28th July, 2023
Welcome to Episode 2 of the Fiscal Therapy podcast, powered by MYOB.
Each episode you’ll hear insightful real-life experiences from accountants and bookkeepers and discover how you can overcome some of the biggest challenges in your practice.
Starting from scratch with purpose is a concept that many entrepreneurs can relate to.
It is about starting a business or pursuing a career path with a clear intention and a strong motivation.
In this episode of the Fiscal Therapy podcast, Jody Sitters, MYOB’s Community Relations Manager — Accountants, chats to Davie Mach, the founder of Box Advisory Services.
You’ll hear about his journey from working out of his brother’s bedroom to starting his own award-winning practice at the age of 26.
Davie’s story is inspiring because it showcases the determination and drive to create a better future for his family.
At a young age, Davie realised the financial struggles his parents were facing due to his mother’s illness. He saw the need to take action and make a difference in their lives.
This realisation became the purpose behind his decision to start his own accounting business.
Davie’s purpose-driven approach is evident in the five main pillars he established for his business. Instead of solely focusing on monetary value, he aimed to build a fee base of $1 million.
This goal was not just about financial success but also about creating a stable foundation for his business to support his family.
One of the key factors that contributed to Davie’s success was his focus on setting up the right processes and systems within his business.
He recognised the need to establish efficient workflows and procedures that would enable him to scale the business and manage a significant amount of fees.
By incorporating new-age technology and systems, he was able to streamline operations and improve productivity.
In addition to implementing processes, Davey also understood the importance of building a strong team.
He recognised that as the business grew, he needed to shift his focus from working for clients.
By empowering his employees, he could ensure the business could operate without direct involvement.
One of the key strategies that Davie implemented in his accounting practice was the use of fixed fees for recurring income.
This approach involved signing contracts with clients for a set fee that would be paid on a monthly basis for the next 12 months.
This not only provided Davie with a predictable cash flow but also allowed him to plan for the future and allocate resources accordingly.
By offering fixed fees, Davie was able to provide his clients with better cash flow management.
Instead of receiving unexpected bills at the end of the year, clients knew exactly how much they’d be paying. This helped them budget and plan their finances more effectively.
Davie recognised that employees are the backbone of any business and play a crucial role in delivering excellent service to clients.
He believes that employees should be treated as individuals with their own ambitions and goals.
By providing opportunities for growth and development, businesses can create a positive work culture.
Davie’s experience also highlights the importance of learning from failures.
Instead of blaming himself or dwelling on a negative experience, he chose to see it as a learning opportunity. He realised that finding good employees is just as important as finding clients.
This shift in mindset allowed him to refocus his efforts on building a strong team.
Davie’s belief in the value of relationships extends beyond his employees to his clients as well.
He emphasises the importance of building trust with clients, rather than viewing them as a means to generate revenue.
By genuinely caring about his clients, he can provide a higher level of service and establish long-term partnerships.
One way Davie demonstrates his commitment to relationships is not relying on recruiters.
By taking the time to build relationships, Davie ensures that he is hiring individuals who align with his company’s values and vision.
Furthermore, Davie’s story highlights the significance of having clear goals and taking risks.
From the beginning, Davie had a clear vision of what he wanted to accomplish in his career. He set specific goals for himself and took calculated risks to achieve them.
This determination and willingness to step outside of his comfort zone allowed him to grow his business and expand his client base.
Davie’s journey in building his accounting practice exemplifies the importance of having clear goals and taking risks.
By setting clear goals, he was able to stay focused and make decisions that aligned with his vision.
Taking risks allowed him to differentiate himself and grow his business. Through his experiences — starting from scratch — Davie has learned the value of investing in people and creating a positive work environment.
His story serves as an inspiration for aspiring professionals, highlighting the rewards that come with clear goals.