Before you get excited thinking that I have lots of money to dole out to hungry businesses – I haven’t got a bean to share here. (Whoooosh! There goes the stampede of eager readers leaving the room in a huff! I hope they leave their comments first though!)
This blog is about the value of consultants and mentors.
We have seen many times on programmes like Dragons’ Den that investors can make a business soar to incredible heights of success making all involved wealthy beyond their wildest dreams. This is especially true as the Dragons bring specialist expertise that is often a perfect match for the type of business proposal offered.
Dragons require a substantial share of the business which is not surprising considering that they are handing over large wads of cash. They are trusting that their judgement has been astute enough to spot a winner and the person in whom they are investing is actually going to deliver the goods – many times over.
We have frequently seen offers declined because people are unwilling to let go of a percentage of their business. Madness we cry. 50% of something substantial is worth so much more than 100% of nothing. Why oh why can they not see that especially when we can appreciate just how amazingly valuable the investors’ expertise would be for their business?
As a consultant or mentor sharing my expertise with my clients, I do not require a share-holding (although if you offer, I might consider it). I do expect of course, to be compensated sufficiently for what I bring to the equation just as importantly I do also expect your engagement too. If am to invest my time and effort into your business, I would anticipate that you would too.
As a consultant working on other people’s businesses, we are investing valuable time and energy in you. Any of the good consultants could work with a whole plethora of businesses but the time available to us only allows us to work with a few. We often have to make a choice.
This decision is often not about the financial rewards. It is more likely to be about which project we feel that we can add the most value and which will appreciate what we offer. There is also the matter of which would be the most fun and rewarding to work with too.
Please note that this blog although serious in topic and intent is slightly tongue in cheek. I am not so imperious to suggest that businesses have to grovel to get my attention. If anything I am too much of a tart in that I am willing to work with (almost) anyone. My interest lies in our perceptions of consultants who add value to our businesses. Even so … I am still curious about you and your business.
What makes your business stand out from the crowd? Why should I invest in you?