Interview with Mazuma Founder Lucy Cohen
Breaking Boundaries in Business: How Lucy Cohen Revolutionised the Accounting Industry
Running a business is all about breaking boundaries, disrupting the norm, and being brave enough to back yourself even when the world tells you "no." One incredible example of this is Lucy Cohen, the co-founder of Mazuma, who I recently had the pleasure of interviewing on my podcast Female Founders. Lucy’s story is an inspiring lesson in tenacity, innovation, and learning from failure, all while carving out space for women in traditionally male-dominated industries.
Lucy co-founded Mazuma in 2006 at just 23 years old, and she revolutionised the accounting world by introducing a subscription-based model that changed the way small businesses manage their accounts. At a time when cloud software was non-existent and accounting was still very much an old-school, once-a-year headache for most businesses, Lucy had the vision and bravery to think outside the box - and it paid off.
Learning from Strong Female Role Models
During our chat, Lucy shared how early in her career, she was lucky to work with two strong female leaders who shaped her attitude in business. She worked for Jury’s Hotel Group in Cardiff, where the finance team was led by powerful women who unapologetically stood their ground. Witnessing this as a young woman gave Lucy the confidence to be direct and assertive in her own leadership, something that has stayed with her throughout her journey.
This got me thinking about how important role models are for us, especially in those early years of our careers. I had a similar experience myself, working under a female boss who saw potential in me and pushed me to pursue opportunities I hadn’t considered. These early influences help to shape the way we show up in business - and now Lucy is that person for her team.
The Power of Saying “No”
One of the things Lucy shared, which I found so relatable, is how women in business are often labelled "difficult" or "egotistical" when they’re simply standing their ground. But the truth is, as Lucy said, men are rarely criticised for showing the same behaviours. Lucy learned to ask for exactly what she wanted and to be direct with her staff - something that has served her well as her business has grown. It’s a powerful reminder for all of us that setting boundaries and being clear in our expectations isn't something to shy away from.
She also stressed how important it is to be transparent with her team. There’s no time for passive-aggressiveness or unclear communication when you’re running a business. If something’s wrong, she lets her team know straight away, and if she’s not said anything, they know they’re doing a great job. It’s that kind of clarity that has helped Lucy grow Mazuma into the success it is today.
Revolutionising the Accounting Industry
Lucy’s big break came when she identified a pain point that so many small business owners were facing - tax season. She saw her family, who were creatives, struggle with the traditional model of accounting, where they only dealt with their finances once a year and were left with no idea how much tax they owed. Lucy wanted to change that.
In 2006, long before cloud accounting was a thing, Lucy created a subscription-based accounting model where businesses could send in their paperwork monthly and receive ongoing bookkeeping, rather than the once-a-year stress-fest most of us are familiar with. At the time, it was completely revolutionary. In fact, she was met with a lot of resistance from the accounting world, with people saying it would never work. But Lucy knew she was onto something and stuck with her idea. Fast forward to today, and subscription-based services are the norm - not just in accounting but across industries.
Overcoming Failure and Learning from Mistakes
What struck me most during our conversation was Lucy’s ability to embrace failure. Like so many successful entrepreneurs, Lucy doesn’t shy away from talking about the challenges she’s faced. She shared one story about how, early in Mazuma’s journey, they hired someone they thought would help them grow the business. They ended up taking on an enormous office lease, only for that person to disappear, leaving them with a massive overhead and no plan. It was a hard lesson, but it forced Lucy and her business partner to go back to basics and build the business from the ground up again.
Lucy’s takeaway from that experience? “You only have two options: do it, or don’t.” It’s such a simple but powerful message. In business, we’re constantly faced with moments where we can either throw in the towel or keep pushing forward. And the truth is, time will pass either way - so you may as well do it!
Growth Pains and the Importance of Processes
As Mazuma has grown, Lucy has faced the typical challenges that come with scaling a business. She spoke about the importance of having the right systems and processes in place to ensure growth is sustainable. One of the most significant hurdles was realising that the systems that worked for a team of 10 wouldn’t work when they grew to a team of 60.
This really resonated with me, as I’ve seen this happen in my own business. You can’t just wing it when your business starts growing, and having the right processes in place is key to sustaining that growth. Lucy emphasised how growth requires constant evolution - not just in systems but in leadership and mindset too.
The Journey Is the Reward
One of the most inspiring parts of our conversation was hearing Lucy talk about how she’s learned to appreciate the small wins. While we often focus on the big goals, like securing investment or landing a huge client, it’s those little moments of progress that really make the journey worthwhile. As she said, by the time you reach a big milestone, your mind is already thinking about the next one! So it’s crucial to stop and appreciate the everyday wins that get you there.
Lucy’s journey is a testament to the power of perseverance, innovation, and self-belief. Whether you’re just starting your business or scaling to new heights, there’s so much to learn from her story. She’s not afraid to challenge the status quo, and that’s what makes her such an incredible role model for all of us.
If you’d like to connect with Lucy Cohen, you can find her on LinkedIn or follow her on Instagram at @LucyMazuma. And if you’re interested in learning more about Mazuma’s revolutionary accounting services, head to mazumamoney.co.uk.
Until next time, stay inspired and keep pushing those boundaries!
Claire 💫
Listen to the episode here:
Spotify: https://open.spotify.com/episode/65tSfLnnzcxsWjECpVAclk?si=pP03EQaSSOC97Za83KpbFQ
