Women Business Owners Club
Suzanne Liu of S. Liu & Co., Chartered
Accountants & CPAs
What is the story behind your
What is the business structure of your
What services do you offer?
How do you market your services?
2. Networking: Besides being a member of WBOC, I often attend functions held by other business associations and chambers of commerce. Socialising most nights of the week also helps.
3. Advertising: I always greet prospects with a friendly voice on the phone and put a personal touch in replying to emails from my prospects. Interpersonal skills gained from 3 years of teaching at the HKU help me tremendously in turning prospects into clients.
What opportunities and problems have
you encountered along the way?
My problem is that even though I employ a team of professional staff, I sometimes feel lonely as a business owner. WBOC and socialising enable me to share my experience and gain moral support from others as well as "brainstorm" ideas from them.
How did you do your website?
What is happening in your business at
Any "hot tips" for
2. The 80 / 20 rule: 20% of the total number of clients may account for 80% of a firm's revenue. The other 80% of the total number of clients may take up a lot of time and energy but only bring in 20% of its fees. Use discretion when accepting opportunities that are presented to you.
3. Location, location and location. My office is in core Central and thus very accessible to my clients.
4. Love what you do (you will be married to your business in the first 5 years). If you don't, sell or close your business and move on.
5. Find an alternate: you do not want to stay married to your business forever.
6. Find a mentor, for example, a successful entrepreneur, an accountant or a lawyer.
7. Know "A Concise Guide to the Employment Ordinance" inside out. Recognise that no member of staff is indispensable. Ensure that if a member of staff is on "sudden" sick leave or resigns, life still goes on. Realise that managing staff becomes a tougher job as the business grows. When delegating, bear in mind that your staff may take longer to complete a super-urgent-deadline job than you plan or you would do yourself.
8. Allow 20% of your office hours for the unexpected: some clients do not ask for my assistance until the last minute and their problems need to be resolved by tomorrow!
9. Network, for example, become a member of WBOC.
10. Maintain a positive cashflow: collect your receivables ASAP, pay your staff before month end to avoid a drop in staff morale but pay your suppliers in accordance with the credit terms
11. Computerise your business operations to achieve efficiency and effectiveness.
12. As a woman, trust your basic instincts as they are usually right.
13. As a businesswoman, be very well groomed as first impression really counts.
14. As a business owner, stay healthy and have ample medical insurance as you will not have time to queue up at public hospitals when you fall ill.