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Business coach and finance executive Stuart Donaldson has launched a new SME finance mentoring scheme for brokers in a bid to fill a “gap” in the market for specialised mentoring.
The founder of Banyan Co, business coach Stuart Donaldson, has launched a new SME finance mentoring program for brokers.
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Grow with S(ME) is a six-month mentoring program for six brokers wishing to build their skills and capability in the SME finance arena.
Those selected for the six places will receive “intensive facilitation” on reading business financial, guidance on how to identify the strengths and weaknesses of different businesses, and case studies and workshops on how to apply this knowledge at client review meetings.
Speaking to The Adviser about the new Grow with S(ME) program, Mr Donaldson said: “Grow with (S)ME has, at its core, SME customers and meeting the funding needs of these businesses.
“It is one thing to have a customer relationship. However, what is much more powerful is truly knowing the SME story, leveraging financials to identify opportunity, and being able to articulate this to lenders,” he said.
“Skills, confidence, contacts and time management all conspire against many brokers when it comes to meeting the business funding needs of SME clients in their database.”
According to Mr Donaldson, he created the program for brokers after identifying that brokers across the country have the strong desire to help SMEs but noted that “the ability to execute is hindered”.
“My goal is to make the transition to business lending happen swiftly and seamlessly,” he said.
“Brokers have the customers, and they’ve done the hard yards in meeting their personal needs. [SME finance] is a natural fit and a logical evolution of the business proposition. The way to succeed is to firstly recognise that expanding your knowledge and seeking guidance are paramount and then be prepared to pull the trigger to make it happen.”
He continued: “For several years, the need to diversify has been advocated for all the right reasons, what doesn’t make sense is delaying this action and opening the door to others to fill the need of ‘your’ SME customer.”
The finance executive said the program would suit any broker (mortgage or finance) that has SME clients or is targeting this space and “wants to take their business to a whole new level”.
“There is a significant opportunity to grow the business and diversify revenue streams, and the pay-off is considerable: more customers, deeper relationships, new revenue channels,” he said.
[Related: Finsure ups investment in diversification program]
