A warm Namaste folks. For a change, I am drafting today’s My Week from the shiny new FT Store. As you know, it is the new home of FT Practice Ltd.
Please let me be ever so British and talk about the weather. We had some cloudy days over the week. I think it is nature’s way of preparing us for winter. The bicycle commute to the FT Store was mixed. Rain on some days made the commute and other road users unpleasant. It will take a lot more than this to hang up my saddle.
Since most of the issues in FT Store are now sorted, I am now addressing my overfull in-tray. There is a lot I need to do. In the first week of getting back to day to day practice work, I have not even scratched the surface. I have been working hard. I will keep plugging away. I will need to have a daily routine like the Sir on an island to be productive! No one would call him an old man. He stills wears jeans. Cool dude.
As a growing small practice owner, as you know, one of the key limiting factors is staffing. The challenge is finding the right people at the right price who will stay on. I thought about this a lot over the week. I have not come with any solutions so far
I think you understand the nub of the problem. Being a small business, we are not able to offer career progression or a remuneration package that would match the bigger practices. Does it mean we take on the scraps that are left over? Do we have to be more flexible in our standards? In London, I am sure you understand, the problem is even more challenging. It is simply because there are many other better opportunities.
Is increasing the fees a way to offer a better remuneration package? We are in a highly competitive market with the help of the internet.
I also thought about taking on an apprentice. It is the time it takes in training and support. I love this aspect of my role, but I no longer have the luxury of time.
I spoke to ex-employees to sound them out if one of them would be interested in coming back. The response was that they gained sound experience in FT Practice Ltd, but for their career progression, they prefer to work in a bigger rather than a micro (very small) practice. M will not come back to FT Practice Ltd. Damn!
I am not able to offer any solutions. Thankfully, I am not looking for an employee right now. I will need one soon; it is best to prepare the ground early. Growth with missing sacks of meant will NOT work. I need to make sure I have the capacity.
Taxcalc Company Secretarial
I was pleased and surprised to see TaxCalc’s, without the bright lights launch, of Company Secretrail software. I have been waiting for this for some time. I have not had the time to test it. Though I have no doubt; it would be a real time saver with its integration with TaxCalc Hub. We are definitely going for this.
I was also active on AW. I thought there was a fantastic response on the tax knowledge thread. Great points were made from those more experience than me in the small practice world. I will give it some thought and let you know which way I will go.