Last week we talked to Chris Kam – founder of Budget Accounts a company that provides a wide range of accounting services.
What does it mean to be an entrepreneur?
The Risk and Reward is very transparent when you are an entrepreneur, steady income will dissipate into a myth, unless your business stabilizes. You can explore any ideas and execution is paramount to the success, you learn to swallow setbacks in silence but preferably rejoice with your staff to motivate them. To start off ensure you have a reserve to tide you through for a considerable period of time.
What are the trends in your industry?
Automation and software has alleviated the playing field to present an arena that efficiency has to be enhanced and professional advisory needs to be a critical path to woo the potential clients. Knowledge has been greatly spread and clients are more demanding and informed so we need to cater to the needs of the new breed of entrepreneurs.
Despite the fact that we are professionals, there are always some players who down play the importance of proper compliance with price strategy that greatly undermine the professionalism needed.
Which plans do you have for the coming year?
We are looking into more client education to enhance the level of compliance knowledge. Hence client servicing and staff competence are crucial in attaining the goals.
We are also looking into providing more peripheral services that complement the needs of SMEs such as government grants advisory and funding.
In addition, overseas expansion is in the pipeline to tap on cross-border markets to support our fellow clients with similar direction.
What are your 3 tips for starting entrepreneurs?
– Ascertain yourself of the budget with a few simulations to test the depth of reserves needed
– Identify the critical success/failure factors in similar industry you are entering
– Try to network as much as possible, sales don’t throw themselves at you unless you are a really blessed chap