You’ve probably heard of a business mentor and may even know other company owners who employ one. What you may not realize is how beneficial and possibly life-changing a business mentor can be.
If you are beginning a business or need help with an existing one, a mentor may be just what you need as they will be able to guide you in the right direction. Read on to find out just what a business mentor could be the ideal choice when you are a business owner who needs a little help.
Who Is The Business Mentor?
If you choose an experienced business mentor, they will have been in many of the circumstances you are currently in. They will have had to sort through the tough times on their own, perhaps figuring things out for themselves.
The good news is that they are now available to you so that you do not have to go through that ordeal – they will be eager to share their knowledge and experience to guarantee that you don’t make the wrong choices. At least, that’s the idea behind a business mentor. Of course, how they do that will depend on how you interact with them.
If you have a question about your company and what you should do, it’s imperative that you consult with your mentor. Even if they haven’t been in your exact position before, they will have enough expertise to advise you on the best course of action. Of course, the ultimate choice is yours, but seeking counsel is critical.
5 Advantages To Take The Help Of The Business Mentor
As previously said, mentors will have the expertise, which is one of the reasons you should pick yours in particular; you need to choose the person who can help you the most and ideally the one who knows your industry. A mentor with little experience may have good intentions, but will they provide much assistance? It is doubtful. So, if you need someone to help you in your business, experience is a crucial thing to look for.
Here are a few advantages you will get while you are working with the business mentor.
1. Use Their Knowledge
By working with a business mentor who has firsthand knowledge, you can avoid many of the traps you could fall into and errors that you would otherwise make. This means that not only will your company expand, but it will grow considerably quicker than if you were on your own, trying to figure out the right steps to take.
What should you look for when it comes to experience? Someone who has successfully managed a company for a lot of years is one thing. Another example is someone who has operated a lot of companies, maybe profitably selling each one and establishing a new one, each time performing better than the last. Look for credentials as well since they will be useful. A Canadian online MBA is a great example of exactly the kind of qualification to look for in a mentor.
Even if you work completely on your own, you cannot run a company entirely by yourself. You will still need a robust network to assist you when necessary. This network may be full of individuals who can help you with your company (and who you can help in return). For example, if you are an estate agent knowing contractors, mortgage advisers, and brokers would be beneficial.
Networking also entails meeting individuals who can help your company grow via word-of-mouth recommendations. Having a business mentor will make it easier for you to network since they will have already established these important connections and can introduce you to the individuals who will be most helpful in taking your company to the next level.
3. A Trusted Relationship
Your mentor has no hidden motivation to offer you a service or product. This, in conjunction with their expertise and other useful characteristics, provides a solid basis for trust. As the relationship progresses, that trust will become even stronger with the business mentor.
Having someone you can trust in business can make all the difference. It means you know you have someone there who understands what you are going through and to whom you can speak when you need advice and a guiding hand. Just knowing you have this backup behind you can be what you need to keep going even when things are hard – as they sometimes will be when you’re running your own business.
4. Provide Motivation
Lack of motivation is a problem that many first-time (or even second or third time) business owners face. If nothing is happening, if sales are sluggish, or if they hit a roadblock, it may be simpler to walk away and try something different than to keep trying to move forward and getting nowhere. Perhaps they will feel compelled to re-apply for a job and re-enter the workforce.
A business mentor will provide plenty of motivation and incentives to keep a company owner focused on the future, regardless of how tough the present may be. Of course, some people will choose to be employed rather than self-employed, which is not an issue, and there is certainly no shame in admitting this. But, on the other hand, a mentor may be the best way to discover your drive if your company has potential and you just need someone to help you uncover it.
5. Setting Objectives
Along with motivation, if you don’t have a strategy for the company’s future, you won’t know which choices to make or which path to go when you have an option. This is another way in which a business mentor can assist you to build your business successful.
You can figure out what you want to accomplish by talking things over with someone who has previously had to set objectives for their own company. When you know what you want, you can work out how to get it, and your mentor will be there to help you every step of the way.
A business mentor should not tell you precisely what to do and then expect you to follow their rules without question. This is still your company, which means you have the last say. Their guidance and assistance, however, may help you in determining exactly; what you want and then setting SMART (specific, measurable, attainable, realistic, and timely) objectives to get there.