Groforth’s objective is to allow clients to focus on their business by providing them with financial information in a format they understand and help them make business decisions with confidence. Providing assistance in the form of outsourced finance department, advisory services for our clients, from strategy formulation to simply keeping an eye on deadlines e.g. filing taxes on time.
Give a brief description of GroForth.
GroForth provides financial back office support and data-driven insight for growth-focused businesses, technology companies and professional services firms. We help our clients understand how to use financial data to make better business decisions, set realistic financial goals, improve profitability and achieve targets.
How did you get the idea/ concept for your business?
I grew up helping out in the family business, so I have always understood the importance of keeping on top of the finances. Early on in my career I qualified as an accountant. That gave me an opportunity to work with lots of different businesses and I became really passionate about the power of financial data to help companies develop and grow. Lots of businesses don’t really understand how to interpret financial information and leverage it to enhance their performance so I knew there was a gap in the market. That was the genesis of my idea for GroForth.
Did you always know/ever think you would become an entrepreneur when you were younger? After completing my Masters in Entrepreneurship Management, I knew I would one day work for myself. When I decided to go for it, my background helped to make transition fairly easy.
Is entrepreneurship a common trait in your family?
Yes, both my parents were successful entrepreneurs and they passed their drive and passion on to my brothers and me.
Did you have prior knowledge of the industry before setting up your company?
As an accountant, I have seen how lots of different businesses organised their finance function. I knew that many businesses, particularly small businesses, really don’t understand how to access and leverage real time financial information. I knew I could help these businesses and that my skills would really make a difference to their performance. Unless you are able to base your decisions on up-to-date, relevant data, you can’t be confident you are making the right choices for your business.
What is your opinion on the importance of a professional network for an entrepreneur?
In my business networking is essential. Most of our clients come through referral. We get a lot of business from accountancy firms, particularly during their busy periods and we have a lot of clients in the technology sector, so I do a fair amount of networking there as well. When you work for yourself, it’s really important to get out and about and meet people. It helps you keep up to date with what’s happening in your sector and it stimulates new ideas. When you have a good network, there is always someone you can contact for advice or guidance when you need it.
Do you think entrepreneurship has changed in recent years?
No. You still need passion, motivation and drive. You have to be willing to take a risk and not be afraid to ask for help or advice when you need it.
Would you ever consider starting another company or involving yourself in new start-ups again?
I am open to possibilities. Never say never.
If you had one piece of advice for a new entrepreneur, what would it be?
If you really want to do it, you have to take the chance. There is nothing worse than saying “What if” in years to come. Be brave, be yourself and don’t be afraid to ask for help!
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