Meet the founder and MD of Ridgefield Consulting
Simon Thomas is the founder and Managing Director of Ridgefield Consulting, Oxford leading independent accounting firm. They do all things tax and money related for customers in the surrounding counties of Oxfordshire, Berkshire, Buckinghamshire as well as clients further afield.
Tell us about the founder behind the Ridgefield Consulting?
To be quite honest, I was never very good at keeping any jobs. My father is an accountant, so it seemed to make sense that I go into the industry as well. I worked for top firms such as Grant Thornton and EY (lasted much longer in the latter than I did the first) but I realised it was just because I wasn’t suited to taking orders and much better at doing my own thing.
What’s the most common problem your customers approach you with?
Our customers are very diverse and range from sole traders all the way up to businesses turning over millions every year.
Aside from the normal self-assessment and company tax returns, we get all sorts of start-up businesses and tech firms coming to us for advice on how to maximise their return from R&D tax credits and grant funding. We have experts who specialise in this field, allowing our clients to be confident they will get the maximum value from their investments to help their business grow.
What are your responsibilities as a business owner?
A big part of my role is to look at the top-level business, adapting our strategy so we are up to date with the latest regulations and changes in the industry. I’m a strong believer that the success of Ridgefield Consulting is down to the agility and adaptability of our business model. If a client wants help with something, we will do our best to find a solution and work with them to achieve the best result for them on an individual basis.
How do you set yourself apart from other businesses in your industry?
The firm doesn’t operate like traditional firms where departments such as the accounts department and Tax department work independently of each other. All our accountants are trained to provide end to end client support which means they’ll be able to offer holistic solutions tailored to the circumstance of each individual client without having to pass them to different people in the company. We’ve found that this approach really allows us to build meaningful relationships with our clients.
What’s the biggest lesson you’ve learnt so far as an entrepreneur?
Running your own business is hard. Much harder than most people might think. The good days definitely make it worth it but do prepare yourself for the bad days. There’s also no manual on how to run a business so when you hit problems for the first time, sometimes it can be overwhelming. I’ve had staff leave and try to sue me, I’ve bought businesses which have not all turned out to be legitimate and I’ve had my share of unreasonable clients. It’s all life experience though and you should see it as that. Something to learn from which makes you wiser for the next time. It’s not always avoidable so just make sure you’ve got the resilience to ride out the bad days.
What is your top tip for entrepreneurs wanting to get their business out there?
I’ve always said that with any product or service, customers will measure you on three things: The price, the speed at which you can deliver and the quality of the product or service”. You can never win on all three so pick two and give it your all.
What plans do you have for Ridgefield Consulting over the next two years?
Our goal remains the same as when we started. To do what we do, do it well, do it our way and enjoy it as we do it.
How do you believe the evolution of tech will affect your industry over the next 10 years?
Technology has changed significantly in the last five years and continues to change the industry every day. There are two main ways it affects us as an accounting firm:
1. The way we identify and connect with new clients. This is especially true since the whole COVID-19 pandemic started, we have become increasingly focused on digital technology to be present online through everything from improving our SEO to using digital platforms to meet with clients remotely rather than face-to-face like we used to.
2. Improving accountant’s productivity. Technology is constantly changing and there are lots of great platforms that we use to improve the bookkeeping and small tasks that make our accountants jobs much easier. We use Xero with our clients to keep track of their spending so that when it comes to do their tax returns, we have all the receipts and information we need in one, easy to access place.
Is word of mouth working to your advantage?
Word of mouth is one of the most effective forms of client referrals for us. We pride ourselves on the service we provide to our clients and the referrals that come as a result of them sharing their experience with friends and family.
We aim to provide every client with the best service possible, working with them to stay on top of their finances & optimise their portfolio so they get the maximum value for money, and hence are more likely to share their experience with others. We’ve got more 5* reviews on Google than any other accounting firm in Oxford, which also helps to drive word of mouth traffic.
Finally, do you have a morning routine or ritual to get your day started on the right foot?
I don’t have a strict morning routine that I follow every day, but try and start the day with eggs for breakfast and some light stretching before I head into the office. I’m a huge believer that exercise clears my mind and stretching helps me to relax and prepare for the day ahead.
After work I normally go out on the bike or play football. Sport helps me to switch off from work for a while to clear my head and destress. I often find some of my best ideas come whilst I’m out riding on my own and not stressing about an upcoming deadline or project that’s on the go.
