How a mentor can help grow your small business

There have been some famous mentors and mentees over the centuries.

We can wind right back to 400BC when philosopher Socrates mentored Plato, who, in turn mentored Aristotle.

Fast forward and digital mega Apple star Steve Jobs mentored an upcoming digital entrepreneur – Facebook’s Mark Zuckerberg.

But can small business owners really benefit from a mentor?

Can a mentor help? 

It’s a resounding yes. According to the Auckland Business Chamber, nearly 90% of mentors and startup businesses say that seeking assistance was a vital part of owning a new business, to ensure early pitfalls were avoided. 

 A mentor can provide a fresh outlook on your business and its potential.

This is an incredible opportunity for someone who has the knowledge and experience to give you signposts of where your business can successfully go.

How can a mentor help you and your business?

Mentors can give you a genuine fresh perspective. If you have a problem and there are several potential solutions, your mentor can help you to choose the right solution for your situation.

Often small business owners feel they are on their own, having to make difficult decisions or take on new ideas without much support. The pressure is significant, and it can sometimes be difficult to bear this burden alone. 

But your mentor probably knows how it feels. Better yet – they can offer suggestions and the emotional and social support you may need. 

You may have some great ideas to grow your business, but at times, starting a business can feel like you are walking on a tightrope with no safety net.

“Often small business owners feel they are on their own and have to make difficult decisions or take on new ideas without much support”

A mentor won’t be as close to your ideas as you are. This gives them the distance to see and point out potential issues and discuss with you how to overcome them.

Or at times, when the idea is good, a mentor may simply give you the thumbs up and bolster your confidence.

Your mentor should have garnered successful management skills in their business lifetime, and they can help you develop these all-important skills.

They will also have developed an impressive network during their time and can help you find more opportunities to expand your network.

How do you find the right mentor for your business? 

There are professional companies that offer mentor programs, which you can find online.

However, through your contacts in your industry or your personal network, you could come across someone who has taken the same path you did and now has the experience, knowledge and desire to help you kick-start a startup or help accelerate the growth of your business.

Besides the potential mentor having the appropriate experience and knowledge, make sure your mentor is someone you trust and feel at ease with.

They should want to share their experiences with you, and they need to be good listeners who treat the people they’re mentoring with respect. Likewise, you need to be respectful to them, especially as they are most likely volunteering their time to help you.

Your aim – and that of your mentor - is to build a long-term relationship that’s based on mutual trust and respect.

It also means putting in the time to regularly meet or discuss the business and how it’s tracking. It’s not just the occasional casual coffee catch up, so you should come prepared. Treat it as an important business meeting.

Help on the journey

Your mentor will have gone through their own journey to get to where they are. The knowledge and experience they gained on the way will help you in your own unique journey.

It’s still your business and you still need to beat your own path along its future. But being supported by your mentor’s guidance and wisdom could be a bonus.

Do you have the right cover?

A mentor can help you with your business’ growth and evolution journey, and an insurance broker can help you mitigate the risks along the way.

If you’re looking into growing your business, it might also be a good time to assess your risk and whether you have the right cover. Talk to a Steadfast broker near you today.

Important disclaimer - Steadfast NZ Limited, its related companies and associates

This article provides information rather than financial advice. The content of this article, including any information contained in it, has been prepared without taking into account your objectives, financial situation or needs. You should consider the appropriateness of the information, taking these matters into account, and seek appropriate financial advice before you act on any information.