Does your business need a mentor?
At the end of 2022 (on the back of two unpredictable years prior to that), no one would blame you if you said you’re a bit knackered.
So I hope that you had a great break.
But as we start the new year, there are new challenges ahead. How are you planning to tackle them?
By Michael Mekhitarian
Not just for start-ups
Mentors are not just for entrepreneurs and startups – they can be invaluable for businesses in any phase, even the exit planning stage.
It goes without saying that the challenges facing business right now are unlike any we’ve faced before. That doesn’t mean some fundamental principles don’t apply, but it does mean that we need to consider how to do things differently, too.
And this is where investing in business mentor can really help, by helping you to get out of your comfort zone and think differently.
A business mentor is not someone who is going to tell you what to do, after all, as famous English Author EM Forster once said “Spoon feeding, in the long run, teaches us nothing but the shape of the spoon.”
Power up your business
A business mentor will listen though, and offer suggestions, challenge your thinking and cheer you on from the sidelines.
Of course, the relationship is not as simplistic as that, but speaking from experience, it’s amazing how innovation and inspiration starts to flow when you find yourself in conversation with someone who is genuinely interested in what you do, how you do it, why you do it, and where you’re going.
A mentor can help you bring out the best in yourself, and your business.
Keeping you accountable
But more than that, a mentor will hold you accountable for setting goals – that means, actually putting in place the ideas and strategies you think about, but often don’t ‘get around too.’
Small business owners tend to face general commonalities that hold them back, these typically include:
- Time poverty, which can lead to reaction, rather than strategic action
- Limited resources – capital and people and the ‘right’ contacts
- Undervaluation, particularly those in the service industry.
The small business sector is the backbone of the Australian economy and it is not always as well supported as well as it could be by our state and federal governments.
Small businesses are ‘doing it themselves’ a lot of the time and sometimes that takes a considerable amount of blood, sweat and tears.
This is why it’s so important to get help.
Especially right now.
Successfully navigating uncertain times
As we head into 2023 the outlook remains uncertain. Supply chain hiccups, escalating costs, insurance issues, people management in hybrid settings, employee wellbeing, taxes, technology, cash flow and profit margins are all priorities to juggle day-to-day.
Yes, they need attention, but so too does your business planning and progress.
A business mentor will encourage you to take time out, to follow the golden rule for success which is that you must not only spend time working IN your business, you must also work ON your business to find opportunity and harness it.
We’ve helped hundreds of small businesses to navigate the tough times, and the scary times – the global financial crisis, natural disasters and the Covid-19 pandemic because we believe in small business and its ability to innovate, and to create both employment and economic opportunities so critical for the country’s social and economic health. But don’t just take my word for it, read what our clients have to say.
At ATB we have a team with exceptional breadth and depth of experience which means we can offer advice across the spectrum, and we can tap into our own network, formed over xxx years of doing business in Sydney to provide practical assistance when it’s needed too.
Business mentoring is, in many cases, a legitimate tax deduction too.
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