Running your own business is an exciting venture, but whether your business is starting off small or you’ve managed to expand – it is inevitable that you will encounter challenges along the way. While you may have great ideas and like to be in control, a second opinion can go a long way when it comes to sustaining and developing your business. So, what makes a business mentor worth having? Here we have just some of the many benefits…
- Experience and information
Whatever you’re thinking when it comes to your business, your mentor is likely to have been there and done it. Meaning they can provide you with information of what they learned from it and the mistakes they made – to save you from making the same ones. Mentors work with many businesses of all sizes, so they are a bank of knowledge when it comes to business tactics, sustainability and growth. - Third party opinion
One of the best reasons to have a business mentor is that they will always give you honest, unbiased advice and guidance. They believe in you and want you to achieve what you set out to do – even if it’s a long-term goal. Mentors can help you evaluate your ideas and goals and being a third party, they have the perspective to see where you need to improve when you can’t.
- Encouragement when you need it most
No one said running a business was easy – but the rewards you get are certainly worth every hurdle that you overcome. Your mentor knows that running a business is difficult and that is why they are there to support, advise and guide you through the challenges you may face. A study has shown that mentoring can actually reduce stress and minimise the risk of burnout.
- Boundaries
Self-motivation and self-discipline can be extremely tough, but with a mentor on hand you can learn good work habits that can solidify your work ethic and priorities. Business mentors also help you to understand realistic expectations by providing you with reasonable boundaries to work within.
- Contacts are everything
Even if you go to an occasional networking event, the likelihood of knowing a good set of reliable contacts like your mentor does, is slim. Your business mentor has priceless connections and can introduce you to prospect skills and talent that can fuel your business to help you reach your target audience more effectively. If your business is B2B, there’s even the chance that your mentor will recommend your services.
There is no shame in utilising help in your business – as business owners, we usually go into it as we are passionate about our trade. That doesn’t always mean you are experts in business development, finance or marketing – so these mentors can provide valuable insight. Even Richard Branson still uses a mentor!