Meet the founder of The Finance Department
I’m Asif Ahmed, author of The Finance Playbook for Entrepreneurs and founder of startup The Finance Department.
What’s the biggest lesson you’ve learnt so far as an entrepreneur?
The power of slow compounding. As Simon Sinek said, “it’s better to go slowly in the right direction than to go speeding off in the wrong direction.” I find that a very reassuring piece of advice.
What inspired you to launch your business and what is the end goal
I started this business out of circumstance, so my inspiration didn’t come at its inception, it has come at the decision to grow it. You reach a tipping point where everything is telling you that this is really needed, and that’s how it was for me. The end goal is to be a hub of trusted information for all financial matters that relate to starting and operating a high-growth business.
How well versed were you in the planning and strategic growth of your business? Did this come easy to you?
I wasn’t well versed at all, but I had plenty of examples of how not to run this type of business. What did come easily to me was the ability to view the company not through the lens of an accountant but to focus purely on the commercial aspects of running the firm like any other business. Much like members of the creative field, professional advisers often struggle with distinguishing their ‘craft’ from the nuts and bolts of operating a profit-making enterprise.
Does your company help the community that you’re located in?
Location has become an irrelevance to our business as our clients are located all over the world. The pandemic went some way to accentuate that.
What are your top tips for entrepreneurs wanting to get their business out there?
Lead with your purpose, not with your product, unless of course you are in a category of one.
What’s the most important question entrepreneurs should be asking themselves?
What does the customer really think about my product or service? When you’re immersed in the tech stuff it’s too easy to forget that no-one else cares about that, they just want to know how it’s going to help make their lives easier.
What’s your best advice for early-stage tech founders getting ready to launch their MVP
Get ready to fail fast and try again. You need to preserve your resources for doubling down on the experiments that prove to be working, so don’t waste all of your time and energy on anything that isn’t supported with positive feedback.
What advice would you give someone looking to enter the fintech industry as an entrepreneur?
Like with any other industry, focus on a problem, however niche and solve it. There is often a ‘build it and they will come’ mentality that can creep into the attitude of some entrepreneurs. This is certainly not the case for fintech.
How is digitisation empowering your business?
We are able to operate much more efficiently now. As a professional services business, we have an obligation to retain records for a statutory period of time and even a simple requirement like this is made so much more straightforward by the advent of digital solutions. Similarly, we are also able to be more dynamic and responsive to client needs with cloud-based systems.
How do you believe the evolution of tech will impact your industry over the next 10 years?
In the next 10 years we believe the ability to keep records, meet compliance obligations and make strategic financial decisions will be fully automated with digital solutions providing better outcomes than human advisors ever could.
What would be your top three tips to fellow entrepreneurs to look after their mental health?
Firstly, always ensure you have at least one trusted advisor, friend, partner or confidante with whom you share all your business concerns.
Secondly, when you are in the fortunate position to be able to employ people, ensure they are of the highest calibre you can afford. Quality team mates and colleagues can be a sole solution to avoiding the onset of anxiety and stress. And thirdly, focus on what you can control but also accept that that can’t be everything.
