One lesson I learnt the hard way: Gordie Smyth

When he launched Flower Accounting in February 2020, six weeks before the first COVID lockdown, IFA member Gordie Smyth envisioned a business that focussed on meaningful partnerships and lasting relationships.

His first month’s revenue was £72.

But that challenging first year, much spent in lockdown, taught Gordie that he was on the right track. His clients thanked him by spreading the word about his business.

Last month, revenue was £26,000. Staff numbers have leapt from one to five. And Gordie has a 10-year plan to reach seven figures in revenue, annually.

Relationships matter, he has confirmed. They have enormous value to both partners, as long as there is a consistent focus on mutual success.

We asked Gordie how he and his team build relationships, what football’s taught him about accounting, and what he learnt from an early mistake in his business.  

Q: Flower Accounting is all about real and meaningful, person-to-person relationships. What’s wrong staring at a spreadsheet?

A: The sad reality is that most businesses fail. This has always really troubled me. Many businesses that fail were good, sound businesses, but they had a gaping hole. That hole was a lack of a robust finance function. 

I always felt that as accountants, we had the ability to do more and be more. As my career progressed, I was increasingly frustrated at just doing the number crunching and the compliance work. I’m not saying that doesn’t have value, and I’m very proud of the technical skills that underpin what we do. But I wanted to put building relationships at the forefront of what we do and work much more closely with business owners, in partnership with them.

Q: You say ‘partners’ where many accountants say ‘advisers’. What’s the difference?

A: Something I heard years ago that stuck with me is that once upon a time, before layer upon layer was added to compliance work, accountants would be invited to their clients’ weddings. That seems hard to imagine today! 

I think being a partner is about being human, first and foremost. It’s about not seeing the relationship as about doing the work, but more as two people on a journey together, trying to get from A to B. 

It’s about being open and transparent, and saying that if we can help you get things moving in your business, if we can help your business grow, then our business grows naturally on the back of that.

Q: Then how do you figure out, with a new client, where is A and where is B?

A: One of the very first meetings we have, and it’s one we insist on, is what we call the ‘Three Freedoms meeting’. It’s all about understanding what a client is seeking to get out of the business. 

The first freedom is financial freedom. How does the business need to perform to give you the life that you desire? 

Then there’s time freedom. A business can be performing brilliantly in terms of finances, but what’s the point if you’ve got no time to enjoy it? 

Finally there’s mind freedom. As a business owner myself, I can tell you it’s very difficult to switch off, to be present and enjoy the things in life that the business should be delivering for you. 

So we kick off with that meeting.

Q: Do some clients just want to get down to business and skip the ‘touchy-feely’ stuff?

A: We do get prospects who say they don’t want such a meeting; they don’t have time for it. They just want a quote on how much we’ll charge. 

But we believe in a certain way of working and, at the end of the day, if we’re going to be true to our word and be a partner rather than an adviser, it is necessary for them to put the time in with us, just as much as we want to put time in with them.

Q: Where do you look in your life to learn lessons about workplace success?

A For many years I played in and managed a local football team. As the manager of that team, there were times when I’d walk into the dressing room before a game and I knew we were going to win. 

I could see it in the team. They were up for it. 

And I’ve always tried to bring that to my work teams. Can I get these guys up for it? Can I get these guys on board with what we’re trying to achieve? Can I get everybody pulling in the same direction? Are they with me today? That’s how I’ve tried to recruit. 

I want the right people in that dressing room with me. If the right people are there, we’re going to win.

Q: What have you learnt the hard way in building your business?

A: For the first year or so we didn’t insist on doing the bookkeeping for our clients. That slowed everything down. Cloud or no cloud, we can’t have a real-time position or leverage real-time data in our meetings if we don’t have an up-to-date and accurate financial position. 

Naturally, we have to charge a bit more to provide that service. 

But as time has gone on I’ve become much more confident in saying this is the level of investment you need to be making in your finance function for us to do things the way we need to do things to help make your business a success.