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Traction Inc.

25 Sep Business Insights: 5 Reasons to Hire a Business Mentor

Posted at 08:00:00 by Chris Hallberg

Whether you’re a few months into your new startup or the owner of a profitable company that’s served the community for years, you understand that running a business is anything but easy. One way of relieving some of the burdens you face is by finding a mentor. If you’ve already decided this is the right course, you’re likely asking what you should look for in a business mentor. For those still on the fence, however, here are some of the most important reasons to hire a business mentor.'

1. Gain an Outside Perspective

Depending on your industry, business mentors bring a variety of small business coaching tools. One thing that remains consistent regardless of industry, however, is that you’ll gain an outside perspective. Just any outside perspective, though, doesn’t accomplish much. Your best friends might think you’re on the right track, but since they likely know very little about your company, their opinions are biased and sometimes uninformed.

A business mentor, on the other hand, will become intimately acquainted with your company. They don’t have much at stake if your business goes under, so they can provide an outside and unbiased opinion on how to make your company more efficient and effective.

Keep in mind that “more efficient and effective” isn’t just a catchphrase or opinion. The U.S. Small Business Administration says that companies with a mentor have a five-year survival rate double that of their un-mentored counterparts.

2. Discuss Business with a Trusted Partner

While business mentors don't have a direct stake in your company, they will end up serving in the capacity of a trusted partner. Good mentors don’t show up once a month and give a presentation. Real professionals understand the necessity of knowing the business and discussing a variety of issues with the owner.

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When you’ve looked at several small business coaches and chosen the best for your company, you’ll find benefits related to simple conversations. You can bounce ideas off of mentors and receive honest feedback. Business mentors aren't your employees, so they’ll have no problem correcting you if you suggest a bad idea.

Through these conversations, you’ll gain a trusted confidant who can help you on your journey to success.

3. Business Mentors Keep You Accountable

Your employees are accountable to you, and you are accountable to your clients. The business mentor relationship, however, is special because it’s a mutually accountable arrangement. Your mentors are certainly accountable to you since you’ve brought them on, but when it comes to small business coaching and consulting, a business mentor also has the ability to hold you responsible.

Having someone focused on holding you accountable comes with a variety of benefits. First, you’ll be better able to measure your progress and successes through the milestones set for your company. If you hired a business mentor, it’s because you recognize that you need help. Failing to remain accountable to these individuals is essentially wasting your money, so you’ll be more inclined to make corrections when needed.

The business mentor/accountability relationship is so strong that it’s been discussed in international peer-reviewed journals. This is just a small indication of how central accountability is to a mentoring arrangement.

4. Identify Ways to Develop Business and Team

An outside perspective from a trusted partner who can hold you accountable is a great aspect of having a business mentor, but when it comes down to it, small business coaches in these positions are focused on developing your company. This development undoubtedly rests on ideas that can grow your business, but mentors can also help develop your team in such a way that their skills and actions progress the organization even when the mentor isn’t around.

While business mentors do help by expanding upon certain skills, their real benefit comes from teaching others how to handle persistent issues within their organization. This could include bookkeeping, HR issues and anything in between. Running a successful company isn’t all about business-consumer relationships. A variety of inner workings must also run smoothly.

Business mentors realize this, and they can identify the best ways to help the team and business by improving upon many functions.

5. You Will Be Able to Expand Your Network

In most cases, you won’t be the first company within your industry that your mentors have assisted. Before they could help even a single budding entrepreneur, though, they needed a multitude of connections to help get the job done. This could include suppliers, manufacturers, angel investors and even other businesses within the same industry. Each of these connections is a possible networking opportunity for you.

While you may have started your business with the idea that you could handle everything on your own, you’ve likely realized that this isn’t the case. Your business mentor can put you into contact with a variety of individuals who can help improve your business or even become future partners. Good products and services go a long way, but as with most things in life, it’s all about who you know in the business world. 

EOS Is Your Solution

It’s likely that you’ve realized just how important a business mentor can be for your company. When you’re seeking the best small business coaches, you need look no further than the Entrepreneurial Operating System (EOS) ®.

This system provides small business coaching tools with a mentor who will help develop a realistic vision for your company while improving leadership and teamwork. By using real-world data and proven training tactics, EOS can get your business started on the road to success.

Contact us today to learn more.

Download the Introduction to The Business Sergeant’s Field Manual 

The Entrepreneurial Operating System (EOS) was created by Gino Wickman (Author of Traction-get a grip on your business) and is a registered trademark of EOS Worldwide. Chris Hallberg of Traction Inc. is a Certified EOS Implementer(tm) that helps business owners and their leadership teams get more of what they want from their business.

Topics: Business Advice, EOS, Business Coaching