Discover the Ideal Mentor to Help You Grow Your Small Business
One thing, according to research, can predict the success of your small business: a helping hand from an accomplished mentor.
A significant learning curve comes with owning your own business. It can be stressful and lonely for solopreneurs to be responsible for all aspects of their firm. Including daily operations, finances, marketing, and strategy. Perhaps this explains why just a third of small enterprises survive for ten years. And half of all small businesses collapse within five years.
Working with a mentor increased a business owner’s likelihood of surviving past their first five years by twofold. The outcomes were noticeably better than those of independent businesses. All thanks to all the additional coaching, support, and advice.
How Can a Business Mentor Help? What Is a Business Mentor?
Business mentors come in many shapes and sizes! But they all share two traits: they have the knowledge and expertise in the field of business that you lack. And they are eager to pass on the advantages of their knowledge to you.
Having access to a dependable advisor who has been there before being vital, whether you require assistance understanding your small business finances or a second opinion on an approaching product launch.
An excellent mentor can provide you with the advice you need to expand your small business. Because they have already faced the difficulties that come with being an entrepreneur.
Where Can You Find a Mentor in Business?
Finding a mentor on your own can be more difficult than in corporate settings. Because here mentoring connections frequently develop naturally or are governed by HR policy. We offer some suggestions if you don’t know where to begin.
Consider Your Current Network
Consider your career to date as you begin your quest. Can you recall a person who encouraged you to succeed? Or who provided you with sound advice that resulted in a good outcome?
Do you know someone who can put you in touch with a more experienced businessperson in your sector? If no one immediately springs to mind, concentrate on strengthening your bonds with those who are already in your orbit. The rest will take care of itself.
It’s important to note that your mentor doesn’t have to be a single individual. Mentors can be of any age and come from any profession. You’ll gain from their combined knowledge and suggestions if you can create a network of people you can learn from.
Look for Professional Meetings in Your Industry
Observe local or online professional gatherings, seminars, and events. Although it may seem scary at first, keep in mind that these occasions are meant for networking, and exchanging business cards is customary. You can find out more about your sector and make seasoned business connections in a stress-free setting by joining a professional organization in your field.
Invite Someone to a Coffee Online
Finding a mentor without leaving your living room is quickly evolving into a new method of networking. All thanks to the growth of COVID-19.
If you struggle to bring up mentorship in other settings, these platforms are a terrific alternative. Because everyone is there for the same reason. A low-pressure technique to get to know a possible mentor and determine whether you are a good fit is to invite them to join you for a virtual cup of coffee.
Find Mentors That Can Relate to You
In the United States, 59 percent of business owners are women and people of color. However, individuals still encounter prejudices while trying to access capital, networks, and chances to increase their wealth in our current financial institutions.
You may negotiate an unequal playing field and open doors to financial success. Just by finding a mentor who has a thorough understanding of the challenges faced by business owners with marginalized or underrepresented identities. And who has the skills and professional contacts to assist overcome them.
Look for programs designed particularly to support your identity. Especially if this is a concern for you.
Even if They Are Someone You Don’t Know, Ask Someone You Admire
Those who you naturally gravitate toward make the ideal mentors. Consider a successful businessman that you respect and appreciate. They might make the perfect mentor if you’d like to peek inside their head. And learn how they think about running their firm. Send them a personalized email outlining your professional admiration for them, your desire to meet them, and your objectives for the connection.
You might, at worst, not hear back. The best-case scenario would be to find someone aware of your objectives. And has the skills and experience necessary to transform your company. Why not attempt it then?
How to Get Help From Your Part Time Accountant
To better understand the state of your firm at the moment, your mentor will probably ask you about your small business’s earnings, costs, and debts. Make sure your books and finances are in order! Before meeting with your mentor if you intend to discuss the financial aspects of your company with them.
You can surely ask a mentor for assistance. Especially if you wish to improve your understanding of your company’s financials.
If keeping the books isn’t your favorite duty, outsourcing can be a good idea. It provides you with well-organized monthly financial statements. Without having to sift through mountains of disorganized paperwork and receipts, your mentor can rapidly identify areas for business growth and improvement. All with the help of our user-friendly software and intuitive graphic reports.
We also take care of small business tax filing and provide unlimited, on-demand tax advisory. For no additional fee, you can speak with one of our in-house tax professionals throughout the year.
As a Your Part Time Accountant client, you’ll have peace of mind your business is optimized to minimize your income tax, and tax questions are never left unanswered.