Family accountancy counts on Growth Hub advice

Family accountancy counts on Growth Hub advice

A family-run business in the accountancy, taxation and management reporting fields has benefited from a bank of advice from the Enterprise M3 Growth Hub.

Newnham & Son, run by father and son team Roger and Edward Newnham, has a wide client base including sole traders, partnerships and limited companies as well as personal tax clients in the UK and abroad.

Founder and partner, Roger Newnham opened the practice in 1980 and welcomed Edward to the team in 2012 – a move that was the catalyst for the company’s development.  Since then they have overseen organic growth at the company, which has increased turnover from £120,000 to £190,000 in the last two years. 

With a client base of 160 and a new member of staff appointed, the company has ambitious plans to expand further across the breadth of the country. Under the professional services category for growing businesses, Edward was put in touch with Growth Hub champions Mel Redding and Prem Gyani, who used their experience and know-how to help position the company for further expansion.   

Mel, who has led business development activity and sales strategy in the UK and overseas for more than 25 years, helped Edward evaluate the company’s business plan and provided a strategic review so that it included clear, measureable aims and objectives.  Her assistance has also included advice on fee structuring remuneration, growth targeting and how to promote the product to potential customers.

Edward said: “As a business that has been trading for more than 30 years, we were confident we knew what was needed to run a successful business but with ambitious growth plans for the future, we really needed external guidance to review our business strategy. 

“We were fortunate enough to be put in touch with Mel and Prem who very much follow an ‘every client is different’ approach. They took the time to understand what success meant for us as a business and worked side by side with us in this process.

“Their advice, skills and encouragement were extremely valued and they helped to reaffirm the fact that we had the right business strategy in place to take us to the next level.”

Mel said: “We worked with Newnham & Son to undergo a client-based analysis which would in turn provide us with enough information to determine the core client demographic, highlight the key targets for growth and explore the different models of marketing and social media.

“It was fantastic to work with Newnham & Son and I’m really impressed by the successes of the company to date.  It’s no wonder they’re expanding their client base at a remarkable rate and I look forward to following their progress.”

Prem is experienced in providing business strategy, sales and marketing support for fast-growth companies with an ambition, ability, passion and energetic enough culture to solve a problem. 

Fascinated by the science of social and mobile engagement, Prem was instrumental in providing social media strategy advice for the company. He was able to introduce Edward to apps including Cashflow and Zero to help the company reach a younger client base and step up its marketing drive.

Edward added: “Prem’s social media expertise has been effective in helping to generate a more visible social media presence and I’m looking forward to exploring the new marketing avenues he presented.”

 

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