Small business mentoring is a powerful resource for small business owners and entrepreneurs and seasoned business owners looking to navigate the complexities of running a successful enterprise.
Sam explains Unlocking Success: Small Business Mentoring below with the benefits of small business mentoring when you might need a mentor, the key principles of mentorship, and how to find mentoring programs.
Why is Sam a business mentor?
“I started my business when I was 18 in my garage, I was a young woman who was encouraged by one bank manager to go home and find a husband and marry as women really shouldn’t be in business.
(OMG Just NO!!)
Unperturbed by this I surrounded myself with people who encouraged me. Mentors were not a word banded about in the 80s.
My first business mentor was a businesswoman who just happened to be my boyfriend’s mum, she was feisty, compassionate, and very business-savvy. Without her as my unofficial mentor, I would have been able to continue in business. Looking back there was no support for business owners whether start-ups or new to their business journey.
Sam is committed to unlocking success: Small Business Mentoring.
This is why I wanted to make a difference – anything is possible. As if I can do it so can you.”
Advantages of Mentoring for Small Businesses
- Expert Advice: Most small business mentors are experienced professionals or entrepreneurs who provide priceless advice. Their knowledge may assist you in making wise choices, steering clear of typical hazards, and quickening the expansion of your small business.
- Opportunities for Networking: Mentors can help you expand your small business horizons by introducing you to possible partners, investors, and clients through their vast networks.
- Accountability: A mentor helps you maintain focus on your objectives and assignments by offering accountability. They may assist you in creating a well-defined business plan and hold you accountable for carrying it out.
- Enhanced Confidence: As a business owner, you can feel more confident with the help of a mentor. Anxiety brought on by facing obstacles as an entrepreneur might be lessened by knowing you have an experienced advisor at your side.
When a small business mentor may be needed
So how do you know if you need to work with a small business mentor?? See if any of these seem like your situation –
- Beginning a New company: A mentor can help you get over the first obstacles, such as company planning and marketing techniques, if you are starting a new firm.
- Scaling Your Business: A mentor can assist you in managing the change that occurs when your company grows or expands quickly.
- Overcoming Obstacles: A mentor can offer guidance and answers if you encounter certain obstacles like money problems, shifting market conditions, or operational problems.
- Personal and Professional Development: The knowledge and experience of a mentor can be helpful to entrepreneurs who are looking to advance personally or as leaders.
The key principles of mentorship
In the world of mentoring they speak about the three A’s of mentoring advice – what is that?
Drawing on their own experiences, mentors offer insightful counsel.
Accountability: They ensure that mentees take responsibility for their choices and behaviors in relation to goals and objectives noted in the sessions.
Advocacy: In order to provide their mentees with chances, mentors can and may frequently act as advocates for them within their professional networks.
So are there different types of mentoring? Yes there are 3 kinds of Mentoring –
Conventional mentoring: This is a one-on-one arrangement in which a more experienced business owner mentors a less experienced one.
Peer Mentoring: ( some times Sam calls this peer to peer mentoring ) Under this paradigm, people with comparable experience levels serve as mentors for one another.
Group mentoring: In order to foster cooperative learning and idea sharing, a mentor leads a group of mentees.
Do I need to Pay for business mentorship?
The choice to pay for business mentoring is based on your individual requirements and situation.
Sam has mentored in a volunteer role and a paid role.
Sam loves both but finds the paid situations in and around program with a structure are better for both parties.
When choosing a mentor, it’s critical to consider their credentials, the value they offer, and your financial situation. You can always ask for experience or a referral.
Three Cs of Communication – Clarity, Communication and Commitment
As both the mentor and the mentee must be dedicated to the connection, the partnership or the sessions if in a program.
There must be clear forms of communication, written plans or agreed milestones are vital for success. Commitment is a must for mentoring to be successful, regular interactions and encounters are crucial.
What Differs a Business Mentor from a Business Advisor?
A business advisor often provides expert advice and help while concentrating on certain problems or tasks.
A mentor, on the other hand, offers ongoing assistance, supporting both professional and personal growth while imparting their knowledge and experience.
What should I expect as a small business owner from a Business Mentor?
A business mentor should be able to: counsel and direction derived on their experience. a secure setting for talking about difficulties and possibilities. The mentor will guide you to goal-setting and a certain level of accountability. There will be assistance when needed and large doses of inspiration when required.
Seeking Out Mentoring Programs
Mentoring programs can be an excellent way to connect with experienced mentors and to find such programs, you can:
- Search online for local business mentorship organisations.
- Contact chambers of commerce, business associations, tourism groups or small business development centers ( sometimes called business hubs or innovation hubs ).
- Local Governments often will have partnerships with organisations offering vouchers, programs or incentives to sign up for mentoring.
- Enquire about university or college-based mentoring initiatives if you are coming from a uni level entry point.
Digital Solutions Program in Victoria
One such mentoring program is the “Digital Solutions Program” offered in Victoria. This program focuses on helping small businesses navigate the digital landscape, offering support and guidance to enhance their online presence and technology utilization.
Small business mentoring can be a game-changer for entrepreneurs and business owners. Whether you’re just starting or looking to overcome specific challenges, build resilience, discuss a new project or just need clarification or planning – a decluttering if you like…..a mentor can provide you with the guidance, support, and expertise you need to succeed in the competitive world of small business.
If you’re in Victoria, the Digital Solutions Program is an excellent option to explore for your mentoring needs.
Still not sure how you can be unlocking success with small business mentoring? Reach out to Sam via sam@samhicks.com.au