Why small businesses need mentors to achieve their business goals

It is easy to get caught up with marketing your business and preparing a business plan and actually getting it done, the questions is: What if you can avoid the common failures when starting a small business rather than going through them yourselves? Wouldn't that be convenient? When you are busy finding new customers, you might lose time to market your business online, therefore a proper business plan is needed for you to organize the different tasks your business need.

Why you need a business consultant

You are not the only one having a battle of managing a small business, there aren't enough hours in a day to do all the things you need to do. Sometimes there is no time left to monitor your business life, such as the marketing status of your business, the financial issues, bills to pay etc. getting an experienced mentor is an investment, efficient activities might just save you 10 hours of dead end initiatives. Do you want to know why?

1.       Business mentors especially experts in the market field and how it works, you can avoid lots of mistakes by thorough research that your mentor can do for you.

2.       The best ideas comes from mentors who already know how to work a small business, with your ideas and your mentors research you can create well planned marketing campaign.

A good mentor needs these characteristics

·         Good listener – most mentors listen to your business needs and take action to what needs to be done.

·         Provocative questions – most mentors needs to ask these provocative questions only to find out what risks you can handle when it comes to your business and how well you perform with the challenges you have yet to meet.

·         Giving feedback – a mentor should give a clear feedback of where your business stand now and how it can work out well in the future

·         Wealth knowledge – most mentors especially experienced ones, have been around to see businesses fail and businesses succeed. Therefore they have clearer ideas on what to suggest to you when it comes to your revenue and investments.

·         Market knowledge – professional business consultants know the market very well, not only to the fact that this is their profession but they have been around to see how small business like yours move towards reaching their goals and some failed to end their business ventures.

Evaluate your business with your mentor

Do your homework

Before you open doors for your mentor, you need to do your home work, where do you need help the most and how can you give the solutions. Research your competitors and audience as well as your target market.

Understand your cash flow challenge

List down your business expenses and income for your mentor to review, make a weekly target of your revenue and how you can come close to that goal.

You business records must be accurate

You may want to use accounting software such as XERO, to keep track of all your expenses and revenues. These records will come in handy in the future. For a better financial reconciliation, you might want to invest on a savvy accountant, which could also give you understanding on your basic tax obligations.

Learn your business law and regulation

If you have a lawyer you might want to invite him/her to lunch and learn more about your business structure, legal and financial liability. You may also want to get your employment contract, legal compliance obligations and other business records that might come in handy for you.

Conclusion

Companies are different and therefore a proper review and research about your business and the goals you want to achieve can only done by you but with a proper guide from an experienced mentor you will have the success you want in due time. Everything takes time and hard work, when you make a decision to be different you make your business remarkable and target audience will soon notice your expertise and hard work.