure I'll get clarity.
This is because they haven'thad clarity from companies house
of what the api is going tolook like for them to plug into
it and the emails are justnightmare, absolute nightmare.
Speaker 2 (28:11):
I mean literally.
Just as we walked in here, wehad an email from a client.
Is this spam?
Yeah you know, it looks likespam yes, the way it reads it
looks like spam.
This client obviously doesn'tread our loads of emails we put
out and our newsletters that weput out, telling people it isn't
spam but we're dealing with it.
(28:32):
But they're just putting thisstuff out.
It's unsolicited and it's anabsolute nightmare yes and it's.
We're having to answer clientswho are saying is this spam?
It's not spam, but now thatthat's going out, there is more
than likely going to be a lot ofspam yes so there is.
Speaker 1 (28:51):
It's just shocking it is and like it's just been a,
it's been a whole hoo-ha thisweek.
Yeah, there's no other way todescribe it.
It's been a hoo-ha, and for ourclients, we want to make sure
that we can absolutely help asbest that we can, um, and so we
are researching into exactly howwe can do this on behalf of our
(29:13):
clients but we're registerednow.
Speaker 2 (29:16):
Yeah, we are registered as a a csp something
whatever it's called, but we'redefinitely, we're definitely a
company house approvedaccountants.
Now we can yeah?
Submit the id on behalf of ourclients.
We can make that process morestreamlined.
And again, it's another servicewe can help our clients with
yeah that's because our moneylaundering regulations you know
(29:40):
we're monitored by aat for ourmoney laundering um, so that has
allowed us to register yes, ithas so it seems to be.
It's the yeah, there are somepeople can be um, you know,
approved by hmrc, but it seemsto be that this is the start of,
you know, proper, registered,regulated accountants being able
(30:01):
to provide a service um thatsome may or may not be able to
in the future yeah, I actuallythink it's a good thing for
companies.
Speaker 1 (30:08):
It's just been a like ideally, a little bit of
warning would have been nicewell, I think this goes on to my
rant okay, you, you do, your,your, my rant did include
companies house.
Speaker 2 (30:20):
But making tax digital, rant number two love
the um, our government, that'sanother rant.
So clients now get emails.
So property people and soletraders get emails to say you
need to register at Making TaxDigital.
Making Tax Digital is comingnext year, you need to submit
(30:43):
everything quarterly, etc.
Etc.
We are now getting emails goingand we're saying well, what's
going on?
Have you got pricing for this,etc?
We haven't got pricing for this, etc.
We haven't got pricing for itbecause the software companies
have only just provided aservice that we think is
reasonable and can be costeffective yeah, you know, you're
very much in the process ofgetting a service made up but
(31:06):
yet again they're getting theseemails that are saying you need
to do this, and without gettingquestions yeah and it's just
horrendous.
And on top of that, to me at themoment it feels like we're back
at covid yeah, it does there isone thing after another of
(31:26):
regulatory change.
I mean rachel from accounts.
I mean, you know she said theeconomy's shrinking.
Oh, what a surprise.
We've just put 15% on nationalinsurance and dropped the
thresholds.
We're dealing with that at themoment.
You know, we're dealing withemails from Companies House.
We're dealing with emails fromHMRC that are all putting
pressure on us as a businesssupport service.
(31:50):
You know, that's what we are.
Speaker 1 (31:51):
Yeah, yeah.
Speaker 2 (31:52):
And we're having to get answers straight away when
actually our software companiesdon't have the answers.
Hmrc and Companies House don'thave the answers, yeah, and
we're expected to have theanswers, yep.
So I just feel like we might aswell be in the start of a
pandemic again.
That's my rant.
Speaker 1 (32:11):
No, I get it.
It has been just one thingafter another after another, and
normally it's all fine.
We are well aware of MTD.
We're getting somethingtogether, but it doesn't come
into play until April next year,so we've got a lot of time to
make sure we've got the rightsolution out there.
(32:33):
What we didn't want to do isget something out there to all
of our clients and it be wrong,because that could have happened
as well and HMRC have pushedMTD back.
What four times.
Speaker 2 (32:42):
Yeah, so we've been in this process a couple of
times now.
We've had to pull back on theeffort we've put in.
Yeah, I mean, we spent afortune on a marketing campaign
a couple of years ago and thennature pulled it yeah will they
pull it this time?
I don't think so.
Speaker 1 (32:56):
I don't think so, but you know, who knows, who knows?
Speaker 2 (33:01):
it's just, um, just seems a little bit relentless at
the moment, and in mtd inparticular.
You know I know sort of ianphillips from zero when we did
that thing.
Um, you know that course withhim some accountants are doing
like a race to the bottom.
You know they can do mtd for aprice that we can't even touch.
(33:23):
Yeah, it's not going to beright, you know it's.
The files are not going to beright.
Um, from account.
You just cannot costeffectively do it.
So we've got to get our pricingright as a business to give the
service and the support thatthe clients need.
Speaker 1 (33:41):
Yeah, and I think that's really important as a
business is to not always lookat whatever you've got, to know
what everyone else is doing, butto not always try and match it,
because if you're not going tomake any money, what is the
point at the end of the day?
Speaker 2 (33:54):
yeah, and it's not right for the client that mtd is
there just to.
I mean, there are probably acouple of reasons and the cynic
in me says it's to collect moneyearlier.
But that's not on the cards atthe moment, but I think that'll
be later on um.
But you know if if small soletraders are having to do MTD,
(34:15):
then they're having to keeptheir software up to date.
So maybe they'll start to takea little bit more notice and
then maybe they will um havebetter businesses in the future.
Speaker 1 (34:26):
Yeah.
Speaker 2 (34:27):
But only if they want it.
You know a gardener, forargument's sake, might be doing
their business to.
You know cut people's grass.
You know tend their flower bedset cetera, but that's all they
want to do.
They don't want to grow thebusiness, they don't want to
sell the business.
It's their lifestyle and theywant to do that.
Why on earth are they thenchucking them on?
(34:47):
You know software and we'redoing this, so you've got to
report this quarterly, etc.
That's not their bag and they'regoing from probably spending
400 quid a year on a tax returnto nearly a thousand pounds.
I mean, why is that fair?
Speaker 1 (35:01):
and also, if you are a sole trader and you are just a
gardener like that and you arelistening to this podcast, be
aware of MTD, because youraccounting costs are going to go
up.
Whoever you, your accountingcosts are going to go up.
Whoever you're with, they'regoing to go up because this
quarterly reporting is fourtimes the amount of work you
would have had to have donebefore absolutely and it's yeah
(35:24):
you really need to look into.
Yeah to that, and we'll beputting out a load of
information as one accounts umand no doubt we'll have a
podcast so, uh, we'll probablyhave a podcast and we'll
probably have another podcastand we'll probably have a real
another rant about it, to befair.
Um, so yeah, yeah, and I meanlike us keeping on top of these
changes.
We know that this could be anopportunity for us as a business
(35:48):
.
That's a good thing, but it'salso we just feel for the, the
people that it's impacting.
It would have made more senseto hit corporation tax first, if
they're making all taxesdigital yeah, yeah that's not
the way they've gone, so 50grand turnover first year
Speaker 2 (36:05):
yeah that includes property yep 30 grand the year
after, 20 grand the year after,20 grand the year after.
That's turnover.
Yep, you know bonkers.
Speaker 1 (36:14):
Bonkers, if you have any questions on MTD and you're
not getting any support fromyour accountant, again, just
message us and we'll give you ananswer.
Speaker 2 (36:23):
Absolutely.
You don't have to be a client.
We're more than happy to help.
Speaker 1 (36:25):
Absolutely.
Just message the podcast andwe'll give you some help.
Okay, so, lastly, I have alistener question and now it's
really important if you'relistening to this podcast and
you have a question, pleasemessage it to me so that we can
highlight it on the podcast andwe can answer it and if you do
own a business, put yourbusiness name in there and I
(36:45):
will make sure to plug that inour podcast too.
So, please, please, please, sendme questions.
Um, but this question is andthis was um sort of out of a
conversation that we'd had atwork, so I've sort of framed it
to fit the podcast um, it saidhow do I know if the changes I'm
making in my business areactually working?
So our last podcast, episodefive, was all about change.
(37:09):
So, um, this was like well,jade, I'm making changes, but
how do I know they're working,which fit very nicely into this
podcast.
Speaker 2 (37:21):
Well, I mean, the simple way is that the next time
you have your meeting with us,we go you've done really well
and those changes you've madeare working really well.
So that's a start.
Speaker 1 (37:30):
Yes.
Speaker 2 (37:30):
Some people might say well.
Well, actually, I've got moremoney in the bank.
I've taken more money myself.
Um, I'm getting better leads.
I'm getting better quality workyeah you know.
So these are all changes that wehelp with, that that you can
start to see, um, and if you'regoing through our program, you
(37:51):
know you're starting to see, andif you're going through our
program, you know you'restarting to see your balance
sheet change.
Now that's quite a like whoo.
He's talking about balancesheet.
That's a dark art.
But we're really working hardto teach our clients what a
balance sheet is, what apositive balance sheet is, and
we just work with them to say,right, if you make this change,
this will make this differenceto your balance sheet.
Speaker 1 (38:17):
Maybe we'll do our next episode on the balance
sheet, because this, literallyit confuses so many people.
No one understands theirbalance sheet, or some people do
I like I would say 20 of ourclients probably actually
understand what their balancesheet is.
Everyone else glazes over whenyou bring up the balance and
they all think about profit, butthe balance sheet is such an
important document yeah, butwe'll talk about that next
(38:38):
episode because I think it'sreally important and I want to
make sure that everybody canunderstand it in a simple way
and not be overwhelmed by theconfusing jargon and terms of
phrases that's on there whenit's not too difficult.
Speaker 2 (38:52):
Josh has just got home, which means django is
going to be noisy no, not justthat, he hasn't cleaned that
bird's poo off the top of yourcar he's gonna be in so much
trouble, so there you go he'slooking at me.
We we best stop there before,before josh knocks on the door
and django goes well one beforewe do stop, if you want to track
the changes you're making.
Speaker 1 (39:13):
Also, if we go back to the original topic, have some
KPIs Absolutely and then you'llbe able to know.
But anyway, before Djangodecides to go absolutely crazy,
thank you for listening to ourpodcast.
There he goes.
Please subscribe, leave areview and share this podcast
with a business buddy.
Next time Django will not beallowed in the podcast and we
(39:35):
shall see you next week.
Goodbye.
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