As part of promoting the valuable mentoring support delivered through Boost’s Growth Mentoring programme, we highlight some of the mentors behind the scenes that work with Lancashire businesses.
So take a break for a minute and read about former accountant Andrew Botham, a strategic and financial consultant.
Why did you choose to become a mentor?
During my 30-year career in accountancy I gained considerable experience working with hundreds of business owners to help them grow their business profits and business value. I developed a series of tools and techniques that saw repeated success and when I sold my accountancy practice I wanted to continue to help Lancashire business owners to succeed, hence becoming a mentor.
How did you make a real difference to Lancashire businesses?
I’d like to let a handful of testimonials do the talking:
“Andrew has played a key role in helping me change and significantly grow my businesses.”
“Andrew helped us build and then sell our business to a large company in the USA for £5m.”
“Very personable and easy manner which belies his sharpness and certainly makes for a comfortable relationship on the surface, but doesn’t miss a trick – a valuable partner to have around.”
What is your area of expertise and why is it an important area for Lancashire leaders to address?
My key aim is to help Lancashire business owners to significantly increase the value of their businesses. Along the way, they also increase the business profitability and the money available for them to enjoy personally. I mainly work with established businesses where turnover is in excess of £1m and the business owners are looking to expand, either by acquisition or by introducing new products or services.
What has been your most inspirational moment as a mentor?
I always enjoy the moments when my clients sign the paperwork for the sale of their businesses for substantial seven figure sums. Although this means they usually no longer need my support, it is the perfect happy ending to strong-relationships that I build. The positive feedback from the business owners I mentor also makes every moment working with them worthwhile.
What are the key challenges to Lancashire business owners at the moment?
It’s rare for businesses to have to operate in circumstances where the macro economic impacts are so significant. Whilst Britain is currently suffering a major blow from Covid-19, it also has the added trial of Brexit. Furthermore, business owners will likely have to prepare for rising taxes and plan accordingly.
These may be increases in Corporation tax, Capital gains tax, PAYE, VAT, NIC or all manner of other potential changes. There are however huge opportunities in times of economic downturn and business owners shouldn’t be afraid to find and explore these possibilities.
As a mentor what are your three business growth tips?
1. As business owners, don’t resist seeking external business support. It’s not easy doing it all alone!
2. Obsess about the key numbers in your business and track them daily, weekly, monthly.
3. Make business enjoyable for you and your team. Your team will help you achieve great success if you empower them to. Without your team you just have an empty building.
Andrew provides strategic and financial consultancy and mentoring support for SME’s. He is an ambitious Chartered Certified Accountant with 32 years experience of growing business profitability and specialises in helping business owners grow their businesses to sell and/or break through the ‘glass ceiling’. He is a mentor with Boost’s Growth Mentoring programme.