Bulletproof Entrepreneur Ep.12 - Mark Telford - Small Giants: How to use your business to design your ideal life
According to the Department of Business and Industry, there are 5.6 million businesses in the UK.
But get this - out of the 5.6 million businesses, 4.2 million had no employees - they are sole traders.
And 99.2% of all businesses have less than 49 employees.
Only 4% of businesses ever hit £1m turnover.
And yet, SMEs account for three-fifths of all employment and around half of the turnover in the UK private sector.
Last year total employment in SMEs was 16.3 million (61% of the total), whilst turnover was estimated at £2.3 trillion (52%)
There are millions of one-person armies and small companies, and they make a massive impact on the nation’s economy.
Now it’s fair to say that my conversations with founders so far on the podcast have focussed on the larger company end in terms of turnover and valuation and so it was time to address this.
My guest is Mark Telford. Mark is a business owner, he is a practising Chartered Accountant who advises business owners and because that doesn't keep him busy enough, he also coaches other accountants on growing their own practices.
Mark’s clients are in the main smaller business from sole traders working within their own Ltd company to larger owner-managed firms.
As an accountant Mark takes a refreshing approach in that he not only keeps his clients' tax efficient and compliant but also coaches business owners to utilise their companies to help them create their ideal lifestyle.
- During our conversation, Mark explains the difference between a lifestyle business and what he calls a performance business and why it’s vital to know which one you are.
- He shares his 7-point checklist to create massive value in your business so that it could be sold for a meaningful amount of money.
- He also explains the importance of doing your due diligence on any potential buyer to avoid the tough situation one of his clients experienced.
If you’re a sole trader - one man or one-woman army or you own a small business and are considering your future and the right direction of travel, then this conversation is for you.
Links and Contact details
Mark Telford - Founder - Telfords Chartered Accountants | LinkedIn
Books
Traction: Get a Grip on Your Business
Built to Sell: Creating a Business That Can Thrive Without You by John Warrillow
Company of One: Why Staying Small is the Next Big Thing for Business
Accelerator
This podcast is produced by GR Media
Sponsored by Capital Asset Management