Today I am featuring a guest blog by Graham Hall of Hall of Finance. Graham has over three decades of experience in the finance industry and is an independent banking and business constant. I met Graham at The Last Hurdle networking event in Potterspury and immediately recognised how his skills could really help a fledgling company.
One of the top mistakes start-ups often make…
“It sounds very good. I’ll have a think about it and come back to you.”
What that really means is…
“Yes I want your knowledge and experience but if you think we can pay £160 for a consultation, you are mistaken – cash flow is very tight!”
How many times have you been faced with that situation? And how many times have you done it to another business owner/partner/director who has a service of benefit?
I am amused if your answer was never.
The crux of the matter is:
Cost v Investment
Far too many SMEs in the UK wear ‘cost spectacles’, making it difficult to see the big picture let alone envisage judicious planning as an integral part of operations.
Don’t get me wrong: in this day and age we watch spending carefully and want value for money, but that doesn’t mean blocking out expedient associates. These useful ambassadors offer long term prosperity by submitting advice to safeguard your business.
Investing with us, on a fixed fee basis (£160 = 4 hr time block), means that we deliver more than twice the value via specialist financial planning + negotiating skills. Sadly, we are often called in at the last minute to save companies from bankruptcy. If only they had called earlier!
Recently we used our commercial skills to secure a deal with a feisty liquidator – settling a dispute of £73,000 with £30,000 spread over a phased repayment period. That saved £43,000 and gave our client a 10,750% return their investment (excellent value for money after just 10 hours of HoF consultancy!)
So, the next time someone suggests that you should:
- invest in a management consultant
- review systems and procedures
- re define the business plan
Don’t dismiss them out of hand but ask yourself the following questions:
1) Will this benefit my business – if not immediately, at some stage in the near future?
If YES move to Q2
2) What will it cost in terms of time and money?
If still YES (nothing ventured/nothing gained) then talk to a reputable company with clear pricing policies and good testimonials about how they think they can help you. Compare a few – and then take the plunge!
Thank you for this thought-provoking advice, Graham, and for sharing your own experiences.