A husband-and-wife accountancy team has created a new coaching business designed to support family enterprises in understanding their finances and planning for growth.
Daniel and Rachel Wu, based in Bexley, have developed Success Elevation Coaching to complement their existing Tax Assist practice and provide strategic guidance alongside compliance services.
The programme draws on Rachel’s book ‘Success Mindset, a 40-day diary’, which focuses on reducing anxiety around business performance and financial data.
Rachel Wu said: “We found out about 80 per cent of our clients don’t know if they are really making a profit or not because they are too scared to look at their numbers.
“We recently had a client who was due a refund from HMRC. I asked if he had received the money and he said ‘I have no idea. I don’t normally check my bank account because I am so scared’. That’s the time we have to say ‘why don’t we have a conversation, let’s sit down, have a chat, look into your business and see what is really happening and where we can support you’.”
Rachel has stepped away from her bubble tea franchise operations to concentrate on the new venture.
Daniel said the coaching service is intended to help clients anticipate challenges and develop long-term strategies. “Success Elevation Coaching was born seeing the need of supporting clients not only with accounts filing, but also offering a holistic approach that encompasses tax planning, business consulting and strategies for growth and scaling,” he said.
Their approach has been influenced by time spent working abroad, which shaped their commitment to social impact.
“Research shows that once you get to around £60,000 a year, your life really does not change that much after that,” said Rachel. “Your happiness does not change much. It is not about money, it is about what you do with it, how you can impact and empower other lives.”
She spoke about their experiences in Uganda and plans to support community projects. “A lot of the kids there never go to school – they are getting up at 4am and carrying jerry cans of fresh water for two hours,” she said.
“You see something like that, and you start to wonder what is wrong with the world, what are you going to do about it? That is why we started our businesses in the first place – we plan to go back to these places and help to build new water pumps, new schools and homes.”
Daniel added that his career choice was influenced by his mother’s experience as an entrepreneur. “My mum came to the UK from Hong Kong, managed to open two takeaways and put all three kids through university.
“Part of the reason I became an accountant was so I could help other people like her and their families – what would my mum have been able to achieve if she had had someone like me to help her?
“People tend to do things on their own, but you don’t have to. We can help you go faster, we can tell you what the potholes are along the way because we have got that experience.”
Information about the programme is available via Success Elevation Coaching — Transform Your Mindset & Life.
