The Holistic Accountant Stuart Wemyss & Mena Abraham

In this episode, Mena and Stuart delve into acceptable profit margins and strategies to improve them. They emphasise regularly reviewing and adjusting pricing to reflect cost increases while considering pricing power (Episode 5, Season 1). The hosts recommend analysing profit and loss statements, negotiating better supplier prices, and exploring alternatives to optimise input costs and inventory management.

They discuss evaluating employee performance, providing training, ensuring productivity-enhancing tools, and considering outsourcing to optimise labour costs. Maximising customer spending by offering higher-margin-related products/services is highlighted, using examples like Morning Market, Marian Wine Bar, and Cutler & Co.

The episode references a previous discussion (Episode 8, Season 4) on using cost accounting to gain granular insights into revenue and profitability by product, client, category, etc. Overall, it's a comprehensive, actionable guide for understanding and improving profit margins.
If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach more incredible listeners like you. Thank you for being a part of the journey!

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SPECIAL OFFER: Buy a one of Stuart's books for ONLY $20 including delivery. Use the discount code blog here.

Work with Mean & Stuart's team: At ProSolution Private Clients we encourage clients to adopt a holistic and evidence-based approach when making financial decisions. Visit our website.

Follow us: Stuart: Twitter/X and LinkedIn. Mena: LinkedIn

IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.

In this episode, Stuart and Mena discuss the challenges and potential strategies for businesses that are heavily reliant on a single major customer. They acknowledge that while having a large customer can be advantageous, it also poses significant risks due to the lack of diversification and potential loss of revenue if that customer relationship were to end.

The hosts outline three main options for businesses in this situation: 1) Actively pursuing new customers, potentially through acquisitions, 2) Vertically integrating or expanding offerings in a way that complements the existing major customer, or 3) Embracing the situation and aggressively building personal wealth.

Stuart and Mena caution against the pitfalls of inaction or attempting to mitigate risk by investing in unrelated passive income streams. Instead, they emphasise the importance of proactively addressing the over-reliance on a single customer to ensure long-term business sustainability and growth.

Throughout the episode, the hosts provide practical insights and thoughtful perspectives on navigating this common business challenge, making it a valuable listen for entrepreneurs and business owners seeking to manage customer concentration risks effectively.
If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach more incredible listeners like you. Thank you for being a part of the journey!

Click here to subscribe to our weekly email.

SPECIAL OFFER: Buy a one of Stuart's books for ONLY $20 including delivery. Use the discount code blog here.

Work with Mean & Stuart's team: At ProSolution Private Clients we encourage clients to adopt a holistic and evidence-based approach when making financial decisions. Visit our website.

Follow us: Stuart: Twitter/X and LinkedIn. Mena: LinkedIn

IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.

In this episode, Stuart and Mena dive into the invaluable benefits of outsourcing your bookkeeping function, highlighting how it can be a game-changer for businesses seeking to streamline operations and boost profitability.

They emphasise the importance of having an expert team deeply integrated into your business, ensuring accurate data flow and enabling your accountant to provide meaningful insights. By outsourcing bookkeeping, businesses can improve invoice and receipt management, leading to faster payment cycles and better cash flow management.

Moreover, Stuart and Mena underscore the significant time savings that come with outsourcing this critical function, allowing business owners to redirect their focus towards core growth initiatives. They also discuss the advantages of tracking key performance indicators through real-time reporting, empowering businesses to identify drivers of profitability and areas for improvement.

Throughout the episode, Stuart and Mena make a compelling case for why outsourcing bookkeeping is a strategic move for businesses of all sizes, enabling them to leverage specialised expertise, enhance operational efficiency, and gain valuable insights for informed decision-making.
If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach more incredible listeners like you. Thank you for being a part of the journey!

Click here to subscribe to our weekly email.

SPECIAL OFFER: Buy a one of Stuart's books for ONLY $20 including delivery. Use the discount code blog here.

Work with Mean & Stuart's team: At ProSolution Private Clients we encourage clients to adopt a holistic and evidence-based approach when making financial decisions. Visit our website.

Follow us: Stuart: Twitter/X and LinkedIn. Mena: LinkedIn

IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.

In this episode, Stuart and Mena dive into the different finance solutions available for asset finance and discuss the pros and cons of each option. They start by outlining the main types of asset finance:


Chattel Mortgage - The lender takes a mortgage over a specific asset like equipment or vehicles and provides funding secured by that asset. This is one of the most common options.Hire Purchase - The financier purchases the asset and the client takes out a loan to pay it off over a fixed period, ultimately owning the asset. GST applies.Novated Lease - An agreement between the employer, employee, and financier where the employee uses pre-tax salary to make payments on a newly purchased vehicle. Sale and Lease/Hire Back - The client sells their existing asset to the lender and then leases it back, making rental payments.
Stuart and Mena highlight that chattel mortgages are most frequently used as they assist with cash flow. For employees, novated leases can be beneficial. They recommend considering balloon payments to further improve cash flow. However, the impacts on overall borrowing capacity need to be assessed.

The hosts advise speaking with a holistic accountant who can connect you with specialised asset finance brokers to determine the best solution for your specific circumstances and requirements.
If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach more incredible listeners like you. Thank you for being a part of the journey!

Click here to subscribe to our weekly email.

SPECIAL OFFER: Buy a one of Stuart's books for ONLY $20 including delivery. Use the discount code blog here.

Work with Mean & Stuart's team: At ProSolution Private Clients we encourage clients to adopt a holistic and evidence-based approach when making financial decisions. Visit our website.

Follow us: Stuart: Twitter/X and LinkedIn. Mena: LinkedIn

IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.

In this episode, Stuart and Mena debunk common tax minimisation myths perpetuated by some accountants to attract clients. They delve into strategies often marketed as tax-saving methods but may not necessarily be beneficial in the long run.

One such myth revolves around the promise of quick tax refund turnaround times, which should not be the sole driving factor in choosing an accountant. Additionally, they address the misconceptions surrounding motor vehicle expenses and the potential pitfalls of focusing solely on negative gearing benefits when investing in property, which could lead to poor asset choices.

The hosts also caution against unnecessary upgrades of equipment or the use of overly complicated structures solely for perceived tax advantages. These practices may not yield tangible benefits and could potentially expose individuals to unnecessary risks or costs.

Through this insightful discussion, Stuart and Mena aim to empower listeners with a clear understanding of these common myths, encouraging them to make informed decisions and seek professional advice tailored to their unique financial situations.
If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach more incredible listeners like you. Thank you for being a part of the journey!

Click here to subscribe to our weekly email.

SPECIAL OFFER: Buy a one of Stuart's books for ONLY $20 including delivery. Use the discount code blog here.

Work with Mean & Stuart's team: At ProSolution Private Clients we encourage clients to adopt a holistic and evidence-based approach when making financial decisions. Visit our website.

Follow us: Stuart: Twitter/X and LinkedIn. Mena: LinkedIn

IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.

In this episode, Stuart and Mena delve into a critical topic: "Who’s going to look after your business when you die?" Tune in as they navigate the complexities of estate planning for business owners, addressing key considerations to ensure the continuity and prosperity of your enterprise.

From selecting capable executors to identifying competent successors, Stuart and Mena guide listeners through the crucial decisions that shape the future of your business. Explore the intricacies of determining whether your estate will retain or sell the business, and gain insights into crafting essential documents like the letter of wishes and will.

Join the discussion as they shed light on safeguarding key personnel and licenses vital for business operations. Don't miss this episode packed with invaluable insights and actionable strategies to secure the legacy of your business for generations to come.
If this episode resonated with you, please leave a rating on your favourite podcast platform. It helps us reach more incredible listeners like you. Thank you for being a part of the journey!

Click here to subscribe to our weekly email.

SPECIAL OFFER: Buy a one of Stuart's books for ONLY $20 including delivery. Use the discount code blog here.

Work with Mean & Stuart's team: At ProSolution Private Clients we encourage clients to adopt a holistic and evidence-based approach when making financial decisions. Visit our website.

Follow us: Stuart: Twitter/X and LinkedIn. Mena: LinkedIn

IMPORTANT: This podcast provides general information about finance, taxes, and credit. This means that the content does not consider your specific objectives, financial situation, or needs. It is crucial for you to assess whether the information is suitable for your circumstances before taking any actions based on it. If you find yourself uncertain about the relevance or your specific needs, it is advisable to seek advice from a licensed and trustworthy professional.