Interview with Joanne Bell, Managing Director at Bells Accountants

Can you share the story of what inspired you to found your own accountancy business back in 2009?

I did not come from money or an entrepreneurial family and left school without going to university.I applied for every job in the local newspaper and was offered a position as a junior in an accountancy practice. In 2007 I bought my first flat at age 19, which needed a lot of work. I spent money on credit cards doing it up as I planned to sell it at a profit. In January 2008 recession hit and the flat was now worth much less even after the renovations. I was in negative equity and it was a struggle to afford mortgage repayments, council tax, utility bills and credit card debt (this is why I am so passionate to help others understand their finance!).

With my employers permission, I put an ad in a local trade magazine offering a service submitting personal tax returns. 3 people responded and the idea of Bells Accountants was born. My reputation for giving good advice on what to claim for and how to save tax grew. I was working nights and weekends and as soon as I was earning more from private work than my day job I took the leap and started Bells officially.  Taking on an office and my first team member who is still part of the business now.

What’s been the most significant moment or milestone in your professional journey that has shaped your approach to business?

When I met a female business mentor who had built and sold a business in the railway industry. She taught me to think about Bells as a business separate from me not just creating a job for myself. She also taught me how to be a caring and motivating leader and how to focus on making a difference to clients and team members alike.

You are also a renowned businesswoman and entrepreneur, and now lead several businesses. But how do you balance growth with delivery of the very best client experience?

It is a juggle, but I have a very supportive team of professionals around me – without them I could not do what I do! The key is to evaluate your skillset and list of tasks carefully and delegate the jobs you are not best suited to do – it is tempting to do it all, but trusting in the right people with the same passion and knowledge, supports me to concentrate on growth. This, coupled with scalable systems and infrastructure, such as investing in software, enables us to be ahead of the game.

We regularly check in with our clients and analyse data to ensure we are delivering on our core goals.  My focus is always on strategic expansion which will not overstretch our resources, it works – most of the time!  We often ask for customer feedback which results in our growing list of 5 star google reviews which we are very proud of.

Leadership often involves taking risks. But what role do you believe risk-taking plays in achieving success?

I have always enjoyed seizing opportunities, trusting that with perseverance and getting the right advice I will make it work and 9/10 times it does!   I encourage the team at Bells to look at ways to improve the way we work, trialling new software, undertaking training in both technical and soft skills. Standing still is not an option! Understanding and analysing those deals and projects that did not work is also critical to avoiding the same mistakes. Taking risks is connected to growth, and confidence in your ability to make the right call – once you have weighed up the risk vs reward of course.   

What is your business philosophy, and how do you use this to inspire and motivate those around you?

Our philosophy is simply to remember that what we do makes a huge difference to the business owners we serve, often our advice and proactive support is the difference between success and failure for them, their businesses and their families.

How do you personally help foster a culture of trust and respect within your business and professional network?

I think trust and respect comes from putting others first, trying to add value to every situation, acting with integrity no matter the circumstances and ALWAYS doing what you say you will do. My team can always contact me on any issue, in confidence - if it affects them, then it affects our business, and we work together to try and resolve whatever it is that they need help with. Often a listening ear and flexible work options or trying a new way of working can be agreed.

I try my utmost to be accessible to my team and communicate our goals, in monthly all team sessions – crucial to help us meet annual targets. My team and clients are who got me here today so connecting with them is a priority.  Respect has to be earned, I engage in several business networks, building relationships in the finance sector and beyond. One great way to demonstrate my professionalism is by carrying out speaker slots at many high level events, sharing my expert knowledge. There is nothing nicer than hearing feedback on a lightbulb moment they had during my talk and advising business owners on gaining a true understanding of business numbers in order to grow.

Can you share a specific setback in your career, and how you utilised that experience to learn, grow and improve?

In recent times we were part of a shareholder dispute in one of my companies I run. This felt like a real “David and Goliath” battle for justice. Despite advice to step away due to the personal anguish/financial risk, I fought so that justice could prevail. Eventually a high court judge rightfully awarded us the case. It was hard to drive the business forward and meet goals throughout this period whilst also looking after my mental health and investing all the time energy and money required that a court case of this magnitude demanded.

This meant timescales of plans I had needed to be extended – this lesson is very important for all business owners, keep your goals in stone and timelines in sand, and do not give in to bullies! The positives that came out of the situation was what I learned about corporate law and taking on investment, this has enhanced my consultancy offering to business owners looking into acquisitions and shareholder agreements. It is true that you need to be grateful for the things that test us as you become stronger, wiser and more resilient.   

Leaders often face challenges in balancing work and personal life. How do you manage this balance, and what strategies do you use to prevent burnout? 

I would say I am still struggling to maintain work life balance but I am much better since having my young daughter, before her, my business was my baby!  Having boundaries is key, I put in blocks of time for emails, client meetings, staff, finance, planning and projects into my working week and …stick to them.  Learning to say no and delegating is tough, but we all need to practice self-care, I find walking my dogs to be a perfect time to wind down, enjoy nature and reset ready to tackle the next task. Time management is generally not something you conquer it is an ongoing project of constantly considering and reconsidering how you should best divide your time as a business owner.    

You’re also a noted professional speaker, can you provide any top tips on how best to prepare for speaking engagements and to communicate with impact?

Preparation is the key, find out exactly who your audience will be and tailor it to engage them. I always include a few action points for them to take away and keep it simple – no one wants to be sitting through a speech with complicated financial jargon! A bit of humour or a quote never goes amiss too, summarise all key points at the end to reinforce your message and… smile!

I would also recommend telling as much of your story as is appropriate for the audience, business owners love to hear a story, the good, the bad and the ugly. It also engages people lots more than generic technical content and also allows the audience to connect with you and understand your credibility in your field.

Finally, what advice do you have for individuals aspiring to follow in your footsteps and set up their own business? Are there key principles or lessons you wish you had known when starting your journey?

Having a strong vision of where you want to be with a clear business plan, including cash flow forecasts and a solid chart of key performance indicators is crucial.  I have seen many great business ideas fail as they didn’t have their financials mapped out. Then find the right people with the skills you don’t have to help you succeed and go for it!