A survey published in the “Daily Telegraph” reveals some very interesting statistics. Many businesses regard their business mentor as being as important as their accountant, the survey claims. The survey found that one in two (50%) small businesses viewed their business mentor as vital. Further, one in ten (10%) of those surveyed nationally said they would not be in business if they didn’t have a business mentor. Only one in five (20%) felt the same way about their accountant, according to the survey. One in every four (25%) respondents believed business coaches helped make the numbers grow in their business, while accountants counted and checked the numbers, it found. It also found one third (33%) of small businesses surveyed identified cash flow as the biggest challenge they faced and almost nine in ten business owners (90%) nationally did not outsource services.
Finding a Match
Any potential mentor should be able to relate to your specific issues, and have the answers you are seeking. To do this requires considerable experience and understanding – for example, the majority of managing directors of multi-national companies would find little relativity to the problems experienced by the small business owner. The same applies to an inexperienced person who has recently graduated from college or university, irrespective of their results. It should be noted there are a number of analogies between sports coaching and the professional business mentor. There is no difference from the team of coaches and mentors, physiotherapists, sports psychologists and veritable army of backroom business advisers (often operating as small businesses themselves, supported by the sports star) enabling the sports star to achieve their best performance.
Points to look for
Selecting a mentor is a very big step for most SME business owners so use these pointers as your checklist in the interests of choosing the right one for you.
- Make sure the mentor understands your ultimate goals for the business, whether it is fast expansion, to reduce your hours and prepare the business for sale or transfer to your children.
- Ask for and contact referees of the business mentor. Talk to owners who have been mentored by the prospective mentor.
- Choose a mentor with wide industry and business experience, and skills appropriate to your needs.
- Have a written agreement about confidentiality. Make sure you can trust the mentor’s ethics and ability to keep sensitive information confidential.
- Develop a job description for your business mentor before you hire one. Write it down.
- Look for potential, a mentor may come through your network of personal or business contacts and seek word of mouth recommendations.
- Interview a potential mentor as you would a new employee.
- Choose a mentor with whom you have a “personal rapport”.
