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Home  Cash Management A Business Mentor And Your Business
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A Business Mentor And Your Business |
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Written by David Willetts
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Business mentors or advisers are skilled professionals who are specialists in their chosen area of expertise. They possess the knowledge and skill that the business owner may seek and can supplement their skills with those of the business owner to address concerns and add value to the business.
The small and medium sized business owner rarely possesses all the skills necessary to manage the business through all periods of change.
Businesses grow and contract. Some become great successes; some fail.
Whatever phase of evolution or contraction a business is passing through, the owner will undoubtedly benefit on occasions from the input of other skilled professionals. Who are these ‘skilled professionals’? What contribution can they make to assist a business owner?
Within business circles these ‘skilled professionals’ are advisers or business mentors and may be individuals who are specialists in their chosen area of expertise. They possess the knowledge and skill that the business owner may seek and can supplement their skills with those of the business owner to address concerns and add value to the business.
Mentors may work with the owner on a specific assignment or be the ‘shoulder to cry on’ over an extended period of time.
What is business mentoring?
Formal business mentoring involves the business owner building a relationship with someone who has achieved success in a discipline that the owner wishes to excel in. The mentor possesses the skills that the owner may want to acquire personally – to have the knowledge, wherewithal and experience to improve the performance of the business.
A good mentor will willingly share tips, knowledge and resources with the owner as part of building a trusting relationship and work with the owner to ensure agreed actions are expedited satisfactorily.
What triggers the appointment of a business mentor?
The business owner may not recognize that help is required. Short term difficulties may arise, a terminal decline in the business fortunes may not be identified or the rapid expansion of the business may be perceived to be within the management capabilities of the owner.
It is not uncommon for the symptoms that adversely impact the business to go unrecognized for a period of time. Many business owners will fail to appreciate that the small daily/weekly/monthly deterioration in revenues, customer satisfaction levels or cash flow lead eventually to catastrophe. As a consequence there may be a belief that the downward trend can be arrested and that fortunes will change in the near future.
Unfortunately a continuation of old practices will result in results similar to those previously experienced.
Eventually there will be a realization that change must happen in order to overcome the problems and that the process of identifying and executing the required change is beyond the skill set of the owner.
This may be triggered by pressures within the business, stresses in private life or by the influence of a third party such as a bank, investor or customer.
At this time a skilled professional may be recruited as a mentor to assist the owner in overcoming concerns.
Dependent upon circumstances this may be viewed positively or negatively. It is desirable that the business owner accepts in such instances that a mentor is required and that the appointment is for the betterment of the business.
“There is nothing more difficult to carry out, nor more doubtful of success, nor more dangerous to handle, than to institute a new order of things.” Niccolo Machiavelli
For the pro-active business owner who accepts external skills must be acquired to PREVENT the short term problems arising and to deliver results in the long term; a mentor appointment will be a positive action.
With this in mind the business mentor will be able to advise, provide moral support, share decision making skills and be someone to help ‘re-train’ the owner.
For a successful outcome the business owner must:
- Be open, honest with the business mentor
- Recognize personal shortcomings
- Commit time
- Work on building the relationship with the mentor
- Listen, learn and understand
- Be professional and keep confidences
- Agree and execute plans of actions
The decision making will remain with the business owner. However, making informed decisions will lead to improved results.
If you need help in your business to overcome problems that are causing grief then contact DAW Consulting for a free informal discussion.
Contact: David Willetts Director
Tele: 01384 835314
Mobile: 07973 383802
email:
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