Become a Business Consultant

To give an idea of what Business Mentoring is all about Founder Joe Hinton thought it might be useful to record what a typical meeting with a client looks like to give those interested some insight into what Business Mentors actually do.

Become a Business Consultant 

This meeting was with a relatively new client, the owner of a business in the supply of services to the Film and TV industry, an area badly hit by Covid. I had prior to the meeting reviewed their financials for the first two months of the year (I have access to their accounting package which is normal with clients) Rather worryingly, these showed a significant loss for the period and a number of debtors had crept up to 60 and 90 days outstanding.

After discussion with the owner, we established that two invoices had not been raised even though all work had been completed. This was good news as it brought the profit and loss back to a breakeven position for the period – not great but better than a wacking great loss. We also discussed the process around how and when an invoice is raised on completion of jobs and why it had failed on this occasion, and what corrective action was necessary.

We then looked at the aged debts outstanding and rather worringly, the owner had no idea if they had been paid or if anybody had chased them. He took away an action to look into these and speak to the bookkeeper who was responsible for chasing debtors. I asked him to update me on the invoicing and debtors the following day.

We then moved on to discuss why one particular recent job had become a real problem, with delays and, financially, at best a breakeven at worst a loss on the job. From his explanation it was clear that there had been a breakdown in communication between the project co-ordinator and the workshop staff. The coordinator was not on top of this particular job and the staff were unclear about timings and what was actually require dot fulfil the job.

The owners, initial reaction was, ‘this is ridiculous, and she needs to know that this job was a foul up’.  I asked him if he felt she already knew the job had gone wrong, to which he replied yes, but she doesn’t know I know so I will put her hat on straight for her’!

I asked him if she normally managed jobs well to which he responded ‘yes’. So maybe it’s worth asking for her thoughts on the job first, as this does seem out of the ordinary. He agreed and we ran through the type of questions to ask such as ‘What are your thoughts on the xxx job?’

So, during this meeting we covered:

• Analysis of Financials e.g profit and loss/aged debtors
• Financial control
• Questioning
• Listening
• Process – job finishes – what triggers the invoice?
• Anticipating – how would the meeting have gone with the coordinator before our intervention?!
• People management – let’s ask questions to establish the facts before we jump in
• And probably several others.

You will see a lot of what we do is not rocket science, there’s a good all-round knowledge of business and management needed but for many people in business already or in the corporate world this is what they do every day.

Find out more about how you can become a Business Consultant with UKBM.
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My Journey to Business Mentoring

UK Business Mentor Jim Gorrie still remembers the day, place and time he got told that his services were no longer required…"