Finding the balance: how a Barrow business is growing and staying true to its values
Stephen Leonard, of Winders Accountants, shares how peer learning is helping the business forge a path to sustainable growth.
“I’ve never believed in the hard sell,” says Stephen Leonard, managing director of Barrow-based Chartered Accountants and Business Advisers, Winders, “for us, it’s much more about building genuine relationships, over time.”
Stephen leads the 20-strong team at Winders alongside his business partner, Sarah Roberts.
The 60-year-old firm boasts a raft of loyal clients across Cumbria and beyond, many of whom have trusted Winders with their personal and business finances for decades.
Establishing firm footings
Despite its solid heritage, the Winders’ team is no stranger to change, as Stephen explains: “A couple of years ago, the firm moved from five partners to two: Sarah and myself. Our priority then was to settle the team into the new structure, rather than seeking new clients. With the internal changes embedded, we have now turned our attention to growing the business. The first step was to open our new Ulverston office last year.
“The timing feels right too: the increased use of technology during the pandemic has broken down some of the geographical barriers we had previously faced as a predominantly Barrow-based business, meaning we can branch out into new locations.”
It’s about more than just the bottom line
As the partner responsible for leading business development, Stephen has been keen to balance expanding Winders’ client base with maintaining its reputation for high-quality, attentive service.
Stephen says: “You can rapidly grow by marketing, but can you service those new clients to the best of your abilities? You can build a reputation quickly, but you can lose it quicker.
“For Sarah and I, it’s about the laying foundations so that when we take new clients on, we look after and keep them.”
The power of peer learning
Stephen looked for support in developing expansion plans that were both ambitious and true to the company’s values. He says: “As a business owner, everyone looks to you for advice, and you look up and there’s no one there. So, you have to look outwardly for help.”
Stephen discovered the Cumbria Forum, a four-month programme, delivered by Lancaster University Management School (LUMS) to help the county’s SMEs grow sustainably.
Created and delivered by leading business experts and world-class LUMS academics, delegates learn in a peer-to-peer environment, sharing experiences and ideas amongst a trusted network of like-minded business leaders. Places are fully-funded by the European Regional Development Fund (ERDF).
Stephen continues: “The Cumbria Forum provided exactly the support I needed. The programme format – learning from academics and experts, analysing our own practices, and then discussing our plans with our peers – was very powerful.
“We came from all manner of types and sizes of Cumbrian businesses, but when we discussed the programme themes, like resilience, innovation and leadership, we found we all faced the same challenges.
“I wasn’t sure how the group learning element would work online, but it did. Sometimes you are too close to your business to see what’s going on, and the peer group format offered support from objective, critical friends with firsthand experience of similar issues.”
The right kind of growth
Participating in the Cumbria Forum has given Stephen space to explore what his customers want from an accountant.
Stephen says: “I realised that we had been emphasising what we do, rather than what our customers want.
“I flipped our thinking around and saw that clients don’t really want a tax return – that’s a means to an end – they actually want help in building or future-proofing their business and finances.
“The forum also encouraged me to think about how people use an accountant has changed since the start of the pandemic: clients now need help to navigate grant applications and plan their medium and long-term financial recovery.
“That change in perspective means we’ve now got a much richer picture of what our ideal customer looks like – someone who wants the long-term expertise and strategic support that is our forte. We are now tailoring our services and business development plans to meet those needs.
“Before the Cumbria Forum, I saw myself as an accountant with a business. Now, I see myself as a business owner who happens to be an accountant. It means I can better understand and support our clients, as I share their mindset and perspectives.”
Cumbria Forum: applications now open
The next Cumbria Forum cohort begins 22 September 2021.
The programme is currently delivered online and is part of the Cumbria Growth Hub’s offerings to SMEs in the county. Places are fully funded for ERDF-eligible businesses. For more information, eligibility criteria and to apply, visit www.lancaster.ac.uk/lums/cumbriaforum or contact cumbriaforum@lancaster.ac.uk
Funding
This initiative is part of the ERDF Growth Hub project which is receiving £2, 528,767 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020, with a £5,057,533 project total. The Department for Communities and Local Government (and in London the intermediate body Greater London Authority) is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit https://www.gov.uk/european-growth-funding
