Warren Mead, CEO of Sumer, shares his experience of the entrepreneurial journey, with five key steps to ensure your foundations are in place, and that your business has purpose
After 26 years in a corporate career at a UK Big Four accounting firm, I was ready for a change. The idea of being an entrepreneur appealed enormously. I saw a gap in the market that presented a game-changing business opportunity – one with purpose. My vision was to transform the way the accounting sector supports SMEs. I wanted to create something that helps local communities thrive. The UK has an unbalanced economy, centred around London and the South East. I wanted to help redress this.
More widely, SMEs are the backbone of Europe’s economy. They are expected to contribute around 2% to GDP growth in 2024, according to the European Network for Social and Economic Research. Not only do these enterprises create jobs, they also keep communities alive. My view is that brilliant local accountants should be playing a bigger, game-changing role in their endeavours.
Sumer was set up last year, and we’ve grown rapidly by acquiring some of the UK’s leading regional accountancy firms, and creating hubs. Today, Sumer has 43 offices, and I have more than 1,300 colleagues – accountants, financial advisors, solicitors, and skilled support staff. We’re already gaining a reputation for championing SMEs in communities across the UK and Ireland.
Here are tips based on my experiences moving from a big corporate to becoming your own boss.
Opportunity: Mend the gap
Be customer-focused. Entrepreneurs should only embark on a startup or scale-up business if it meets a real market need. That can be doing something differently, but it’s equally valid to take an existing market and serve it better than the incumbents.
While in corporate accountancy and consulting, I noticed the opportunity to better serve smaller enterprises. London-centric corporates tap into a wealth of value-added services through large accountancy firms. But elsewhere in the UK, SMEs can easily miss out on the tax advice, funding opportunities and strategic consulting that will help them grow. This economic disparity can be seen in many European nations.
Local accounting firms do a great job. However, they can lack the buying power, latest technology, and specialist skills that national scale can bring.
Purpose: Find something you really care about
Sticking to a purpose when setting up a business provides a clear direction and motivates both the founder and their team. It also helps the decision-making processes; everything must support the overarching goals.
A well-defined purpose also helps with onboarding new colleagues, especially in scenarios involving acquisitions. When a company with a strong purpose acquires another, having a clear and shared mission makes it much easier. You can work as one team.
I’m proud of what we do and our positive impact on our communities. SMEs make up the bulk of the UK economy, generating an estimated turnover of £2.4tn, according to the business population estimate from the Government Department of Business and Trade. They are the lifeblood of the economy, and our model is rooted in supporting local businesses so that if they grow, we grow and everyone benefits. This is a simple approach with a strong purpose and a big ambition.
Community: Work with like-minded people
I’ve persuaded former colleagues and friends to join me on this journey; we’ve built a remarkable team where values are shared and everyone gets on. Great things happen when you’re surrounded by individuals who share your goals, values, and vision.
The same goes for the accountancy firms we acquire to form the Sumer regional hubs. Operating on a “shared ownership model” we acquire local SME-focused practices with the same passion to serve our clients and the same care about our colleagues. They uphold individual identities and brands, meaning they remain local and feel local even though they’re part of something bigger.
Seeing people thrive as they pursue a collective purpose should be a key driver for any entrepreneur.
Leadership: Be the guiding light, but let others fly
I know the dangers of founders insisting on managing all aspects of their business alone. It was one of my early learnings after founding Sumer – having made a few mistakes along the way. Running a fast-growing organisation can quickly become overwhelming for one person, no matter how skilled or dedicated they are. My advice is: don’t spread yourself too thin, risk burnout, and stifle people’s development. It’s far wiser to distribute leadership and responsibilities.
Going forward, I see my role as a cheerleader – for the business, its people, and the local communities it serves. Then, it’s important to provide teams with the vision, the tools, and the confidence to fly.
Ambition: Make money, but make a difference too
Raw ambition is essential. It’s the driving force behind turning ideas into tangible achievements.
I believe in inspiring others to push their limits and generate revenue. But the biggest reward for most entrepreneurs is making a difference to people’s lives.
At Sumer, we’re growing in the right way, with the right values and ethics. I’m setting the bar high. My ambition is that we will be a billion-revenue business in the next five years. Europe’s drive for economic prosperity lies in the hands of entrepreneurs. My advice to them is this: be bold. Any venture that addresses an unmet need and gives colleagues a true sense of purpose will have solid foundations to build on.
About the author
Warren Mead is CEO of Sumer. As a chartered accountant he has experience in financial services, professional services and fintech. He co-launched UK accountancy business Sumer in 2023, and has orchestrated Sumer’s rapid growth through strategic acquisitions of leading regional firms. https://sumer.co.uk
