Short Story Ltd - Growing a small family business with Beany at our side

“We went from freelancers to business owners and needed accountants to help guide us through a whole new financial world”​

There are around 1.16m micro businesses in the UK and finding accountants capable of steering them through the early years isn’t easy.​

Joe runs one of these micro businesses, Short Story Ltd. He is a journalist and content marketer who transferred his writing skills honed on Fleet Street to the business world. He and his wife Vic are just two of thousands of marketers, journalists and writers who have taken the plunge and set up their own small agencies in recent years.​

“We love producing things for clients – every business is different and wants to tell its own story. We’re able to add a personal touch to everything we do because we work so closely with brands,” says Joe.​

“We operate a close-knit business where every agreement, client and financial commitment affects our lives. I know many editors, journalists and content producers experience the same thing. You set up a business to provide your family with an income, but in doing so you merge work and life. It’s hard to balance."​

Joe and Vic launched Short Story Ltd midway through the Covid-19 pandemic. Having worked in newspapers and magazine journalism for a decade, the time was right to use their expertise and provide content marketing to both global and hyper-local brands. The problem was, they didn’t know how to run a business.​

“I used a corporate accountancy firm in London to set up Short Story back in 2020 but soon found they weren’t going to support me through the journey,” says Joe. “They would take direction from me and charge for every email sent. I would ask an accountant something and could go weeks without hearing from them.”​

With his primary focus at the time on securing clients and delivering high-quality work so they could survive the pandemic, Joe confesses he was acting like a freelancer and not really engaging with the business operations.​

“Over time we secured seven or eight regular clients, which was great, and Short Story bloomed. However, I got frustrated and confused with our accounts, which I never felt I had control over. One huge, unexpected accountancy bill at the end of our second year made me question our choice.”​

The experience was a wake-up call. “I realised if we were going to operate Short Story – and our family finances – seriously then we’d need accountants to guide us.”​

The search for a new accountancy partner led Joe to Beany. “My wife discovered Beany and suggested we have a meeting. The big selling point was their offer to oversee our corporate accounts and self assessment. We needed someone who could oversee it all” says Joe.​

“It was apparent from the beginning that they were not the traditional, corporate accountants I was used to dealing with in London. The core focus was on ensuring I could visualise our accounts via Beany’s portal. They also linked me up with Xero, which was much easier to use than my previous software.”​

The impact of the change was noticed right away. “I learned more about running a business in the first six weeks with Beany than at any point in Short Story’s first 24 months. I was also much more confident filing my self assessment tax returns knowing they’d been properly checked by an accountant.”​

Beany’s fixed-fee approach also offered welcome predictability, a contrast to his previous experience with unexpected bills.​

Today, Joe can concentrate on client work while trusting Beany with his corporate and family finances. “We’re a very small company and have a young family, so every hour of the week is accounted for. Having an efficient accountant who is there when you need them fits our business model and personal life.”​

Millennials set up almost half of all businesses created since the Covid-19 pandemic. Joe and Vic’s case is not unique. They’re in their mid-30s, have a small family, are figuring out their household finances, and are looking for greater control of their professional careers.​

“Launching our own business made total sense, especially when it seemed impossible to get a permanent job during Covid,” says Joe. “If, like us, you set up a business after working in an industry for a good number of years, then you’ll know the challenges that your particular industry faces.​

“However, nothing can prepare you for the complexity of running business finances – especially in the first year. Figuring out VAT, corporation tax, home office expenses, invoices, payment terms, contracts… it’s a lot. Then, you have to work out your own life; salaries, benefits, reimbursements, etc. There is so much to think about.”​

Joe’s top tip – “Find an accountant who can do the hard parts for you and spend more time doing what you’re good at.”​

Less than half of UK businesses survive the first five years of operations. Short Story Ltd is now into its fifth year and has a solid client base. For Joe, the aim is to steadily grow the business and help smaller, local companies in the Sussex area.​

“As a family-run small business we’re not thinking about shooting for the stars and risking it all,” says Joe. “I’ve learned so much about smart financial management since being with Beany that it would be foolish to jump too far, too soon.”​

This philosophy translates into strategy. “It’s all about incremental growth and learning how Short Story can help clients in an industry that is rapidly evolving. Artificial intelligence is changing how marketing content is created – for good and bad. Our focus is on providing quality material with interesting angles. This is what we’re good at, and if we keep doing that we can develop our skills in other areas as we steadily grow.”​

With their dedication to quality content and community support, we can’t wait to see Short Story continue to flourish.​

Joe is also a director of Lewes FC, the only football club in the world to pay its men and women’s teams equal budgets. Connect with Joe via LinkedIn.​

Beany are accountants for ambitious businesses. Delivering big firm expertise without the big cost, we handle everything accounting-related (such as annual compliance, bookkeeping, financial insights and strategy), and help business owners make smarter decisions for their business and lifestyle through our responsive, friendly expertise.​

If you'd like to discuss your business and explore how we can help, book a call with our friendly team.​