Benefits of having a business mentor

2 Business Women meeting and shaking hands

As a business owner, there are many aspects that you have to deal with daily to run a successful enterprise. While you may have an idea of the route to take, it can still be lonely at times and often the options are not so clear cut. Utilising a small business mentor can make all the difference to your ability to make the right decisions and get support from someone who knows the challenges you face. So, what are the benefits of having a business mentor?

1. Expert advice

Sure you could ask your friends and family for business advice, but they probably have little knowledge or expertise to inform their opinions. With a mentor, you can get another person’s advice based on actual experience of either being a fellow entrepreneur or working in a similar industry.

The input from another business owner, with practical support and insight gained from having ‘been there and done that’ is invaluable.


2. Perspective

A mentor can help you see issues from another perspective. It is easy to become stuck in your ways or so bogged down by a problem that you can’t see the wood for the trees. They can help you consider things from a customer or regulatory point of view, for example, potentially opening your eyes to a different solution.

They will challenge your thinking so that you can be sure that the choices you make will benefit your organisation as a whole and you are not blindsided by a situation you hadn’t considered.


3. A trustworthy confidant

We all need someone to vent to or confide it in at times. As the owner of your company, you may not have a suitable person to share your frustrations with. A mentor can be someone who you can discuss confidential issues with, chat through staffing complications and know that you have a safe space to do so. You may just want someone who you can trust to discuss your own personal fears or shortcomings as an entrepreneur. Using a mentor in this way can help you to talk through your concerns so that way forward can present itself or so you can start to feel calmer about the issue allowing you to put practical solutions in place.


4. Expand your network

By aligning yourself with another experienced business owner as your mentor, you automatically increase your business network. Now you don’t just have your own contacts to call upon, you also have access to your mentor’s resources through introductions made by them.

Your mentor can help open doors so you can meet people – from potential partners to customers and decision-makers in your target market. With your mentor introducing you, that relationship will start off on a better footing as the new contact will view you as a trustworthy source.


5. Improving your skills

Utilising your mentor to improve your own skill set is a valuable business asset. You can use their experience and expertise to help increase your own knowledge in specific areas. They can advise you on the way forward and assist with technical information, helping you to develop your business skills.


Further information

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MRA help individuals, businesses and families achieve the best quality of life they can with the resources they have. MRA specialise in corporate solutions, cash-flow analysis, taxation, debt management, savings and investments, lifestyle planning and much more.

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