Australia’s own Sir Alan Sugar, Mark Bouris, says small businesses are in desperate need of good advice when it comes to achieving key financial milestones.
He told Mortgage Professional Australia they didn’t want a hard sell either.
“Small business is the loneliest place in the world to be, especially at the moment. They don’t want someone to sell them a product. They are sick of people trying to sell them a mortgage,” he said.
Bouris believes businesses want to “sit down with you… [and talk] about what their aspirations are for the next two years.”
“They don’t actually know how to reach those aspirations. If they want their business to be worth $500k in two years’ time, they want to know how to actually get there.”
He said focusing on a solid strategy was key for any business broker to keep small business clients happy.
“Small businesses will pay for that. You just have to have a level head on you and understand how a small business works,” he said.
Asking the right questions - however hard - is also crucial.
"Small business owners are very good at convincing themselves that they know best. What they need is someone to sit down with them and ask them the questions and say 'go away, get the answers, and let's have a look at the answers. Let's critically analyse your answers once I have given you the questions'."
The full interview can be found in issue 12.8 of MPA, out now.