Most business can. There are no bonus points for trying to do your business all by yourself.
A study by the U.S. Small Business Administration found that businesses that received 3 or more hours of mentorship reported higher revenues and increased business growth as compared to the competition that didn’t get mentored.
When you are choosing a mentor, there are pros and cons of getting a mentor in the same industry as well as the same geographic location as your business. The pros of such proximity being that the mentor will know all the specifics of your industry and the particular state and local government agencies that you need to deal with.
The cons of finding a mentor that is local and in the same industry as you is that their perspective may be limited to the specific industry that you are in and they may not help you to think of outside the box solutions and ideas, which numerous studies have proven is where real innovation and change come from. On the fringes of current thinking.
Business Mentor For Your Existing Business
For current business operators, a mentor can help evaluate the current state of your business and make sure it is on track towards your goals. If you have not yet created a business plan for your enterprise, a mentor can guide you through doing so. If you have drafted a complete business plan, they can help you evaluate how you have met your objectives and revise the plan according to changes in the business, the business landscape or your goals.
No matter what the business topic, a mentor has likely encountered the same scenario or is able to refer you to someone else who has. Mentors are unique in that they have specific expertise from their own experiences in the business world, but also a wealth of general business knowledge from helping others start and grow their ventures. Some topics and questions a mentor can help you think through in planning for the whole year include:
* Marketing: How effective is my current marketing plan? Are these efforts on track with my goals
* New Offerings & Directions: Where does my business stand in relationship to my competitors? What opportunities exist for me to expand or take the business in new and profitable directions?
* Technology: Are my employees equipped with the right technology for the activities and goals I want to accomplish?
* Budget & Cash Flow: Does my budget match with the initiatives I have set out for next year? Will I have sufficient cash flow to carry me through the whole year?
Check out the full article from the SBA here.
So, have I convinced you of the benefits of a business mentor for your small business?
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Have A Prosperous Day!