Hitting the Wall
As a business consultant for firms across a range of different industries I see a wide variety of weird and wonderful - and often less than wonderful - things going on in companies, writes Lyndon Wood, chairman and chief executive of the Moorhouse Group, parent company to business insurance website, ConstructaQuote.com.
Regardless of the sector one thing crops up time and time again: the lack of owners' and managers' ability to view their business objectively - from the outside. This is largely due to being too entrenched in the day-to-day detail of their well-loved business. What happens as a result of this is usually the same; they grow to a certain size - usually £1m to £3m turnover - then hit a wall.
Decent mentors help businesses achieve their potential by providing the broader perspectives required to break through this barrier. Also apparent from working across different sectors is the severe lack of mentoring going on in the insurance industry. There is a real reluctance among brokers to engage the services of a mentor. Is this because brokers are an ageing community - a case of old dogs and new tricks? Or is it because we like to think we are well versed in business and don't need any help? Perhaps it is because we are content or complacent or simply because we are suspicious and don't understand what a mentor does and therefore fail to see the value.
It is probably a mixture of all of the above. Luckily, business mentors come in the following guises:
• A mentor that can help with strategy but is weak on detail
• A mentor that can help with sales and planning
• A mentor who is operational
• A mentor who can guide and develop your skills to grow your business
Not many mentors can do all of the above. However, for any business serious about developing and growing profit, using a mentor that has seen what does and does not work can make a world of difference. Their objectivity and experience can help take a business past the common stumbling blocks and sticking points to achieve its vision.
So do not listen to your business bank manager but do listen and learn from those who have been there and done it. Select your mentor and be precise with what you want to achieve from them.
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Tel: 029 2080 8967 E-mail: firstname.lastname@example.org
About Constructaquote.com: Constructaquote.com specialises in providing competitive insurance quotations for a range of UK businesses and tradesmen. Established in 2007, and part of the Moorhouse Group, Constructaquote.com compares quotes for a variety of insurance types from a range of top insurers.
The types of business insurance available via Constructaquote.com include public liability insurance, employers& liability insurance, professional indemnity insurance, shop insurance, goods in transit insurance and van insurance.