Accountants Daniel and Rachel Wu have introduced a new coaching service designed to help family-run companies better understand their finances and plan for sustainable growth.
The Bexley-based couple, who operate a Tax Assist franchise, have developed Success Elevation Coaching around Rachel’s book ‘Success Mindset, a 40-day diary’, which focuses on removing anxiety from business decision-making.
Rachel Wu said: “We found out about 80 per cent of our clients don’t know if they are really making a profit or not because they are too scared to look at their numbers.
“We recently had a client who was due a refund from HMRC. I asked if he had received the money and he said ‘I have no idea. I don’t normally check my bank account because I am so scared’. That’s the time we have to say ‘why don’t we have a conversation, let’s sit down, have a chat, look into your business and see what is really happening and where we can support you’.”
Rachel has sold her bubble tea businesses to focus entirely on the new venture.
Daniel explained that the coaching model is intended to complement traditional accountancy services. “Success Elevation Coaching was born seeing the need of supporting clients not only with accounts filing, but also offering a holistic approach that encompasses tax planning, business consulting and strategies for growth and scaling,” he said.
The couple’s outlook has been influenced by their years working abroad in Africa and Asia, which shaped their commitment to using business as a means of creating wider social benefit.
“Research shows that once you get to around £60,000 a year, your life really does not change that much after that,” said Rachel. “Your happiness does not change much. It is not about money, it is about what you do with it, how you can impact and empower other lives.”
She recalled experiences in Uganda that motivated their long-term goals. “A lot of the kids there never go to school – they are getting up at 4am and carrying jerry cans of fresh water for two hours,” she said.
“You see something like that, and you start to wonder what is wrong with the world, what are you going to do about it? That is why we started our businesses in the first place – we plan to go back to these places and help to build new water pumps, new schools and homes.”
Daniel said his career path was shaped by his mother’s entrepreneurial journey. “My mum came to the UK from Hong Kong, managed to open two takeaways and put all three kids through university.
“Part of the reason I became an accountant was so I could help other people like her and their families – what would my mum have been able to achieve if she had had someone like me to help her?
“People tend to do things on their own, but you don’t have to. We can help you go faster, we can tell you what the potholes are along the way because we have got that experience.”
Further information is available via Success Elevation Coaching — Transform Your Mindset & Life.
