Business specialist David Ross busts the work-life balance myth in his new book Awesome Business, Awesome Life

I was raised on the Mid North Coast spending time in both Forster and Wingham before moving to Newcastle. Probably the biggest influences on my career were two of my first bosses. I started my career in a firm with strong professional values and standards which stuck with me. I then worked for a Newcastle firm where I was introduced to business development work (or coaching as it's called now). It was my first chance at going beyond taxation, and looking at how you could assist a business to grow and be more profitable.

Why did you study commerce (accounting and marketing)?

To have options. I wasn't sure if I wanted to go into business, work in corporate finance or go into marketing and advertising. I studied core accounting subjects but also a lot of the small business management and even international marketing at the time. I ended up working in an accounting firm, probably the last thing that I had on my list, but it's a career with options.

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Why did you set up Direction Accounting and Business Coaching?

A firm I was working for [as an accountant] decided to sell, and the new owner put me in as a manager, with a view to buy. The offer wasn't attractive, so I set up for myself. Zero client base, a van filled with second hand office furniture and two old computers. It was a fairly unglamorous launch, but hey, after 21 years we are still here. The real impact of what I do for clients has grown from there. I started with the view of doing way more than just tax returns. I wanted to make an impact for small business owners. Our services are built around our five pillar system called the Vector Business Platform, making sure that the businesses achieve the things that they set out to do when they start.

How has the pandemic affected your business?

Probably the ability to actually meet, and build trust with clients in person. A lot of what we do on the advisory side of the business, is all about deeper conversations and understanding what a business needs, before we do any particular work. That relationship building has been really hard in lockdowns.

And those of your clients?

Hospitality, for obvious reasons, has really struggled. However savvy hospitality operators, whilst not unscathed, have been able to maintain healthy businesses. Construction and Trades though, have been booming, with their biggest struggle being getting staff. They've also had supplier and material availability issues.

Why did you decide to write the book Awesome Business, Awesome Life?

One of the core strengths of my business is educating business owners in an easy to understand manner. It really pains me to see small business owners, year after year, just grind away with no real progress. There's so many gurus out there selling expensive programs to business owners who are looking for the next bright shiny object to fix everything. Unfortunately, you can't do that with an off the shelf solution. The key is to look at what your needs are, and then apply a structured process. The book covers that structure and provides a guide to achieving sustainable results. It also busts the myth of work-life balance. It's more of a work-life integration, a yin and yang thing. At times you need to devote your entire being to the business (the dark), so that you can enable those times when you can focus on your life (the light).

Its key take-outs?

The core of the book looks at the Vector Business Platform. Readers are guided through getting clear on where they are now and where they want their business to be. The chapters on Numbers and Planning help them understand what strategies and actions are needed, and how to measure results. Most small businesses only have their plans in their heads and a rough grasp of financials. The book aims to change that.

Why do you believe businesses need an accountant and a coach?

Accountants are looking at the past and concentrate on tax, while business coaches market a product and are not worrying about the needs of the business owner. A small business needs both: strength in the numbers so they can make key decisions, and help with planning, accountability, marketing and sales.

What are trademarks of successful businesses?

Strong planning. Not a traditional plan, but a flexible action plan. Really strong systems and processes. One way of doing things. Having a great team and being a master at delegation.

The biggest error that businesses that fail make?

Not putting their hand up when they need some advice. Instead, they just believe that things will be okay and stick their head in the sand until it's too late. Pride is a big thing. Putting on the brave business owner face so as not to ruin their reputation. Unfortunately it's counter intuitive because it's where a lot of stress and overwhelm comes from, trying to live up to the image of what a successful business owner should be. Most people were trained in their profession or their industry, but not how to be a business person. That's where accountants and coaches can really help in providing that structure and the sounding board. Small business can be a lonely place to be. Don't be afraid to reach out for help.