TGt Meets... Neil Elsden

As part of our Entrepreneur Week Specials, we've been speaking to Neil Elsden from Banks BHG.

Tell us a little bit more about your business?

Banks BHG is a firm of Chartered Accountants based originally in Old Town and now Stratton.  We look after the tax and accounting requirements for approximately 600 businesses and business owners helping to keep their accounts and tax affairs up to date and compliant. 

What inspired you to set up your business?

From my first day at work in the firm where I trained I realised that it was the Partners who had the most interesting job; spending time speaking with and advising the clients as opposed to “crunching the numbers”.  It was then that I decided that becoming a Partner in a firm was the career path for me.

What do you think attracts people to starting their own business?

A different reason for every individual but the most common themes would be by accident, a desire to be their own boss or because of a perception of far greater freedom than being the wage slave.

What’s the biggest challenge you’ve faced?

Growing the business has been challenging.  Not only in funding that growth through an incredibly tough recession but finding the right staff members and new premises have also been difficult at various times. 

Do you have a motto or favourite motivational quote?

What have I done today that’s scared me?

What advice would you give someone looking to take the plunge and start a business?

Don’t be afraid to ask for help!  Most people setting up a business will know a great deal about the area in which their business operates but not necessarily the wider implications of how to run the business, how to make it work so ask for help from people who already run their own businesses.

What’s the biggest challenge facing business leaders today?

Uncertainty.  Businesses like certainty and the uncertainty surrounding the timing of any interest rate increases and the uncertainty around the In/Out EU Referendum all creates a more unstable business environment which means businesses are less likely to look to invest.

What’s been your biggest achievement to date?

Growing the business from 6 to 30 employees.

When you’re not busy running your business, how do you like to spend your down time?

I enjoy watching the rugby at Bath and running around after my children.