The Leaky Bucket

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 sitti...

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...

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 require...

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 y...

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 jo...

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,...

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 ch...

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 ove...

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 busines...

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...

Join Ian Morgan as he explores the most efficient ways for UK directors and shareholders to pay themselves in 2024/25. This episode covers the basics of dividends, outlines three key strategies for tax-efficient income, and offers crucial advice on managing higher earnings and additional income sources. Whether you’re optimizing salary and dividends or navigating tax complexities, this episode pro...

In this episode of our Facebook Live series, Ian Morgan dives into the essentials of "Effective Expense Tracking" for business owners. Learn why keeping detailed and accurate records is crucial, discover the best tools and apps for tracking expenses, and understand how to categorize your expenses correctly for HMRC compliance. Whether you're a seasoned entrepreneur or just starting...

In this bonus episode, we reflect on  RANK 16: A Journey to Outstanding with Sonia Gill of Heads Up Delving into powerful lessons on navigating difficult conversations and adapting business strategies in times of crisis. Join us as we unpack insights into leadership, adaptability, and achieving goals amid challenges. **1. Mastering Difficult Conversations Addressing Uncomfortable Truths Avoiding C...

We are back tracking our Interview Episodes and share some insights from there. This one is from: RANK 12: How to Prepare a Business for Exit with Darryl Bates - Brownsword of Succession Plus Ready to dive in? Key topics discussed are: 1. Structuring Your Business for Success 🏗️ Unlocking Success 🔄 Reduced Owner Reliance 📈 Multiplying Exit Potential 2. Strategic Planning for Business and Exit 📝...

We are back tracking our Interview Episodes and share some insights from there. This one is from: TOP 5: Designing a Plan for Success with Jess Williams of Designs in the Shires   Join us as we navigate the challenges highlighted and discuss pivotal solutions for overwhelmed business owners. 1. Balancing Time and Money in Business Growth The Overwhelm Dilemma Pricing Pitfalls Navigating Success 2....

Hey there, business enthusiasts! 🎙️  We are back tracking our Interview Episodes and share some insights from there. This one is from  TOP 1: Are you Fearless in Business? with Robin Waite The Fearless Business Coach In this bonus episode, we dive into three crucial topics that can transform the way you approach your business.  Let's break it down! 1. Fearlessness in Business 2. Financial Con...

Robin Waite is a highly sought-after speaker and coach, with a reputation for delivering engaging and inspiring presentations that leave a lasting impact on his audiences. His talks are filled with practical advice and real-life examples, and he is known for his ability to connect with people from all walks of life. His engaging and interactive presentations have inspired and motivated audiences w...

Welcome to Episode 1 of The Leaky Bucket Podcast. In this introductory episode, I gave a fascinating glimpse into why I am so passionate about helping secretly struggling entrepreneurs. I'll explain the title of the podcast; why I understand what it is like to have holes in the finances of my own business; and what to expect in future episodes of The Leaky Bucket podcast. Support the show We...

James Ashford works exclusively with leading firms of accountants from around the world, helping them to become more profitable and to systemise their firms so they can deliver maximum value and incredible experiences to their clients. James is the founder of http://GoProposal.com , bestselling author of “Selling to Serve” and Director at My Accountancy Place.  He is a sales and marketing expert,...

Welcome to Episode 2 of The Leaky Bucket Podcast. In this episode, I talked about how secretly struggling entrepreneurs can develop their mindset to help change things for the better. I'll explain how changing one's mindset can form the foundation of success; why the five people you surround yourself with can help cultivate a spirit of positive growth; and why sometimes it is best to swi...

Welcome to Episode 7 of The Leaky Bucket Podcast. In this episode, I am with a special guest Jess Williams about how she managed to implement a positive transformation within her secretly struggling business, Design in the Shires . We hear Jess explain how herself and her partner, Ben, were thrown in at the deep end without a true understanding of vital business processes; what led them to seek a...

Welcome to Episode 10 of the Leaky Bucket podcast. In this episode, I continue to explain how to carry out effective strategic and financial planning. I went through the eight steps of creating the company budget and financial plan; go into depth about why it's so important to cultivate your mindset for long-lasting success; and discuss how your personal circumstances and goals can affect the...

Welcome to Episode 5 of The Leaky Bucket Podcast. Here I discussed about how secretly struggling entrepreneurs can plug the leaks in their businesses. I touched the definition of plugging the leaks, and how it can be a vital step to help the financial health of the business. I'll take you through the step-by-step process that can save both time and money; and why it could make the difference...

Welcome to Episode 3 of The Leaky Bucket Podcast. I talk about how secretly struggling entrepreneurs need to view sales and value propositions. I explained how to transition from the initial start-up phase of sales into a more targeted and effective one for a growing company; I gave a helpful example from a real-life company of how this was put into practice; and how this can be beneficial in your...

Welcome to Episode 6 of The Leaky Bucket Podcast. In this episode, I will take us behind the scenes in our own business to share a recent situation that could have caused a huge issue - but didn't. You'll hear me explain the story behind an employee deciding to leave, throwing a spanner in the works; how we managed to prevent an emotional reaction - all while still being able to healthil...