Max Stein –
Alongside his business partner and fellow sparky Caleb, Max started MC Electrical in 2017. Since then, they have grown to a team of five. They are a Wellington-based electrical services company, providing services in general electrical, security and data, and heat pumps. They’ve also made a conscious shift to move towards environmentally-friendly business practices. They believe in empowering their client base to reduce their energy usage by making educated choices.
Why did you first approach LCA?
When we first started, Caleb and I weren't thinking too much about the bigger picture of being in business and our future. We were just keen to get out on the tools, and we thought we could do everything ourselves. But we really knew nothing about finances or how to set up a business properly. And even though we were using Xero, it turned out to be an absolute nightmare because we weren’t using it properly! Luckily another business owner we knew could see the writing on the wall, and he recommended that we have a chat with LCA sooner rather than later. We met with Avril and showed her our books. She put us at ease because she told us that it was salvageable, and then went to work!
What has LCA helped you with?
When we started working with LCA the first thing we realised was how much we didn’t know as first-time business owners, and that there were lots of ways to make our business more successful. LCA re-balanced our books and educated us on things like the expenses we could claim back. We were blown away by how much money they saved us just in our first couple of interactions! We started meeting with them once a month to track our progress and make decisions. They also taught us how to use Xero, which made it way more useful. For the first time, we also started thinking about our business’ broader strategy and discovering what we wanted it to become – over and above offering a basic service.
We soon established the accounting systems we needed, including our payroll, as we started bringing on employees, which took a lot of stress off our shoulders. As we became more confident, we moved to bi-monthly meetings which we still do now. We look at our finances, go through our expenses, and even get into the finer aspects of comparing which particular services are making money and which aren’t. If we ever have an issue, we can get in touch with LCA and they’ll sort it quickly. We
also have annual budgeting meetings to set out the year ahead and plan for what we need to save for taxes. That helps us figure out the goals and assets that we can set our sights on, as well as what we perhaps can’t do quite yet. So when we want to make significant financial decisions, like hiring new staff or buying vehicles and tools, they’ll let us know if we have the budget or if there are other options we could consider.
How has LCA impacted your business?
We avoided a massive headache by jumping on with LCA when we did. It’s only ever benefited our understanding of running a business and given us confidence for our future. There’s nothing worse than not knowing what’s going on in your own business and being unable to plan ahead. LCA has been an integral part of our growth. Without their input, we wouldn’t have the same level of understanding about our business. It’s just great having someone professional who you can trust looking after your finances, and knowing you can always ask them questions. It means we have no headaches or issues with the accounting side of our business.
What would you say to other businesses about LCA?
If you don’t have an accountant, or your accountant doesn’t support you in the way LCA can, I would suggest speaking to them. Taking all the financial stress away will make running your business a whole lot easier. Instead of worrying, you can relax and just focus on working in the business. They’ve always got your back, and if you ever have a problem, you know it’s going to be resolved. I reckon it’s one of the best investments you could ever make!