A recruitment business in Leeds. £940,000 turnover. £189,000 net profit. 20% margin. Her accountant said the margins looked about right for recruitment. They did look fine. But fine isn't the same as optimised. In this episode I go through four sessions with Meridian Recruitment — costs, fee structure, client retention, and average order value — and find £74,106 in additional net profit sitting untouched in a business that was already doing well. What we covered: — Session 1: Costs audit — jo...
Jun 10
40 min
A commercial HVAC contractor had been in business for 12 years. £1.4 million turnover. £128,000 net profit — about 9p in every pound. Their accountant said the accounts looked fine. In this episode, Ian works through the full Chaos to Clarity process live — four sessions covering costs, margins and pricing, client retention, and average order value. What they found across those four sessions: £119,805 in profit improvement. Nearly matching the entire net profit the business made last year. ...
May 13
49 min
Apex Creative Agency turns over £1.1 million and made £118,000 profit last year. Their accountant told them that was fine. In this episode Ian works through their numbers live across four sessions — a costs audit, margins and pricing review, churn and retention analysis, and average order value mapping — and identifies £138,632 of additional profit available to the business. No new clients required. No redundancies. Just a proper look at what the numbers were already saying. What gets found: ...
Apr 29
41 min
In this episode of The Leaky Bucket Podcast, host Ian Morgan dives into why strategic planning is essential for business growth and sustainability. Learn how a Virtual CFO goes beyond traditional accounting to help craft a long-term financial roadmap that aligns with your business goals. From budget monitoring to cash flow forecasting, discover how forward-thinking financial strategies can turn your business from reactive to proactive. Don’t miss this foundational episode on setting your busi...
Nov 6, 2024
6 min
In this timely episode of The Leaky Bucket Podcast, Ian Morgan breaks down the key announcements from the recent Labour Party budget and their implications for business owners. With changes like the employer’s NI increase, lower threshold, and a hike in the National Minimum Wage, Ian explains why strategic plans and budgets need to adapt. Learn why this budget might lead to price increases and job losses, and how you can prepare your business for these shifts. This is essential listening for ...
Oct 31, 2024
6 min
In this first episode of The Leaky Bucket Podcast we dive into the power of a Virtual CFO and why it’s a game-changer for growing businesses. Whether you’re a business owner with a turnover between £1m and £10m or just looking to understand the benefits of strategic financial leadership, this episode is for you. I, Ian Morgan, founder of MBS Accountants, break down exactly what a Virtual CFO does, the key areas they help manage—like cash flow forecasting, budgeting, and strategic planning—and...
Oct 21, 2024
15 min
In this episode, we explore the critical importance of investing in your finance function and how it can make or break your business. We discuss why allocating 1.5-2.5% of your turnover to financial management—including bookkeeping, reporting, cash flow, and tax compliance—can significantly impact growth and profitability. Through real-world examples from businesses that faced major financial challenges due to underfunding their finance departments, we illustrate the tangible be...
Sep 30, 2024
14 min
In this episode, we dive into the top 10 things every business owner should know when it comes to making sense of their management accounts. These reports are key to understanding the financial health and performance of your business, but often they can feel overwhelming or unclear. We’ll break down: •The importance of accuracy and timely reporting •Why cash flow statements and profit and loss overviews are crucial tools for decision-making •How to leverage KPIs, trend analysis, and varia...
Sep 19, 2024
12 min
In this episode, we explore the pros and cons of putting a company car through your business. We focus on two main types of vehicles: commercial vehicles and electric vehicles (EVs). Key Points: •Commercial Vehicles: •Offer significant tax benefits, including full tax deductions and VAT recovery (if VAT-registered). •Typically exempt from Benefit-in-Kind (BIK) tax if used exclusively for business. •Electric Vehicles: •Benefit from lower BIK tax rates due to their low emissions. •Eligible ...
Sep 12, 2024
12 min
In this episode, we delve into the crucial topic of choosing the optimal business structure for tax efficiency. We’ll compare and contrast four main types of business structures: sole trader, partnership, Limited Liability Partnership (LLP), and limited company. Here’s what you’ll learn: 1.Sole Trader: •Pros: Simplicity and full control. •Cons: Unlimited liability and higher personal income tax rates. 2.Partnership: •Pros: Shared responsibility and relatively easy setup. •Cons: Unlimited li...
Aug 6, 2024
11 min
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