Mentorship can be Priceless
Four good reasons why!
Here is why you need a business coach or mentor or two – One for the Money – Two for the Show – Three to Get Ready – Four to Go!
One for the money talk. It’s often overlooked – and it’s really important.
I am not just talking about working with a financial advisor, your accountant or banker or lender – reviewing your books, (which is very important) – I am talking about getting the skinny on industry standards. Seek experts, mentors, coaches and advisors with some industry knowledge on how certain things work.
For example when I work with a foodie client, I immediately team them up with an industry expert that can review their costing/pricing as the grocery industry has a system that is not like the regular retail markup.
Each industry has certain standards, average profit margins and some industry secrets all of which you want to know so that you can plan for growth.
Two for the show
Having more than one mentor, coach or advisor on your resource team is so important.
Right off the bat, I help my clients look for a mentor in their area of expertise. You can always find someone with an attitude of a peer rather than a competitor who is open to sharing experiences and collaborating. They might be doing a similar business in a non competing market or someone in a different county. Like you they had to build the business and Like you may have some insights to share that are priceless.
In addition to an industry mentor (whether that person is paid or not) having someone with history running a business with a similar business model would be a welcome advisor or mentor. An example if you wholesale your goods or export services look for someone who has experience doing business those ways.
This is just two examples of why having more than one mentor is important. Think about all the areas of your business and look for experts to help you see what you may not be seeing or are making assumptions about. (marketing, financing, sales strategy etc)
Three to get ready
Visioning and Strategic Thinking is the key to staying on top of things in a changing world.
Strategic Thinking is the kind of thinking that creates insights that are crucial to pivoting quickly in rapid moving times. Innovation, new strategy and winning concepts all come from thinking strategically. This is the process of creative thinking and critical thinking.
Every successful business has a next steps plan. Strategic thinking is the process of looking at all those moving parts, the process of exploring options, challenging perspective and gaining insight on how to move forward more strategically.
It’s taking a good hard look at reality, history, possibilities and making the valuable connections between what is currently happening and what is possible. This type of thinking is a team sport – each thought compounds, expands or leads to the next. Try is out with your mentor or business coach.
Learn more about strategy here in my recent article posting.
Four to go
Action and Traction. We all know that taking action is the key to success and it’s the goal in coaching. Our aim as a coach is to guide you through the process so that the actions you are about to take – are the ones that will make the most impact right now in the lifecycle of your business.
Traction is so important. Choosing the right things to do – at the right time so that you get quick wins and are on the path to the bigger vision is the key here. Solopreneurs and entrepreneurs who work in small teams are often wearing too many hats. They can lose focus on doing the things that will get them the most traction. Working with your mentor, advisor or coach to identifying those strategies that will bring you the most traction is key.
Here is a link to a blog I wrote for Women’s Enterprise Center – 6 Reasons Why every entrepreneur should have a mentor.
Looking for a Mentor – Here are 5 tips for finding a mentor