Burgoyne Works

This blog is intended to showcase my new bookkeeping business and share interesting news and industry trends.

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My Progress – Week #13

This is the last progress report for my business; Burgoyne Works. Although I would not win any awards for being the fastest-growing start-up, I will say that the foundation has been established so that when I get more clients, I will be able to provide the best bookkeeping service possible. I have a business plan, feasibility study, marketing strategy and financial framework to be successful. The pandemic challenge has been an unusual force to reckon with, as it has been for many of my colleagues, where a different marketing strategy was needed to reach potential customers or clients. My own personal challenge included my mental preparedness to start my own business (I am not an entrepreneur, I am a bookkeeper) as well as not having technological skills to feel comfortable with Tumblr blogs and website designs. Thank you to my daughter, Claire for helping me learn how to connect better through these different communication methods.

Burgoyne Works will continue after this course, and hopefully for many years due to

the research and preparations we completed in this course,

the fact that the bookkeeping industry allows for virtual services to be provided, and

my tenacity and hard work 

May the new year bless you with health, wealth and happiness.

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My Progress – Week #12

What is working? I have completed the chart of accounts for my client, along with accounting for 24 financial transactions. I am on schedule and ready for a couple of days of Christmas with my family. I am lucky that my client will not be affected by this lockdown. In fact, last lockdown was when she started her business. People want to buy wooden toys for their children when they are trying to keep them entertained. 

What is not working? I have not been successful at getting any new clients yet.

How do I feel the project is coming? I am happy to be doing the bookkeeping work for my client. So, I know I have chosen the right business. I am worried about small businesses everywhere – affected by this next COVID. I believe getting my second client may be more difficult than I thought.

What am I learning? Owning a business is a lot more work than working for someone else. However, I feel it is going to be more rewarding. 

What have I learned about myself? I don’t give up, but I don’t mind wishing for a Christmas Miracle as well!

I wish everyone a safe, healthy and peaceful Christmas season.

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My Progress – Week #11

Last week I discussed my hope that while I take care of the little things, which will help me achieve the big things. For my business, the “biggest thing” would be to build a strong, loyal clientele and provide them with the best service possible so that their business flourishes.

It sounds wonderful to me, but I am also fearful that I will not succeed. I will retain a good number of clients, no problem as I am determined, but what if I am not good at my job and their business fails? I am awake at night thinking of this.

Fear of success is far more dangerous than fear of failure because the subconscious mind works to prevent that which it fears. —Joe Tye, Life Coach

I have seen how you can talk yourself into something happening – good and bad. So, how do I get around this fear?

I am going to do three things to get my mind on the right track. 

Visualize myself providing excellent bookkeeping service

Write down what I do to provide excellent service to my clients

Create a positive affirmation that reflects a success-oriented mindset and post it on my mirror.

Off to find a pen and paper right now!

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My Progress – Week #10

“If you take care of the small things, the big things take care of themselves.”

Emily Dickinson 

This is the essence of where I am right now with my small (very tiny) business. I have signed a one-month contract with my first client and I am concentrating on providing her with the very best bookkeeping work that I can. I want to make sure everything is done with great care (missing even one number can be the world of difference for her business) and on time. In fact, I hope to exceed her expectations of me, so that:

She will ask me to continue into month #2, and

She will tell someone else who may need a bookkeeper.

This is how I am taking care of the little things and hoping that more work (big things for me) will come my way. I realize it will take a bit more effort to achieve the big things, but right now I only have time to concentrate on my client. She is my priority.

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My Progress – Week #9

I got my first client! My original plan to meet with small business owners has been revised to reaching out to family and friends who may have connections to small business owners.  One friend has just started up a new business (as she needed something to do during COVID) and she might be interested in my bookkeeping help. We met this week to discuss the services I provide and what she needs for her woodworking business.

I got my first client! I will be starting bookkeeping for her, as of Dec 1st this year. My work will be strictly bookkeeping and I will be creating her accounts and recording the financial transactions, using Quickbooks. We will go month to month to see how her business goes.

In summary, I got my first client!! My original sales plan to meet with small business owners did not work, so I did a quick change to ask my family and friends for help. That sales approach will not be sustainable, so I will have to re-think my plan. My goal is to have several other clients “in the works” in the new year.

One step forward, One step backwards, Do-si-do

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My Progress – Week #8

This week ended with a twist, but I’ll start at the beginning. I packed my carrying bag with flyers, business cards, a clip board, a pen and some courage – then proceeded to downtown Barrie to visit small business owners. Out of 9 businesses, I was able to speak to 4 owners – outside in the sunshine where we could keep a proper distance apart. I left my business card and flyer with the other 5 locations. 

I felt very good about my pitch. It got better by the 4th time, partly due to my practice, but also the conversation was better with the owners who had a positive attitude toward the future. Two of the business owners are anticipating bankruptcy due to COVID. One has a family member doing the bookkeeping and the last one will consider my proposal and get back to me in the new year. Bottom line, it was a great experience but there won’t likely be any work for me from these folks during my class time. 

The COVID numbers are going up and we may be looking at more physical closures for small businesses. As such I determined that face to face sales is not appropriate at this time. I will persevere with a new approach.  I contacted some of my friends and family members who work for small businesses. One friend has just started up a new business during COVID and might be interested in my bookkeeping help. We will be meeting (by zoom) next week. So, I may have work, but not through the direct sales approach I planned.

What have I learned? 

- I can actually feel comfortable selling my business to others and I really believe what I am doing will be of help to others. 

- I am flexible and can find another approach to meet with business owners. 

- Small businesses are very sensitive to government direction on COVID, due to the impact on their bottom line. My business is thus indirectly impacted. Something to keep in mind.

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My Progress – Week #7

So far, I have done a great deal of administrative work to prepare for my new business, such as creating an operational plan, figuring out a budget, setting up an office in my home, preparing advertising material (flyer) and planning my sales approach. I am anxious to get to work with all the essential things, have a client, and do some bookkeeping for them. 

This week, I will approach a couple of businesses in downtown Barrie, speak to the owner and give them my flyer and sales pitch. My guess is, I will be fine-tuning the pitch as I meet with different business owners, and I will find out if my flyer is helpful for them. I must be honest; this sales work is not my favourite – I would much rather be doing the bookkeeping work. However, if I want to run my own business, I must overcome my fears and do many tasks that are currently not within my toolbox. Yet, I do know once I start chatting with business owners, I will feel more confident.

My father, a business owner and my favourite entrepreneur, always quoted a well-known business consultant Peter Drucker, who said, “In business, nothing happens until someone sells something.” Based on my recent experience, a lot happens behind the scenes to get to the “sales” part – and I’m ready now - to make a “sale.”

Once I start chatting with business owners, my confidence level will grow. I hope I learn from each discussion to improve my sales pitch while remaining personable.

Wish me luck!

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Source of Initial Funding

"Where will I get my money?"

Initial Investment and Capital Expenses

At this time, I am a one-person start-up operation hoping to have 8 to 10 clients by the end of the first year. After this first phase, if successful, I may expand my bookkeeping services to accommodate more clients. As such, I will need a proper office suite and another bookkeeper. I would look at professional office buildings with shared meeting rooms, washrooms and kitchens. In order to get set up; I would need some capital for setting up an office, but I would also need funding to pay for expenses for the first year until business increases.

Estimated Capital Required

  Funding

I would look for this funding in the following locations:

Government grants - Canada GrantWatch for Canadian small business and non-profit grants – although a grant is free from interest charges, they are typically restrictive and may hinder operational decisions.

Personal sources – I would look into our family savings to see if there is money there. This is my best option to remain autonomous and not pay interest.

Bank line of credit – I would ask the bank if they would provide a line of credit for my business. This way I could use the funds the way I feel is appropriate for the business and pay off as much as I’d like at any time (over and above the monthly interest charges).

Other investors are a possible source; however, I’d be concerned that they may want involvement in the operations of the organization. For the same reason, I would not be interested in family and friend’s involvement. Plus, I’d feel too much stress to make sure the business succeeds. 

This would be my plan depending on the success of the first start-up phase of my business.

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Business Operations Plan

About Burgoyne Works

Vision – To help small businesses achieve financial peace of mind 

Mission – To assist small businesses in achieving their financial objectives by providing quality bookkeeping services in a professional, courteous and timely manner.

Statement of Intent

I have prepared a business operation plan to establish my goal, SMART objectives, specific procedures to have start-up my business by January 1, 2021.

Business Operations Goal – to begin my bookkeeping business with one paying client by January 1, 2021.

SMART Objectives – 9 weeks (Nov 1, 2020 – Jan 1, 2021)

Introduce myself and Burgoyne Works’ services to 20 local business owners by Dec 31, 2020

Sign a service agreement with 1 paying client by Nov 30, 2020

Complete one month of bookkeeping services by Dec 31, 2020

Evaluate work completed and develop plan for increasing business by Jan 1, 2021

Business Timelines

Oct 19-23, 2020 Confirm “Burgoyne Works” as a business

Registering a Business Name (Ontario) and Business Number (Canada) – N/A

As sole proprietor – no other government approvals are required at this time

  Oct 26-30, 2020 Setting up the Workspace

Clean up office (desk, chair, filing cabinet, bookshelf)

Set up computer system and printer

Place all office supplies close by, to access when needed

Start free 30 day trial for Quickbooks (Self-employed) and view all Training sessions

  Oct 26-Nov 1, 2020 Advertising

Catchy Phrase – “Helping small businesses achieve financial peace of mind”

Prepare Flyer - with logo, catchy phrase and brand colours

Survey Monkey – email survey to 50 small business owners (using business directory)

Prepare a business website – my tumblr account to be used until Jan 1, 2021

Example flyer:

  Nov 1-15, 2020 Sales Approach – First 14 weeks

Deliver flyer and meet local business owners (objective is to meet 20 local owners)

  Nov 1-15 2020  Prepare a Client/Bookkeeper Agreement

Create template for service agreement

Develop a pricing strategy for various services offered

Prepare a quote form and letter of introduction to a new client

Develop an evaluation form for client - to monitor work or at completion

  Nov 1-15, 2020 Prepare the books for Burgoyne Works

Open a bank account for the business – n/a for this course

Develop chart of accounts – income, expenses, taxes on Quickbooks

Create filing system (hard copy and computer) – for receipts, agreements, etc

Determine how I will get paid by customers – cheques, cash, e transfers, credit cards

  Nov 1-30, 2020 Engaging Potential Customers

1. Cold Calls

Hand deliver my Burgoyne Works flyers to businesses downtown and

Speak to the owners of small businesses about their bookkeeping needs

Ask business owners to complete my “survey monkey” questions

2. Warm Calls 

Maintain a list of potential customers and connect with them as appropriate

Follow-up to answer questions and discuss level of services

  Dec 1, 2020  Signing the Deal

Provide a quote to customers who ask for one

Prepare a specific draft agreement based on the customers’ needs, milestones and payment schedule

Have client sign agreement first, then me.

  Dec 1-31, 2020 Get to Work!!

Initiate work as agreed upon

Meet all deadlines and establish good communication and rapport with client

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Case Study Painter Ad

This is a critique of Michael’s advertising flyer and a revised one for him to consider. 

Original flyer:

  An advertisement needs to grab attention – the first word is “cheap” and “$350”, which to many, is not cheap. 

This advertisement does not project the right image - Michael would like people to know that he does “Good Work” but the advertisement does not support this concept.

The advertisement does not entertain or create a happy vibe for the reader. It likely ended up in most people’s recycling box.

There is no call to action or words that make me feel like I really want to paint my house.

Revised flyer:

This advertisement quickly grabs attention, giving the customer enough details to provide them with the context needed without overwhelming them. There is a large and straightforward call to action. This is another example of my creative marketing abilities. 

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Creative Advertisement

Burgoyne Works also supports small-business with creative advertising. See attached an example of my work. 

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Customer Persona

Caroline Willmot, Small-business owner persona

“I want to spend more time with my family, so I need help at my store”

Personal Profile:

Age 38 years,

Married with 2 children

Lives and works in downtown Barrie, ON

Connects with friends by texting 

Background:

Has a fashion design college diploma and owns a clothing store for the past 2 years

Husband works seasonally in construction and the children are home-schooling during the COVID-19 pandemic 

Goals:

Spend more time with her family

Wants her business to succeed so she can focus on fashion buying

Frustrations:

Not sure how she can get the store up and running after the pandemic

Financial concerns with meeting monthly store bills and staying afloat

Needs:

Help at the store during business hours to help customers

Help with organizing and maintaining the books

A business mentor

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Competitive Analysis

A vital planning aspect for starting a business is to analyze the competition. This analysis will help determine how Burgoyne Works can provide a unique service that will create loyal and paying customers.

The following looks at three competitors who provide, in one way or another, bookkeeping services for small businesses in the Barrie area. Each business will be analyzed using the SWOT approach; strengths, weaknesses, opportunities and threats with data collected through

Phone conversation with the company,

Review of their website, and

Social media reviews.

Direct Competitor 1: Solutions Plus: Barrie Bookkeeping & Accounting Services

Strengths

Has been in business since 1999 and developed a large number of small business clients

Has staff who are well known in the community

Quality of service seems to be good based on reviews

Weaknesses

Website is not kept up to date; tax tip refers to 2016 tax year

Only offers traditional services with limited online support

Does not do active marketing, relies on word of mouth

Has a “brick and mortar” operation

They do not provide inventory and document management

Opportunities

City of Barrie and the surrounding area is growing with an increased market share potential

Virtual support can provide a less expensive service

Threats

Online bookkeeping and support creates efficiencies

The younger generation taking over businesses may not be as loyal to traditional services

Direct Competitor 2: Debits & Credits: Accounting & Bookkeeping

Strengths

Offers bookkeeping and accounting services for businesses and personal

Closely connected with bookkeeping software companies

Quality of service seems to be good from reviews

Pricing is on the website ($45/hr bookkeeping), and tax packages available ($300 up)

Weaknesses

Service offering on website is very traditional and does not recognize unique times

Does not do active marketing, relies on word of mouth

Has a “brick and mortar” operation 

Opportunities

City of Barrie and the surrounding area is growing with an increased market share potential

Could provide reduced costs for virtual support

Threats

Online bookkeeping and support, especially since the pandemic, create efficiencies

The younger generation taking over businesses may not be as loyal to traditional services 

In-Direct Competitor 3: QuickBooks

Strengths

Offers simple bookkeeping online services for businesses as a DIY approach

An alternative to traditional bookkeeping services with the potential for saving money

Weaknesses

Quality of service weak - Customer service support to the small businesses are not well trained to provide actual bookkeeping solutions

Technical support delays causes problems and costs to the small businesses

Some customers prefer a personal approach to their needs

They do not provide inventory and document management or any small business solutions after the pandemic

Opportunities

Access to national and possibly global market share

The younger generation taking over the businesses may appreciate this company’s approach

Threats

Customer desire personal attention (even from a distance), especially when there are problems (like the pandemic)

Competitive Analysis Summary

What have I learned from this competitive analysis as it relates to my proposed business?

Customer service - Small businesses need digital efficiencies but would like traditional personalized service - Burgoyne Works will offer virtual assistants with personalized and in-person meets as required

Scope of Services - Bookkeeping companies currently offer limited, traditional services – Burgoyne Works will offer document, inventory and human resource management along with bookkeeping

Market size – digital technologies are expanding the market for bookkeeping services globally – eventually, Burgoyne Works can accept clients beyond Barrie borders, with proper capacity in place.

Prices are generally the same for bookkeeping services ($45- $60/hour) – Burgoyne Works can reduce prices for clients due to low overhead and efficiencies with added services, as needed.

Key Takeaways

Recognize the unique pandemic times and shift in customer use of technology to provide a reduced cost alternative to the traditional services by helping businesses "Get Back to Business"

Start with the “minimal viable product” approach by offering services on a website and local small business support groups

As I work with a client, I will assess the level of services they may require. Over time, the services provided will be fine-tuned by the needs of my clients.

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Message Map

Burgoyne Works offers a virtual assistant taking care of your financial health

Financial results for success

Proactive Account and Tax Planning

Full Service POS Support

Modernize Financial Systems

Easy and simple collaboration

Mutual Capacity Building

Maintain Document Management

Custom Inventory Management

Reinvigorate employee success

Comprehensive Hiring Process

Effective Onboarding Kits

Long Term Administrative Support

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Being Honest: My Strengths and Weaknesses

My passion is to help people achieve success in their business by supporting their accounting needs. My marketable (or employable) skill is in finance – specifically, accounting and financial management. However, these skills will only get me so far in managing my Burgoyne Works business. I must also ensure I tap into skills to prepare and implement a sales and marketing strategy and effectively manage client relationships. 

I have based my business on my credibility in the financial field, and I work very hard to keep abreast of current practices and industry trends. I can communicate effectively (orally and written), and have an excellent organization and time management system to ensure I keep priority tasks at the top of the list and meet deadlines for my clients. I am continuously improving my computer literacy (e.g. Accounting packages, marketing material and presentations to clients). 

I do not feel as comfortable in the sales, marketing and customer experience fields. Since Burgoyne Works is a start-up with very little capital, I believe the best cost-effective approach is to use my network of friends and business owner acquaintances. Having a group of experts will help me create a sales and marketing strategy and develop an exemplary client service program. I will begin by getting help with creating a logo for business cards and designing my Tumblr blog.

Until next time, Anne.