Find a business Mentor that can lead you to success

When setting up a business we all hear the stories of businesses failing and with 50% of new businesses failing within 5 years the rates of failure are still extremely high. There are often a number of reasons for business failures and whilst there is no sure-fire way or method to prevent a business meltdown, business mentoring can help to improve your chances of success.

Often, a positive correlation can be found between mentoring and business success, however rid those images of old school style mentoring and embrace the modern day approach we are now presented with.

Benefits of business mentoring

Enlisting the help of a business mentor isn’t a cry for help in a time of need or a sign of business weakness. In fact by tapping into the knowledge of a trusted mentor you can greatly improve your businesses survival rate and prospects.

One of the biggest benefits is the objective view a mentor can provide. Naturally, when it’s your business you’re mentally fully invested and sometimes taking a step back to look at your business from another perspective can be hard to do which is when your mentor should step in.

A business mentor can also help to enhance you and your employees’ skill-set which can be particularly useful if you’re looking to grow your business. Your mentor can identify your strengths and weaknesses and identify the improvements to be made.

Your mentor should have previous experiences which can enable them to advise you, hindsight is extremely valuable and learning from others experience can help you to avoid any mistakes they may have made.

What to look for in a mentor?

A mentor can come from all walks of life and they may be someone who isn’t necessarily from your particular industry. Look to see if there is anyone in your wider network to mentor you and consider the resources they may have available to help you. Use local or regional networking events to help meet new people and remember they may not be someone who has the job title ‘business mentor’ but providing they have prior experience they should be able to advise you.

When starting your mentoring partnership you should start with drawing up what you wish to achieve from your mentorship. Is there a skill you want to improve? A process you need help with? Or advice on scaling up your business? Once your mentor knows what you want out of the agreement it can help them to help you.

You may need more than one mentor to help you on your journey so you shouldn’t be afraid to enlist the help of more than one business mentor. We all have different advice and expertise to offer and the person who advises you on your initial business plan may not be able to help you with your expansion plans. Keep an open mind as to who can help you, mentorships can be formed in the most unlikely of places.

When scheduling meetings with your mentor keep them regular and draw up an agenda to help keep engagement up. Time is valuable for both you and your mentor and you’ll both achieve far more by sticking to a schedule. Keep a list of action points as you go along and create a time plan to help you plan where you want to be and when.

A business mentor should have your businesses best interests at heart and keep an honest and open mind when advising you. Remember, there may be times when your mentor gives you harsh advice but they are there to share their honest opinions with you and ensure your business is the best it can be.

A business mentor-ship can be extremely valuable to you and your business and a positive collaboration should help you on your way to success.