My Favourite Failure: I should’ve listened to my gut! Lucy Cohen
Aug 17, 2023
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Lucy Cohen, Co-Founder of Mazuma, discusses the challenges and growth of their tax advisory firm, finding someone with a strong network who could help expand their business, trusting the wrong person who unexpectedly disappeared, taking a big commitment without enough clients and learning to trust her gut in business partnerships.
Trusting your instincts is crucial in business and can help avoid potential disasters.
Recognizing red flags early on and not ignoring them is vital for success in entrepreneurship.
Deep dives
Passonio: Streamlining HR Processes for Small and Medium-Sized Companies
Passonio is a solution that helps small and medium-sized businesses simplify their HR processes. By providing tools like an applicant tracking system and features for managing employee holidays, reviews, payroll, and offboarding, Passonio aims to minimize administrative tasks. With Passonio, companies can save time by utilizing an end-to-end HR system. Notable companies like Lush, Spend Desk, and Mindful Chef have already benefited from Passonio's services.
The Challenges and Triumphs of Mazuma: Turning a Startup into a Successful Tax Advisory Firm
Lucy Cohen co-founded Mazuma, the UK's first subscription tax advisory firm. Despite facing initial skepticism, Lucy's vision was to transform the traditional image of accounting into a more commercial and accessible profession. Mazuma experienced early success but encountered a crisis when a trusted advisor abruptly disappeared, leaving the business in jeopardy. To avoid collapse, Lucy and her team navigated the financial constraints of the 2008 credit crunch through careful management, negotiation, and a focused survival mindset. Despite the setback, the lessons learned ultimately shaped Mazuma into a thriving business.
Trusting Your Gut and Learning from Past Mistakes
Lucy emphasizes the importance of trusting one's instincts in business. Reflecting on her experience with the advisor who let her down, Lucy acknowledges the significance of listening to her gut feelings. She highlights the need to recognize red flags early on and avoid ignoring them. As an experienced entrepreneur, Lucy advises others to align their judgments with their instincts and exercise caution when something feels off. Trusting your gut can save businesses from potential disasters and guide decision-making processes more effectively.
Lucy Cohen is the Co-Founder of Mazuma, the UK's first subscription tax advisory firm and one of the country’s leading online accountants for small and micro businesses. They have over a thousand clients across the UK and have moved into the US market.
But, in their early days, it all came so close to falling apart.
What happened?
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