It’s been 12 years since we started running our own accountancy practice and we’ve learned some lessons along the way. We hope we can inspire other people to launch their own business and we hope, above anything to provide our ongoing support and encouragement to those who wish to be entrepreneurs themselves in 2025. 

 

1) People are everything 

When Murray launched Alexander Knight & Co in 2012, he was swiftly followed into his new practice by some loyal and respected former colleagues who were able to bring their already considerable knowledge, skills and positivity to our new venture. Since then we have assembled a first-class team and it is no exaggeration to say that they are the bedrock of our success so far. Investing in good people is always good for your business.

2) Clients are (also!) everything

One of the biggest things we are proud of is the loyalty of our clients. Many clients have been with us from day one – and we are grateful and thankful for their loyalty. By placing our clients’ needs first – and understanding their mindsets as individual entrepreneurs -we’ve been able to support them and grow with them and we’ve seen their businesses flourish. Look after your clients!

3) Entrepreneurs truly are the backbone of our economy

Despite the seemingly endless attacks on businesses from various Governments down the years and an increasingly cumbersome tax system we know more than most that entrepreneurs are the real superstars of the economy. We will continue to promote their best interests and always advocate to make it easier to do business in the UK.

4) You have to take some risks to get rewards

Taking risks is essential for entrepreneurs because success often lies in seizing new opportunities. Without taking risks you might end up missing out on the rewards that can follow. Not every risk you take will pay off but you’ll be proud of the ones that do – and you’ll learn from the ones that don’t.

5) Every business has ups and downs

Changes in the economy, changes in personnel, changes in technology, fierce competition are just a handful of the many reasons why every business has challenging times. Everybody that runs a business will agree that it’s not all plain sailing. Stick with it and be resilient!

6) Consider the wider community

Not only are small, medium and large companies creating jobs but they are also investing in their community, raising funds for charities and doing their best to help the environment. Many firms now (just like us) have a formal ESG policy in place and even though the economy is challenging, all these businesses (and our clients) put a huge amount of effort into helping others. It’s a side of business that not everyone sees.

7) Trusted relationships are key to growth

We’ve got many trusted relationships locally, nationally and globally which help us grow, develop and support our business. It’s really important to maintain trust with your clients, customers and professional network. Keep doing a good job time after time!

8) Work/life balance is essential

Life as a business owner can be stressful at times. Taking care of your mental and physical health is really important. Not only do you need to be fit and healthy to run the business effectively you also need to balance work with family life and other hobbies and pursuits. You will be a much more effective business owner if you’re not just all ‘work, work, work’!

9) Office environment is important

When we first launched, our office was perfectly suited to a small team but we always had ambitions to secure some premises that better suited our people, culture and clients. Moving to Grade A office space with room to grow in the heart of Hale in 2018 was a great move for us. Moving location can be a really positive step in your business if you get it right.

10) Branding, PR and marketing are vital

Being able to differentiate our brand from other accountants from day one has been really valuable as we’ve developed our business. We have always strived to make sure we retain a distinct and consistent identity so that we’re memorable and stand out in a crowded market. Investing in your brand is hugely important for your business success.

11)  Take advice, advice and more advice

Taking advice from those you trust and respect including your friends and family is essential to get a rounded perspective on your business. You can never assume to have all the answers and you can always learn from someone else.

12) Enjoy it!

Running a business is a thrilling thing to do and if you run one, you’ll probably never want to go back and work for anyone else again. Enjoy it!

 

 

“Setting up on my own was one of the best business decisions I’ve ever made. Drawing on my own experience as a business owner is really valuable when supporting our entrepreneurial clients. I would wholeheartedly encourage anyone to take the leap!”