How Much Money Can Mentoring Save You?
Calculating the cost of mentoring services is relatively easy. Calculating the increase in profits once a business starts working with a mentor is also quite simple. But there’s one calculation that is almost impossible to pin down exactly: the amount of money that could have been saved if only …
If Only They Had Started Earlier
One SBMCo client probably would have around $200,000 over a two-year period if only they had called sooner. The organization had been operating their core business very successfully for six years when space became available next door. In need of additional space for their office, they snapped it up. Since they only wanted a small portion of their new space for their core business, they decided to open a new business in the remaining space. The new business was unrelated to their core business and they didn’t expect it to make money right away, so they didn’t pay much attention to the new business.
Things went along fine until they they needed financing to expand their core business and found themselves turned down because of the ancillary business. Suddenly they realized how much the ancillary business was costing them — both in actual dollars and the ability to expand their very profitable core business.
If only this organization had called before they started the second business, rather than after they needed financing, I would have helped them consider all the potential costs of the ancillary business. They might have made very different decisions and saved a great deal of money.
If Only They Had Followed Their Plan
Another client employed my services over a period of years on a project basis. They needed to expand their business in order to achieve their goal of funding their retirement from the sale of the business. I was hired to help them create a plan to achieve their goal and obtain the necessary funding. Working together, we created a plan to be implemented in three phases. We then obtained a bank loan to finance the first phase. Since the project I was hired for was complete, I moved on to other things.
About three months later the client called saying they were in financial trouble and asked me to help figure out what was wrong. Reviewing their actions of the previous three months, I found they had become overexcited and neglected to follow their plan! Instead of implementing in three successive phases, they implemented all three phases simultaneously. But they only had funding for phase one!
It took more than three years and over $100,000 in services to get them back on track and enable them to achieve their retirement goal.
If only this business had realized the value of having a mentor on an on-going basis to help hold them accountable to their plan, they would have saved a considerable amount of time and money.
Where is Your Business Vulnerable to a Case of the “If Onlys”?
Are you working without a plan? Failing to effectively implement the plan you have? Neglecting to follow your plan? Working without ongoing help, advice and support?
Save Money and Reach Your Goals Faster with SBMCo.
No business mentor can guarantee specific, quantifiable results. The future is impossible to predict and, ultimately, the client has the last word on what will be done, when. We can, however, look at past performance and get some idea of what’s possible.
When SBMCo mentors a small business, the chance of the business succeeding rises from 1 out of 5 to 4 out of 5. In other words, you don’t have to settle for a 20% chance of success. You can achieve an 80% chance of success with SBMCo.
Call today, 503-929-3619.
Getting the Money You Need
Obtaining funding is the most basic of all business activities. It is a need that seldom goes away. But for many business owners getting the money they need is not easy; in fact, it is often a complex and frustrating process. Getting the Money you Need is a primer for businesses seeking funding for the first time. Learn:
- How to build a relationship with creditors
- Types and sources of funding to consider
- The 5 Cs of Credit
- What every application for funding must include
- Do’s and don’ts when you’re applying for funding
Download Getting the Money you Need free in PDF today.
