MENTORING

Mentors are advisors, people with career experience, willing to share their knowledge either for free or for a fee. By definition all mentors are different, coming from different industries with experience and knowledge of those industries. Effective mentoring is characterized by mutual respect trust, understanding and empathy.
There is no single formula for good mentoring; mentoring styles and activities are as varied as human relationships, and entrepreneurs require different amounts and kinds of attention, advice, information, and encouragement. If Industries, Mentors and Entrepreneurs are all so different, how is it possible to provide a solution or mechanism that will encompass the major problems and solve them? For solutions, we have looked at the three major difficulties faced by mentors in business plan production and intervention.

First problem

The Business Plans currently produced, are varied and embody different ideas and different degrees of investigation and expertise, they are often unreliable and no accountability is attached to the author for their success or failure.

First solution

The business plan format used by FABCOS is in a consistent and understandable format and uses Risk Assessment Software and a Cash Flow forecast programme to ensure that all aspects of risk in the proposed business are covered and provided for in the Plan.

Second problem

Identifying the areas in the business, that need attention, assessing the risk of that area solving the problem and re-assessing the risk after intervention. This can be inconsistent depending on the experience and outlook of the mentor.

Second solution

Every business has different requirements. If all the requirements in the business are well attended the business will be level strong and able to grow. However if some areas are ignored that those will weaken the business, resulting in a business that has a bad “leg” and this could hinder profitability.

Third problem

Production of financial figures and reports that encompass all the business transactions from the entrepreneur to the mentor in a consistent format and on a regular basis with the minimum effort on the part of the entrepreneur.

Third solution

Communication tools - The entrepreneur needs to have a computer and “e” mail capability.
Software - Pastel Xpress Accounting - The Pastel accounting programmes are the most widely used in South Africa and can be upgraded as the business grows and fits any type of business.

 

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