Starting a business
Starting a Business
With an inspirational story in starting a business, we speak to the founder of HAROLDS OIKIA LTD Everton Wilson.
Summary:
Part 1: Can you introduce yourself please?
Joyfully wed and the proud parent of two talented young men.
Part 2: Starting a business?
I began carving old lumber into art and crafts as a child. Later, I earned a Teacher’s Diploma with a focus on Design & Technology (DT) at 19 and spent over eight years teaching Resistant Materials. Eventually, I transitioned from teaching to pursue crafting within a business framework. Driven by my love for beauty, craftsmanship, precision, and attention to detail, I established a custom furnishing business.
Part 3: What led you into the world of business?
Creating valuable objects can generate significant demand, which was the fortunate outcome for my initial business venture. I soon recognised that combining financial acumen with creativity is instrumental in fostering business growth. Fortunately, my first cousin was an accountant taught me the basic accounting principles/moves while teaching me chess 
.
Following my departure from my initial business venture, I pursued an MBA and completed nine (7) ACCA papers without attending any classes, successfully balancing work and study at the same time.
Accounting is undoubtedly one of the most crucial skills in business. It’s practiced both for profit and enjoyment, a lesson often learned through experience. However guidance and clarity are sometimes necessary if one lacks these skills.
What do you mean by guidance?
Seeking guidance to find a clear path for your business is crucial. Even with a great idea, there can be obstacles along the way. We assist our clients in navigating obstacles by leveraging our expertise and experience to enhance their planning.
If you hadn’t gone into Business Advisory and Accounting, what would you have done?
In response to your question, I had aspired to pursue clinical psychology, but due to my parents’ financial constraints preventing me from attending university, I began a career in teaching and ultimately embraced my embraced my father’s entrepreneurial journey.
What were the challenges when you began starting a business?
The greatest hurdle when I launched my first business in 1988 was the sheer volume of paperwork. The monotonous aspect of manual accounting was quite dull, and I lacked computer skills. In the early ’90s, my brother purchased me a computer and I began using QuickBooks, followed by DacEasy, and ultimately mastered it with Peachtree Complete by Sage. I discovered that the more you adopt accounting technology, the quicker you can progress and drive high accounting fees out of your business.
Every business ought to leverage accounting technology to establish sustainable operations. We have developed a straightforward accounting framework applicable to any accounting software, be it Sage, Xero, QuickBooks, or MYOB.
What are the outcomes of putting these systems in to place when starting a business?
Creating a digital business system provides transparent, real-time financials at the touch of a button, streamlining the process and eliminating redundancy. This reduces operational costs and highlights the key elements of business: people, performance, planet, and profit. For instance, my work was acknowledged by Sage when I utilised Sage 50 Professional, which was priced at £150 at that time, to manage a multisite academy. It appears to reduce expenses, making business more accessible to both individuals and corporations.
Who do you see HAROLDS OIKIA working with?
Businesses aiming to scale up and reduce administrative costs, alongside providers focused on delivering quality homes for families.
What is your approach to dealing with business?
We analyse data, design systems, and develop strategies to create and implement cost-effective solutions. Time and Motion Studies are essential components of our digital business workflow design.
The company’s journey, augmented by our expertise and research, serves as a roadmap guiding us to success.
As a businessman dedicated to quality, the principle of ‘quality in, quality out’ is essential. Thus, choosing partners who share our values is imperative.
What is the simplest way of describing your mission?
Creating a positive impact on lives.
During my time teaching Design Technology at a preparatory school in England, the children would dash to my class with such enthusiasm that I sometimes worried about Health & Safety regulations! That kind of inspiration is precisely what I adore witnessing in individuals. It doesn’t matter if it’s a child eagerly heading to design class or an entrepreneur; people relish seeing the fruits of their labour.
What do you think are the positive aspects of this job?
Certainly, the human aspect of the job is paramount. Our mission is to enable individuals to become self-reliant while equipping them with the skills necessary to fully realise their potential.
This question is always difficult to answer, but can you describe yourself?
Caring, people-oriented, honest, resilient, and inspirational.
How do you see your industry changing in the next few years?
Manual accounting using Excel spreadsheets is likely to become outdated soon. In the coming years, it may become as extinct as the dinosaurs, given that the latest wave of accounting technology is almost cost-free.
The value will lie in human knowledge and expertise, combined with integrity, to navigate and surmount the challenges that arise.
The last word?
Business revolves around people and their relationships, especially when starting a business.
SUCCESS IS NOT AN ACCIDENT!
If you have any questions, contact HAROLDS OIKIA.
