When you read success stories of entrepreneurs and small business owners, it can be very easy to get caught up in the “success” part of the story. Sure you might read about the various trials and tribulations they’ve had along the way, but ultimately, what attracts so many of us to the idea of “being the boss,” is the thrill of being able to take control, set the rules, and work from virtually anywhere. However, what is not often discussed is the tremendous amount of support these successful owners receive in making their way to the top.
Though an entrepreneur might do a great deal of the business functions on their own, successful entrepreneurs are fully aware of the fact that at some point they will need to reach out to someone for assistance. Though an individual may be solely responsible for the operations of a business, no one person is an expert in every area concerning their business. To succeed, particularly in the beginning stages of any business venture, it is ideal to rely on the support and assistance of others including mentors and advisors.
Mentors and Advisors: What’s the Difference?
Mentors and advisors all play a significant role in the development and continued growth of any business entity. Without fully investing in the services of various business professionals, the business can only grow but so far (about as far as your individual expertise allows). In order to fully understand how each of these business professional types plays a role in your business growth and development, it is firstly important to understand the difference between them.
- Business Mentor – According to the Small Business Administration, a business mentor is an individual who is in a similar industry. They’ve ideally succeeded in business the same way you want to. They’ve traveled down various roads, learned valuable lessons, and now wish to pass them on to you for your own professional gain. Their main focus is on the personal growth and development of you as a business professional.
- Business Advisors – Often confused with a mentor, business advisors focus more on providing advice for the business as a whole as opposed to your personal growth and development as a business professional (which is what a mentor does). Business advisors have different areas of expertise. It is very common for entrepreneurs and small business owners to reach out to financial advisors for advice on handling their company finances.
CPApowered.org has a video that provides a more detailed description of a financial advisor, and why they’re beneficial for shaping and growing your business:
Their Benefit to Business Growth and Development
Though business advisors and mentors have very different focuses (i.e. advisor focusing on the business, while mentors focus on the entrepreneur or owner), their services, guidance, and advice play a pivotal role in the growth and development of your business. Below are just a few of those benefits:
- Valuable Advice (Leads to Improved Decision Making) – As a new business owner, there will always be questions that you don’t have the answers to. Whether its deciding on whether to expand your business, introduce a new product, or a particular marketing strategy, the time it would take to research the answers, ensure their credibility (or accuracy), and implement them could be detrimental to your business. Mentors and advisors however can guide you in the right direction saving you time, money, and furthermore, helping you to grow your business.
- Third Party Perspective – Advisors and mentors are established professionals that already know the ropes and tricks of the trade. When you’re new to business, gaining the right perspective on things can often be “clouded” by your own biases. Advisors and mentors on the other hand provide you with an unbiased perspective that can help you to see things in a way that you may not have been able to see on your own.
- Improvement in Skills – While advisors are focused on the business as a whole, your mentor is on your side to help make you the best owner possible. Therefore, the more you engage with your mentor and bounce ideas off of them, the more you seek to gain on a personal level, which pushes you closer to becoming a leader at work. For example, if you’re having trouble communicating with your staff, your mentor can give you pointers on how to communicate more effectively in the future. A happy staff is obviously necessary for a successful business.
- Large Network of Support– Starting out in the world of business, chances are you don’t have a large network from which you can go to for various means. Business mentors and advisors on the other hand are established professionals that have the means to connect you with the right network. They can give you contact information to other business professionals who can help to improve your business or even expand your business. For example, if you’re not handling your finances well on your own, a financial advisor could put you in touch with a CPA that can assist you on the regular or as needed basis.
- Improved Productivity – Business advisors in particular can help to improve your company’s overall productivity. By streamlining certain processes, and helping you to avoid certain pitfalls, business operations can be significantly improved for the better.
- Competition Ready – Advisors and mentors are there to guide you in running a successful business. Not only do they provide you with advice and guidance, but they give you insight on new developments and processes, that keeps you relevant and successful. When you’re equipped with the right type of support, you’ll find that you’re better prepared to compete with the competition.
To be quite honest, there probably isn’t a successful business owner or entrepreneur that hasn’t reached out to an advisor or mentor at some point during their business ventures. In order to give your business the best opportunity to succeed, it is necessary to reach out to those who can provide you with sound advice and the tools to take your company one step further than it was even a day ago. If you haven’t invested in such services or support, now is as good a time as any to get started. You have nothing to lose, and everything to gain.
