Smart50 rank: 42
Revenue: $1,876,033
Growth: 42.62%
Founders: Adrian Raftery, 37
Based: New South Wales
Employees: 10
Industry: Finance and insurance
Website: www.arw.com.au
Adrian Raftery, aka "Mr Taxman", claims his entrepreneurial nous was hereditary.
"I think my entrepreneurial mindset started from my father - he ran his own building business for a number of years."
As managing director of ARW Chartered Accountants, which assists clients with superannuation, financial planning, business registration, family trusts and tax returns for individuals and businesses, Raftery attributes his company's success to his ability to simplify things for his clients.
"When I started my accountancy career I found that I was very good with numbers, but I also found I was very good in communicating them in an easy way to clients. I found that I was able to come up with solutions to client's problems relatively easy."
While Raftery credits his communication skills as part of the reason for his business's success, he says turning potential customers into clients is no easy task.
"I think the hardest part in any business is to get customers to become clients. We can all get someone to come in the door, but to make them keep returning and to build enough trust so that they refer their family, friends and colleagues is the hard part," says Raftery.
"A 20 or 30-year relationship is a lot more important to me than churning and burning for a few hundred dollars. Communication has always been the key and the last 12 months has been proof of this."
For budding entrepreneurs Raftery offers this advice: "You need to know your numbers. There is no point in being great in sales but having a poor understanding of overheads and tax liabilities. Keep in mind the ‘ABCs' of accounting - Absolutely Bloody Cash! Cash is king - always has been, always will be, so don't take too much cash out of the business for personal use and don't let your debts get out of control."
"Also, always continue to do marketing despite the temptation to cut costs."
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