It is not just corporates and executives that turn to a mentor in their time of need. In fact, small business mentoring is becoming more and more popular. The reason for this change? There are indeed many. The modern day business world is far faster moving than the one of just a few decades ago. New challenges arise on a daily basis, and the Internet provides us with competitors that we didn’t have before. So, when should you use the services of a mentor and what can a small business mentor do for you?
A great time to seek the help of a small business mentoring professional is actually before you start trading. Of the dozens of new businesses that are set up in the UK on a daily basis only a small proportion will trade for more than a year. What is the reasoning behind such a high failure rate? It’s not too tricky to work out. You may have a great business idea or a product that you know is in demand. But if you don’t know how to promote yourself you will never succeed.
Small Business Mentoring : For Growing Businesses
So, let’s start from the beginning. You have a business idea. Now what to do with it. If you have been accepted for finance for your idea then you will have a business plan. This business plan is essential for the mentoring process. If you haven’t even got as far as the planning stages, then a mentor can actually help you with your business plan. You may have a few different ideas but you are unsure which one to go with. A mentor can advise you on which one he thinks is best and why. What he won’t do though is tell you what to do.
Now let’s look at the alternative. You are a new small business. You have started traded, but you feel like you have jumped into the deep end and you don’t know how to swim. There is a lot more to running a business than having a product to sell. You will need to understand profit and loss and simple accounting. If you don’t know what your overheads are then you won’t know how much money you need to make in order to make a profit.
Help and Guidance Over Time
The number of small businesses that fail is extremely high. But the number that fail where a mentor was involved from the start is a lot less. A small business mentor will offer help and guidance when you need it most. Once you are set up and established and more confident about how to run your business, the relationship will fade out until it comes to a natural end. The most important point about having a mentor is that you are not obligated to pay a certain monthly fee for a set amount of session. You can turn to your mentor when you need him most, and when you need help and assistance.