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Cape Town - All new business owners or entrepreneurs should find a mentor to guide them in their business journey, according to Lionel Billings, head of consulting Services for Business Partners.
When asked how important having a mentor is when it comes to the development and growth of a business, Business Partners Limited SME Index respondents rated the average importance level as 73%.
Billings cautions, however, that this process does come with its challenges.
Even once a mentor with the required set of skills to help a business owner with a particular problem has been found, the process may not be successful simply due to a clash of personalities.
But when the match works, Billings said that there is enormous satisfaction in seeing potential and wealth unleashed.
The right mentor
Start with acknowledging the fact that you cannot possibly know everything there is about running a business.
Even if you are an exceptional all-rounder, individuals always have blind spots, such as areas which you are not familiar with.
A fresh pair of eyes, usually looking in from the outside, can quickly spot the gaps in business practices and can also assist with strategies which the business has not yet considered.
Before fixing your sights on a mentor, it may be a good idea to have a general health check done on your business.
This will give you an idea of the business’s strengths and weaknesses and assist in deciding whether you need assistance from a specialist mentor, for example, a finance or production expert, or a generalist.
Although it is possible to source specialist advice, it may still be a good idea to engage also with a generalist mentor, who can take a more detailed overview of the business and working.
Finding a mentor
Finding a mentor may be easier said than done. Commercial consultants, who charge commercial rates for short, specific interventions, are widely available.
Structured business mentorship programmes, aimed at matching retired experts and captains of industry who want to “give back”, are scarce in South Africa.
However, business owners can approach Government’s Small Enterprise Development Agency (Seda), business chambers, or search for a mentor within their own networks.
Broaden your mentor profile
For example, an accountant could also act as a mentor should he be willing and able to look at a business holistically rather than just from a narrow accounting point of view.
Modern training does give accountants good generalist skills and they tend to be good advisors when it comes to administrative and governance issues.
There is a distinct advantage to finding a mentor, who does not need to make a living out of giving advice and guidance.
These types of mentors tend to be retired business people, who are passionate about assisting entrepreneurs.
Unlike commercial consultants, they tend not to watch the clock as closely and are more affordable and flexible.
It is important to set clear terms of engagement, stipulating a certain number of hours or a certain scope of intervention.
Mentor relationships tend to go bad when there is a mismatch in expectation from either side.
Guard against the mentor taking business issues over. This can easily happen if the mentor is a retired industry leader, who is used to taking change.
The mentor is there to give advice, the business owner must still do the implementing.
Business owners should also ensure that they do not develop an unhealthy dependency on the mentor as there is also a lot of value in developing a long-term relationship.
“Mentoring is about empowering yourself to unleash your own, and your business’ full potential,” said Billings.
- Fin24
When asked how important having a mentor is when it comes to the development and growth of a business, Business Partners Limited SME Index respondents rated the average importance level as 73%.
Billings cautions, however, that this process does come with its challenges.
Even once a mentor with the required set of skills to help a business owner with a particular problem has been found, the process may not be successful simply due to a clash of personalities.
But when the match works, Billings said that there is enormous satisfaction in seeing potential and wealth unleashed.
The right mentor
Start with acknowledging the fact that you cannot possibly know everything there is about running a business.
Even if you are an exceptional all-rounder, individuals always have blind spots, such as areas which you are not familiar with.
A fresh pair of eyes, usually looking in from the outside, can quickly spot the gaps in business practices and can also assist with strategies which the business has not yet considered.
Before fixing your sights on a mentor, it may be a good idea to have a general health check done on your business.
This will give you an idea of the business’s strengths and weaknesses and assist in deciding whether you need assistance from a specialist mentor, for example, a finance or production expert, or a generalist.
Although it is possible to source specialist advice, it may still be a good idea to engage also with a generalist mentor, who can take a more detailed overview of the business and working.
Finding a mentor
Finding a mentor may be easier said than done. Commercial consultants, who charge commercial rates for short, specific interventions, are widely available.
Structured business mentorship programmes, aimed at matching retired experts and captains of industry who want to “give back”, are scarce in South Africa.
However, business owners can approach Government’s Small Enterprise Development Agency (Seda), business chambers, or search for a mentor within their own networks.
Broaden your mentor profile
For example, an accountant could also act as a mentor should he be willing and able to look at a business holistically rather than just from a narrow accounting point of view.
Modern training does give accountants good generalist skills and they tend to be good advisors when it comes to administrative and governance issues.
There is a distinct advantage to finding a mentor, who does not need to make a living out of giving advice and guidance.
These types of mentors tend to be retired business people, who are passionate about assisting entrepreneurs.
Unlike commercial consultants, they tend not to watch the clock as closely and are more affordable and flexible.
It is important to set clear terms of engagement, stipulating a certain number of hours or a certain scope of intervention.
Mentor relationships tend to go bad when there is a mismatch in expectation from either side.
Guard against the mentor taking business issues over. This can easily happen if the mentor is a retired industry leader, who is used to taking change.
The mentor is there to give advice, the business owner must still do the implementing.
Business owners should also ensure that they do not develop an unhealthy dependency on the mentor as there is also a lot of value in developing a long-term relationship.
“Mentoring is about empowering yourself to unleash your own, and your business’ full potential,” said Billings.
- Fin24
