3K&L the financial consultant – How we work with our clients, Part I
It has been a while since I penned a blog on financial consulting. I apologise for the hiatus to those who enjoyed my writings. I really have no good reason for the break; I guess I just needed a (short) break as I tried to think of what next.
Given the break, I struggled with how to make a ‘comeback’. The first idea was to write about the covid-19 pandemic and its impact on SME’s (Small- and Medium-sized Entities). Afterall, I take pride in the work I do as a financial consultant to these entities and therefore I should have an opinion on it. But, as I started to put my thoughts together, a story told to me by Vinnie during Uni days, came to mind. Vinnie was a classmate in Lower Kabete campus and a good pal. He used to look at me pensively (and he did this more than once, hence the vivid memory) and ask me, ‘Do you know why you wake up with bad breath?’ The first time I tried to answer he cut me short with a wave of the hand, because it was a rhetorical question (duh), and proceeded to explain; ‘It is because your mouth has been closed the whole night. You had no one to talk to and nothing to say.’ I would normally smile or chuckle at this point of the story and he would smile back. The smile he had was that of an elderly man looking at a youth to whom he was about to impart the greatest of wisdom. He would add, ‘In life, don’t talk just for the sake of having fresh breath.’ My take-away from that statement was, if something you wanted to say has already been said, don’t repeat it for the sake of ‘fresh breath’. Hold your peace. So, I will hold my peace on the issue of Covid and SMEs.
I can go on and talk about the various ideas that popped into my head and how each idea got rejected like an act on ‘America’s Got Talent’ but I won’t.
What I will share is how I got the idea behind today’s post.
Getting started
My son once asked me “Dad, what do you do at 3K&L? I know you are a financial consultant, but what do you do?” That got me thinking.
My train of thought started with me taking an introspective approach – think about 3K&L. The train then chugged along to – well, what about 3K&L? We are a financial consultant to discerning clients. I thought about our Purpose which states ‘Helping SME’s get world-class internal control structures, processes and financials.’ It reads well and does reflect WHY I come to work every day, but it does not explain WHAT I do.
I then thought of the strategic pillars that 3K&L has – Sustainable revenue growth (discerning clients and competency); Consistent Quality through Quality People, Brand Recognition, and Cost Management. All these pillars are in place to ensure that 3K&L is sustainable and continues to achieve its purpose. But they don’t explain WHAT I do.
I have consulted with various clients in manufacturing such as Java Foods and Natural Valley. I have worked with schools, and with local investors such as Geo Petroleum. I have supported law firms, health clinics and fellow consulting businesses such as Agova. I have also done pro bono financial consulting services for start-ups trying to get their footing into their industries.
But WHAT do I do?
In the first part of this two-part series, I walk you through my (relatively short journey) to my ‘EUREKA’ moment.
Having determined that I have a strong purpose, with well-founded strategic pillars, and a good array of discerning clients, it was now time to chart my path on each assignment and hopefully, came to a felicitous conclusion about what I do.
Learning to Listen
A few years ago, I had a ‘Best Practices in Writing Reports’ sessions with a mentor. “Whenever you write something, a report, an email, a memo, start by clearly understanding and setting out the background to what you are doing. That is the Situation”. This earth-shattering advice has stuck my hippocampus, the neocortex, and my amygdala (just a long-winded and boastful way of saying that it has stuck in my memory). Notwithstanding that display of my ability to use Google Search, these wise words meant that I never just jump into a problem (or a solution). I explain the situation of the matter.
As such, as a financial consultant on each assignment, I start by listening to what the entrepreneur is trying to achieve. One proprietor told me that she wants her brand to be a household name and her products to be in every household. Another said he wanted to represent Zambia in his chosen industry, which was new in Zambia, but potentially a ‘disruptor’. While a third said he just wants to sleep easy knowing that the business he built over 15 years does not come tumbling down.
We then walk together as we drill down to the immediate problem that is impeding their long-term goals. An overall objective is made up of several short-term or sub objectives. We sit and discuss the specific secondary objectives where the entrepreneur needs our assistance.
The objective of listening is for me to use this information to assess what the organisation needs in back office support to achieve what the entrepreneur wants. The assessment can cover wide-ranging areas such as HR structures to reporting systems and processes, or specific matters such as inaccurate or incomplete information. We sit with the entrepreneur (and other stakeholders, if necessary) and make an honest assessment of what is needed for the dreams to come true. Overall, our assessment reflects WHAT needs to be done, WHO needs to do what, and by WHEN must it be done.
In part II of this blog, I will explain how this assessment metaphorizes into what I do and how 3K&L, as a financial consultant, delivers value to our clients.
