A solid mentorship can be one of the most important, yet undervalued, resources for your small business. Finding someone whose experience and skill set matches what you aim to achieve can propel you toward success in a number of ways.
Identifying people in your networks who you might like to meet for coffee, lunch or a beer to talk shop and ask about best practices will provide you guaranteed returns. If you prioritize finding those professionals, selling yourself and your company as a worthy investment of their time and effort, and nurture that mentor-mentee relationship, your payback can be huge. Here's why.
They know who's out there
A mentor should be well-connected. They have colleagues, friends and associates, and may also be involved with other organizations or businesses. They'll likely be able to serve as a hub for you in your local business community and can help steer you toward the resources that will best help your organization (and you, personally) thrive.
They've been there before
If you're looking to someone who can offer you insight and advice, it means that person is more experienced than you are. Mentors are in a position to help fledgling business owners because they've built solid reputations for themselves. They understand how things work because of robust first-hand knowledge. You can learn a lot from their mistakes, sparing you some of your own.
They can save you money
By offering up the lessons they've learned through their own mistakes, mentors can save you the trouble of making the same ones yourself. They won't make your business entirely fail-safe, but they will put you ahead of the game, giving you the chance to avoid (sometimes costly) errors.
They can make you money
One of the most valuable times to have a solid mentorship is during the fundraising stage. That's because mentors can help you navigate the investor scene in your community. But even after your business is established, having a mentor who believes in your success and supports your mission can help you uncover new funding channels, and can help guide you to business deals.
They'll keep you motivated and accountable
A good mentor will have a vested interest in your professional success, and will hold you accountable for achieving to your highest potential. Cultivate a relationship in which regular check-ins are the norm, and you can openly share with your mentor both your successes and struggles. Be honest and transparent, and mentors will be able to give you unique and invaluable expertise to keep you—or set you—on the right track.
They'll challenge you
A mentor knows you, your business and how to succeed. Someone who can tie together each of those attributes will be not only a key advisor, but also someone who can encourage, push and challenge you in a focused way.