Features / If I Knew Then
If I Knew Then: Ben Steele
Certified chartered accountant Ben Steele is the managing director of Streets Steele accountants.
He has been in practice for 17 years and has a special interest in all things cloud accounting, tech and apps and integrations.
He heads up the Bristol office and specialises in looking after the hospitality industry.
How did you start your career?
“I decided to quit my university place at the last minute (two weeks prior) and took an on-the-job training position in an accounting firm instead. I knew I wanted a career in accountancy, and so it felt like the more sensible option. I put myself through my AAT qualification during evenings, while working full-time for a small, local practice. After working my way up through the ranks, and becoming chartered along the way, I finally started my own firm, and the rest is history.”
If you knew then what you knew now, what mistakes would you have avoided?
“As corny as it sounds, I am a true believer of ‘everything happens for a reason’. Every mistake I made along the way while growing my firm taught me a valuable lesson. I guess if I had to give an answer to this, it would be to not underprice myself to win work. As with most business owners starting off, it felt like the best thing to do was quote potential customers low to win work. The issue I found after time is that you can’t provide quality services for low fees – and that was more important.”
Certified chartered accountant Ben Steele is the managing director of Streets Steele accountants – photo Ben Steele
What advice would you give yourself when starting out?
“It would be to not stress as much (and not have as many sleepless nights) worrying about every detail. The small things you sweat about as a business owner are usually your own fears and anxiety, and clients or customers don’t notice or care after all.”
If you knew then what you know now, would you still be sitting there?
“Absolutely. Running a business is extremely tough and can be the loneliest place in the world. Would I go back and stay employed though? Definitely not! It was the best decision I ever made and I would make the same decision time and time again. It’s not for everyone and needs a thick skin. Yet for me, it has been one of the most rewarding achievements in my life so far.”
What do you know now that you didn’t know then?
“How tricky recruiting a fantastic team can be. As the business grows and you have to cast your net further afield, you realise that finding decent, honest and hard-working team members can be very tricky, and not everyone has the passion for your business as you do.”
What’s the best piece of advice you’ve received so far?
“The best piece of advice I have received so far is to not sweat the small stuff. I spent too long over the years getting caught up in fine detail that doesn’t make a difference. A business contact of mine said to me one day: “You worry too much – don’t sweat the small stuff, focus on the big picture and the small stuff will follow”. He was right!”
What is your business highlight?
“Honestly, I think this week. We have just moved into our new offices in Bristol, with a team of 19 incredible people. I started on my own in my spare bedroom, no clients, no money, no clue! Fast-forward seven years and I have the best team in a huge modern office space and couldn’t be prouder.”
What is your business low point?
“I think it would probably be the Covid years, specifically 2020 itself. We are hospitality specialists and so a major part of our client base is food & drink businesses. As you can imagine, this was an extra tough time for those owners, and I remember working 12-hour days, comforting clients on the phone and just feeling helpless. That being said, my team and I managed to get them all through it and out the other side.”
What keeps you awake?
“I am a control freak – and so it’s usually something outside of my control that suddenly pops into my head at 11pm as I am trying to sleep. I am learning not to worry about the small things, which has hugely helped from a mental health perspective.”
What’s changed from when you started out?
“The accounting industry itself has hugely changed since I started out as a spritely 17-year-old all that time ago. It operates at such a quick pace now and, like most of the world, has developed this ‘instant’ culture. Technology has come a long way too in the accounting world. No more shoeboxes full of paper receipts. Instead, we operate as a fully digital firm in the cloud.”
What’s still on your to-do list?
“Up next for us is to spread the word across England and become even more known as the go-to firm offering “virtual finance office” services to growing and larger companies, and the specialist firm for hospitality businesses.”
What’s next for you in business and personally?
“Up next for me is to create a better work/life balance. I want to explore the idea of having children with my partner and co-director, which will mean I can no longer work six days per week, 12-hour days! It’s important from a mental health point too, as there is more to life than work! (so they say…).”
All photos: Ben Steele
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