What do we all want from any investment we put into our business?
It normally boils down to putting money in to get a positive return out whether that is increased profits / the ability to create more jobs / achieve greater efficiency / cost savings in the long run or keeping up with your competitors to retain customers.
So how does working with a business mentor have a beneficial impact on your business and how do you select a mentor?
Professional business mentors
As with all investments there is a cost implication. How do you know the quality of investment you are making? Here are a few things to look out for when picking your mentor:
- A professional business mentor should have been there and done it. Running their own business through good times and bad gives them real world experience.
- Have a set of client testimonials.
- Be accredited with a reputable body such as the ABM (Association of Business Mentors).
- Offer a free initial session – this is a chance to ask a few questions and get a feel for the mentor to see if they are a good fit for you and your business.
Now for that return on investment
Business planning. A business mentor will work with you to write a solid business plan which will take you forward with your business. A quality business plan will help you keep on track with your growth plans, obtain funding and give you a guide to measure your success.
Pricing, overheads and costs. When working in your business rather than on it, it’s hard to take an overview and be impartial. A business mentor will be able to view the business fresh and pick out financial issues which could be holding you back.
Managing workload. Sounds simple doesn’t it, however it’s amazing how bogged down we can get. A business mentor will help you prioritise what you do for the greatest benefit to your business.
Increasing your sales. Your business mentor will be able to work with you on a key message and your unique selling point (USP). They will work with you to expand your routes to market and ensure that you have a profit making structure in place.
Your professional business mentor’s job is to look at your business and enhance the positives and deal with the negatives. Unlike other investments a business mentor can view the business as a whole and ensure any changes made work for the whole not just one area to the detriment of others.
They are an independent advisor whose job it is to help your business and produce results, success and profits.
Ready to invest???