Ric Payne, My Practice Mentor Podcast Host
006: Rachel Ray – Past RAS and Principa Team Member now Mumtrepreneur Extraodinaire

006: Rachel Ray – Past RAS and Principa Team Member now Mumtrepreneur Extraodinaire

I first met Rachel when, as a young Chartered Accountant, she worked for my company Results Accountants’ Systems in the UK.  She started out as a Professional Development Advisor but within a few years was the General Manager of our Australian business which attests to her leadership quality, work ethic and integrity.

Many years later when I started Principa, Rachel had left RAS – or RanOne as it was then known – so I reached out to ask for help in getting Principa UK off the ground.  She kindly accepted that challenge until she heard the call of motherhood and resigned to bring another “Ray” of sunlight (excuse the pun) into the world. Now, 12 years later she has built an extraordinarily successful business that shows what talent + vision + work-effort can achieve. I call this the essential Success Formula.

Rachel, who now describes herself as a Mumpreneur, combines business ambition with a plan to support working women around the world. In this podcast, she talks about her journey from Anderson Consulting (now Accenture) through RAS and Principa to the creation of an extraordinary business that is changing the lives of so many people, not just in the UK but also in places where less privileged people live. She validates how the tools and methodologies we share with our members really do work in the real world and offers some sound advice to accountants about what their “progressive” clients really want. She provides yet more proof that it is possible to combine good business with good deeds and in so doing validates our own byline: Better Business*Better Life for every stakeholder.

When I listen to Rachel I have to admit to bursting with pride, admiration and inspiration. She and people like her are what get me up in the morning. I hope you enjoy this interview as much as I did being a part of it. My sense is we haven’t heard the last of her. I’m certain she’s destined to achieve even greater things than she has accomplished so far. My very strong advice therefore is to jump onto this podcast so you can tell your kids “I knew Rachel when she was just getting started!”

Take Aways

  • Discover how a chartered accountant and former RAS/Principa team member became an award-winning entrepreneur.
  • Why taking a step back can actually benefit your firm immensely.
  • How having an “opportunities vs. tasks” viewpoint can dramatically change your firm.
  • Why she feels the accounting industry could be doing more to help people run better businesses – from the buyers perspective.
  • The actual value of Principa’s 18 Business Leverage points.
  • What you can measure you can manage; why it’s so important to help your clients identify KPIs and talk to them about business planning.
  • Why asking a ton of questions is better than asking none.
  • Why accountants often make the mistake of looking at their clients businesses as transactional, when they should be thinking transactional AND transformational.

Recommended Book

The Bible – contemporary version.


Here is a link to the micro enterprises that Rachel’s husband, Rob, is developing in Rwanda on his Facebook page


This link shows what they have been doing to date to support people in less fortunate circumstances



Bright and Beautiful Home

Contact information


A final word from our sponsor

One of the keys to building a great firm comes from having a very clear vision of who your customers are and “what job they need done.”  This is the basis for creating and delivering a truly unique value proposition and is a the major take-away from Principa’s Practice Innovation Workshop soon to be held in a place near you.