Award-winning local firm Malloch McLean Tasman provide vital business coaching and accounting services thanks to a multifaceted team with specialists across most industries, from tech and construction to agribusiness and professional services. Nelson Magazine talks to CEO Manoli Aerakis and director Michael Parker about the benefits of business coaching combined with sound accounting practices.
What is business coaching and where does your inspiration for helping businesses in this way come from?
Business coaching is about helping business owners achieve their goals through planning and accountability. 97% of businesses in New Zealand are small to medium enterprises and most of these are family owned and operated. All too often we see business owners who are burnt out, working too many hours, not being paid enough, and sacrificing valuable time with family. Business coaching is about helping to solve these problems and create smarter, better businesses, so they can achieve freedom – time freedom, financial freedom, and mind freedom.
I see that you’ve had quite a few clients who have won awards at the Nelson Tasman Chamber of Commerce business awards. What is behind the success of these businesses?
It starts with dedicated owners who are passionate about their business and know their “why”. They have a clear vision of where they want to be in the future and an actionable plan to get there. They find ways to work smarter. They build great teams with exceptional cultures. They value their worth and protect their time. They surround themselves with the right people. They focus on what they do best, and delegate the rest. Most importantly, they take action when needed, and embrace accountability.
Running a business is becoming increasingly challenging with so many diverse skills required. What are some of the practical ways a combination of coaching and innovative accounting practices can help businesses and their people?
Having an outstanding team of accountants and bookkeepers using market-leading technologies such as Xero, Figured, and Fathom to provide clients with accurate, timely, forward-looking information is the key. As a business coach, having access to up-to-date, reliable financial information is essential to understanding the business and providing informed strategic advice to clients. It all starts with good quality information.
What advice can you give for businesses struggling to get ahead in difficult economic times?
They need to know their numbers inside and out – their margins, break-even points, cashflow levers and so on. Their business model needs examining closely to ensure that the right products and services are being offered. Pricing structures need to be analysed to make sure the business is making headway and every member of the team needs to understand the expectations required to be productive. In challenging times, many businesses pull back on marketing and advertising spending, whereas investing in appropriate marketing can propel a business forward and capture more market share.
This article is featured in Nelson Magazine. Click here to read the magazine online.
