How business mentors can help small business owners

Business mentors can help small business ownersRunning a business can be immensely demanding and stressful, which is why small business owners often require a helping hand. Thankfully there are a number of ways business mentors can help you drive the success of your small business.

Whether it is discussing a business idea, seeking business growth, or simply managing day-to-day business operations, small business owners know that shouldering all the responsibilities alone is stressful. This is where a business mentor can help.

A business mentor is someone who has immense business experience and knowledge. They can guide you on a wide range of business matters, help with decision-making, and motivate you towards a future goal.

With 92% of small business owners believing that mentors are key to their success, their guidance and advice are surely a must-have for any small business owner.

Where can I find a business mentor?

In today’s business world, competition is fierce. You need to stay in control in certain aspects of your business but you are also required to be adaptable in other areas. You face new challenges that demand your full attention.

A good mentor is someone who can understand and meet your business needs, as well as someone who can challenge you. In most cases, you are looking for an entrepreneur like you, ideally an experienced business leader who has successfully managed companies before.

Here are some places where you can find a business mentor:

  • A mentoring group. In the UK, the British Bankers Association has set-up a site called for businesses looking for mentoring service. Some of the services listed cost money, while others are free.
  • A professional institution like the Institute of Enterprise and Entrepreneurs.
  • A networking group.
  • An accountant who can offer expert financial advice and assistance. In particular, our team of specialist small business accountants here at Berley have a proven track record of helping small business owners.

How can a business mentor help?

No matter the stage of your business, you may be feeling overwhelmed or at a crossroad where you need someone to help you figure out what’s next. A business mentor can:

1. Provide useful business advice

A 2018 study by Forbes mentioned that 20% of small businesses fail in their first year, 30% of them fail in the second year, and 50% of them fail after five years. Against the dire statistics, the study went on to say that 92% of small business owners agree that mentors ‘have a direct impact on the growth and survival of their business’, proving the point between the success of a business and mentorship.

As an experienced entrepreneur who once stood in your shoes, your business mentor is someone who brings a set of unique experiences to assist and increase your chance of success. Working with a business mentor means you can confidently run your business on a tried-and-test basis rather than a trial-and-error one.

2. Generate business growth

Mentors can help you drive business growth – it is said that business owners who use mentors are 20% more likely to experience business growth than those who don’t.

3. Provide a valuable second opinion

Quite a few small business owners see their company as an extended part of their being and they are emotionally attached to its operation. As a result, you may find it challenging to take a step back and analyse a situation objectively. A business mentor can look at the situations from perspectives you may not have thought of.

4. Extend your client reach

Mentors can suggest potential customers/clients to contact and areas of the market for your business to branch into – helping you grow your client network and extend your business reach.

5. Provide confidence and reassurance

Expert advice from business mentors will help eradicate the uncertainty and doubt experienced by small business owners. With a calm disposition, you are able to focus on making your business as productive as possible, instead of stressing.

6. Offer specialised skills and expertise

While most business mentors are good at providing general advice, some mentors are specialists in niche business areas such as employment law, anti-money laundering regulations, GDPR, and corporate tax, to name but a few. At Berley, our accountants often act as business mentors to small business owners across London and we provide independent advice ranging from management accounts to practical small business tax advice.

It is crucial that small business owners do not shy away from support. Even the greatest asked for help back when their businesses were in their infancy. Steve Jobs, Mark Zuckerberg and Bill Gates all used their business mentors as a valuable resource for learning and growing their (once small) businesses.

Berley can help mentor your small business

At Berley, we are dedicated small business accountants helping small business owners thrive in London and beyond. Every entrepreneur who turns business possibilities into reality is a superhero to us, which is why we work side-by-side with you to help you reach your full potential. We do so by tackling any financial issues you may have, such as business tax issues, queries from HMRC and extra business financing that can help to spur growth.

We can also assist you and your business in the following areas:

To enquire about our services, please call us on 020 7636 9094 today.

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This post is intended to provide information of general interest about current business/ accounting issues. It should not replace professional advice tailored to your specific circumstances.