Running a successful business or getting a new idea off the ground isn't easy.
Most CEOs, directors and senior staff make countless key decisions every day, weighing up opportunities and threats, managing limited cash flow and much more. But those who are new to running a business may not even be sure where to start or whether their business idea has potential.
Many feel overwhelmed by these challenges, or simply are not certain how to move forward. What will help most in these situations is regular guidance from an experienced person who has been there and done it all before - in other words, a business mentor.
In this article, we are going suggest how a mentor can add value to your business as well as how you can find the right mentor for your needs.
Finding the right business mentor
For a business mentor to be effective, they need to have extensive experience in your industry, a wide network of valuable contacts and a diverse set of relevant skills. That way when you identify your own business challenges and roadblock they will be able to quickly offer solutions and guidance to empower you to be as effective and successful as you can be.
Our mentoring service makes finding the right person to help
Once paired with the right person, there are several ways a mentor will add value to your business. Here are three:
1. They will share industry experience
A quality mentor will have plenty of experience in your industry doing exactly what you are trying to do now. Since your mentor has likely been in your shoes before, they should be able to help you solve problems and share their own experiences to inspire, encourage and direct you.
This is a great way to ensure your business is heading in the right direction and that you are not missing any opportunities. They'will also be able to navigate you around mistakes they have made, so that you don't do the same. They can be a confidence booster if you are new to your industry, giving you access to constructive feedback so that you can improve your organisation from the ground up.
2. They will teach business owners new skills
Business directors, CEOs and senior staff members need considerable industry-specific skills and knowledge to succeed. The founders of startup businesses, in particular, need to know everything about their business, especially if they are doing it alone.
Your business mentor will help fill your knowledge and skill gaps in key areas such as:
- Business strategy
- Leadership skills
- Communications
- Technical skills
- Understanding of costs and overheads
- Dealing with isolation and establishing networks
If there is a gap in your business mentor's knowledge, they will have access to other mentors within the Business Mentors New Zealand network to provide specialist knowledge support to overcome specific challenges. In some cases, a re-match of the mentor is provided by the Mentor Coordinator if the skill set requirements are not aligned or in rare cases, there is a personality conflict.
3. They will provide ongoing business support
Having a mentor is not a one-off experience - this business relationship is for the long-run. Your selected mentor will act as a sounding board or provide guidance to help deal with a particular challenge.
The right mentor from the Business Mentors New Zealand service gives you access to ongoing business support - from just a few months to up to a year dependent on the business owners individual requirements. To find your own business mentor and get the support and guidance you need contact a mentor coordinator in your area today and get the conversation started.
