Business In A Rut? Revive It Through Business Mentoring With Charter Partners

Business Mentoring Stimulates New Ideas

by Nadine Davis

(WireNews+Co) - Brisbane, Australia - 08 May 2011

Business owners bogged down in the operational detail of their business can now take a step back and look at long-term issues through a business mentoring program offered by Charter Partners. Owner-operators are often aware that they are neglecting the strategic direction of their business, but cannot separate themselves from the immediate issues. At the accountants Bundaberg (http://www.charterpartners.com.au/) office, owners can access experienced advisors who are trained to listen and understand their problems.
 
The program offers the opportunity of a series of monthly or quarterly meetings, where the Charter Partners mentor, through a proven and structured process, draws out the key issues, challenges the owner with provocative questions and provides guidance and support.
 
It is sometimes difficult for a business owner to find a sounding board who knows the industry well-enough to be useful who is not a direct competitor. Without this cross-fertilisation of ideas, opinions, conjecture and vision-setting, the business becomes stagnant and opportunities are missed. A business mentor becomes that sounding board, bringing to the table a wider perspective on a solid foundation of qualifications and broad experience.
 
“I had been struggling for months with vague ideas for improving my business, but I just couldn’t seem to get them clear in my own mind,” said M. Alford, owner of a bed and breakfast in a tourist area. “After entering the Charter Partners program and bouncing a few things off my mentor, I could clearly see my next step.”
 
The business owner is able to set their own goals at the start of the program, with the mentor providing the disciplined structure to keep the owner accountable for any agreed tasks. This process is especially effective for people whose natural tendency is to minimise the importance of staying focused when confronted with obstacles. Knowing that they will have to explain their actions to the mentor at the next meeting is often just the motivation needed to keep them on track.
 
As well as examining and discussing business performance during their meetings, the mentor also is able to provide tools to identify needs and skills deficiencies, giving the owners the opportunity to address these deficiencies with better equipment, improved processes or skills training. For the time-poor business owner, these improvements would be unlikely to be an initiative that would happen outside of the mentoring program.
 
“What I really liked about the program was that the goals set were expected to be achieved which made it harder for me to push things aside,” reported E. Tanner. “Also we identified some gaps in our equipment maintenance and some skills that we lacked. I’m sorting that out now.”
 
The biggest bonus that comes out of the mentoring program is the confidence the business owners develop in their ability to manage the business. This is a personal development process that goes on behind the scenes through their interaction with the mentor. In this environment there are regular opportunities for intensive discussion which creates greater knowledge and understanding, not only of the economics of business but of themselves.
 
While the mentoring program is not specifically meant to assist a business with tax Bundaberg (http://www.charterpartners.com.au/), clients of Charter Partners who are part of the program also use them for all business-related matters, including tax.

At Charter Partners (http://www.charterpartners.com.au/) we believe that there are five overlapping areas in financial and accounting management which are - Structue & Advice: & regular review, Tax Planning: Takes place at least once a year, but for those who are more savvy - Twice!, Business Health Check: we review your financial health, Financial Forecasting: we plan for your Growth, Profit and Cashflow, and Ongoing Mentoring and Support: where we meet with you at least quarterly.