Allan McKeown is from Newcastle, Australia. He started his business and financial advisory company, Prosperity Advisers Group, in 1989. With a team of more than 100, Prosperity Advisers Group delivers a portfolio of chartered accounting, wealth management and salary packaging services along the east coast from its offices in Sydney, Newcastle and Brisbane.
Starting the Business
Q: Where did the idea for your business come from? Where were you in your life and career?
A: I was working in Newcastle for one of the international accounting firms. I had completed some overseas secondments to New Zealand and Canada. I realized that if I wanted to make Partner, I would need to transfer to one of the larger capital city or international offices and I was very keen to remain in Newcastle.
Q: What was the biggest challenge you faced when starting out?
A: I commenced business in 1989 just as the recession started to take hold. Significant job losses occurred across Australia and Newcastle was hit quite hard reaching a peak unemployment rate of 17% compared to 12% nationally. The difficult period taught me to work efficiently, to delegate and instilled a strong work ethic. Failure was not an option. I remember working every single day in my first year except Christmas.
Q: What is the one thing you know now that you wish you knew when you started the business?
A: Understanding the value of growth by acquisition. There is nothing better than strong organic growth; however strategic acquisitions to add special skills, geographic coverage or scale can really fast track business success.
Q: What would you consider your first big success in the business?
A: Our first Government contract. I had strong audit experience from working with an international firm, but my new business was small then with less than 10 people. Winning a Government audit contract enabled us to prove what we were able to do and begin to establish our reputation.
Q: What is the toughest thing about getting to the top / staying on top in your industry specifically?
A: The mix between high level technical skills and the ability to develop rapport with clients and prospects. They are not skills that are often found together but they are crucial to an advisory relationship. As the old saying goes, people don’t care how much you know ’til they know how much you care.
The Future
Q: Where do you see your industry heading in the next 5 years?
A: There is a strong focus on streamlining the administration and compliance/book keeping functions. This is occurring through rapid development in technology and outsourcing to lower cost destinations.
There are a number of other advisers such as business coaches and banks (who are now providing benchmarking) who will fulfill some of the traditional roles of accounting advisers if the profession doesn’t focus on its core advisory role.
Q: What do you plan on doing / changing in order to keep growing in this time period?
A: We continue to invest in the business, as we have always done.
Investments in training and up-skilling our people to ensure they can continue to take a central role in the advisory processes. Our vision is to build the advisory firm of the future and we have a range of people and system projects underway to make this vision a reality.
Q: What does ultimate success look like to you? How will you know when you’ve achieved it?
A: Success means:
- Delivering sustained growth in revenue and capability;
- Producing a leaner, more efficient and focused office;
- Being known in the market as a high value advisory business;
- Having a holistic service offering that is seamless in its operation; and
- A team of engaged and energized people.
Q: What do you think will be the biggest challenge facing entrepreneurs in the near future?
A: Continuing softening of the economy and lack of interest in business lending by the banks.
Q: What one piece of advice would you give to someone just starting out in your industry and wanting to make it to the top?
A: Work on your networks relentlessly, delegate effectively and recruit people who can explain complex ideas.
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