Why You Need a Business Mentor & How to Find the Right One

Even the most successful entrepreneurs and business owners can benefit from an external eye and receiving some outside advice from a mentor. The right business mentor can use their knowledge and specialised expertise to provide a fresh perspective, give feedback, and help you create a plan to achieve your business goals. But, how do you know if your business needs a mentor and how can you fit the right fit for your needs? We define what a business mentor is, how to identify when your business requires one, and how to find the right mentor for your business.

What is a business mentor?

A business mentor guides and advises fledgling businesses, entrepreneurs and startups towards greater success. Thanks to their extensive experience, business mentors can offer proven techniques, new ideas, and specialised skills. They can also assist with reporting, analysing data, and growing businesses based on this analysis. Often, a business mentor will have a particular skill set that the organisation is lacking and requires specialised expertise in.

Do I need a business mentor?

Whether your business requires a mentor will depend on a variety of factors like the size of your business, the challenges facing your business, and your business objectives. If you run a medium to large size organisation, chances are that you have already got a detailed plan mapped out for the next few years. However, small businesses and entrepreneurs can certainly benefit from the knowledge and experience imparted by a business mentor. If your business is facing challenges which are beyond your expertise and experience, then a business mentor is recommended. In the case of still developing your business goals, a mentor can identify your objectives and assist in creating a path to achieve them.

How to find a business mentor

Now that you have identified your need for a business mentor, it is time to find one!

Unfortunately, finding a business mentor is rarely instantaneous. To find the right mentor, you need to be willing to take the next step as an entrepreneur by stepping outside of your comfort zone and reaching out to others.

Utilise your existing network

We recommend utilising your own network of past acquaintances, colleagues and peers and getting in touch with them when looking for a business mentor. These relationships can be a great starting point and can help introduce you to more contacts and possible mentors.

Attend networking events

Although it can be tough if you are time poor, attending industry-specific networking events is an ideal way to meet new people who specialise in the skills or expertise your business requires. Due to the nature of these events, you will have plenty of opportunities to chat to other professionals and discuss your business requirements in a suitable environment.

Enlist the professionals

Sometimes it is best to use the professionals! A professional business mentor will be able to give you advice that is free from the constraints of personal relationships and in the best interests of your business. Due to the nature of the professional relationship, it will also be easier to share any confidential information such as your financial situation with your business mentor.

How to know if your business mentor is the right fit

Anyone can give advice. To ensure that your business mentor is a suitable fit for your business, they should meet the following criteria.

Your values & philosophies align

While you and your business mentor’s business values and philosophies do not need to match completely, it is important that they are aligned. Otherwise, their advice and ideas may be in conflict with your ethics and approach to business. For example, if your business prioritises sustainability then choosing a business mentor who values profit above all else will not be the best fit for your business and values.

They understand your business

A good business mentor will take the time to understand what makes your business unique. Your mentor should be curious about how you operate your business and have a solid understanding of your industry and points of difference. Otherwise, they will only be able to give generic advice which may not be practical or suitable for your business.

Can provide honest feedback

A great business mentor will give you the facts straight. You should prepare for some tough love, some home truths, and some humbling advice when it comes to your own professional development. Business mentoring is about reexamining what you think you know, and letting someone else into your comfort zone. If you feel that your business mentor is not challenging your development, it may be time to find someone else.

High level of communication skills

Good people and communication skills are something all business mentors should have. The ability to work with a diverse range of people is important, as your mentor will need to be able to extract important information and insights from different individuals across business. They should be able to communicate their recommendations in a way that anyone can easily understand and put in place.

Attention to detail

The smallest mistake made with billing can have catastrophic consequences for your operations. Being able to spot and prevent these is important, as is being able to detect the potential of future errors. They should be able to remain organised and productive throughout the process.

A balanced approach

Growing a business involves a calculated combination of both risky and conservative behaviour. This means being able to create several back-up plans that take into consideration worst case scenarios, while also understanding that certain unexpected and risky opportunities might pop up and require immediate action. This means balancing creativity with structure, logic and intuition. Above all, an accountant needs to love accounting and love what they do. This single quality can even ensure the rest falls into place.

Choose Stones Sharp as your business mentor

We know that being in business means taking risks, and we also know that these risks are best taken with a safety net of support. Stones Sharp business mentors will give you sound, accurate and impartial advice that is tailored to help you reach your goals. Contact Stone Sharp on (03) 9853 0641 to learn more about how we can help your business identify and achieve your goals!

Shane Borg

FCPA & CA

Shane is a Fellow of the Australian Society of Certified Practicing Accountants and a Chartered Accountant.

Shane’s passion is to consider the clients, the client’s business and taxation affairs with a holistic approach whilst providing business mentoring, business strategies, systems development, taxation advice and taxation planning in order to assist his clients and their business achieve their goals.

Julian Phang

09:00 14 Feb 19

Over 20 years minimum hassle starting with Ken and then with Shane.

John La Rocca

23:07 06 Sep 18

I have been dealing with Shane Borg and Stones Sharp for well over 20 years. Shane's personalised approach focused on providing practical and commercial solutions to business and personal problems has always been first class......Shane is truly our "Trusted Advisor".

Steven Edwards

03:50 17 Oct 18

Our family has been working closely with Stones Sharp for well over 15 years and would like to express our gratitude for the straightforward and honest advice over the years.

Marisa Panettiere

13:26 17 Aug 18

Shane and the team at Stones Sharp have been great to deal with. Very helpful and go the extra mile.

Andrew Sanderson

00:09 25 Nov 17

I have been a client of Shane Borg for some 20 plus years. Over this time I have always sought Shane’s advice for my business, investment ventures, taxation planning and obligations for my ventures and self-managed superannuation fund. Shane provides honest and directional advice that you can utilise within your decision making processes. Shane and the team at Stones Sharp are more than tax accountants, they are akin to business partners assisting me in wealth creation and business management advice…. They truly care about me and my family.The team at Stones Sharp are both proactive and responsive while they continue to communicate regularly. I highly recommend Shane and the Stones Sharp team.

Nimish Jha

06:20 27 Jun 19

Professional, quick, hassle-free, and personalised service from everyone I dealt with. Highly recommended.

Kylie Bismire

01:34 09 Aug 19

As a new customer to Stone Sharp we have had fantastic service from Shane & his team. Arriving with a messy lot of accounts, Stone Sharp made the process of sorting it out & simplifying it an easy process. Taking away all our stress & making the accounting process an easy one.

Daniel Stones

10:40 25 Mar 20

Great to deal with and I highly recommend! Shane and the entire Stones Sharp team are deeply understanding of the challenges faced by business owners. The care and empathy they show to their clients is second to none.

Ali Irfanli

23:42 25 Mar 20

Shane was invaluable with helping my business to sort out a complicated tax matter. I felt very supported during the current time where there is a lot of uncertainty. I highly recommend Shane and his team.

Pippa Sowdon

08:55 13 Aug 20

Shane was incredibly responsive and was able to assist and provide value by providing a contact who would be able to assist with an accounting service which was outside of his core business services. Thank you for going above and beyond.

Adam Aitken

10:26 21 Sep 20

We moved from a large accountant firm to Stonessharp via a recommendation. The trust, service, care and attention to detail from Shane and his team has been brilliant and was exactly what we needed. We are a medium size trades business operating in multiple states that need constant support and advice. Stonessharp exceeded the recommendation and we are thoroughly pleased with our move. Thanks again to Shane and the staff at Stonessharp, keep up the great work.

Michael Finn

04:05 24 Nov 20

Shane and all the team at Stones Sharp have been fantastic for us since swapping over to them nearly three years ago.From initial 360 degree analysis of the business, then putting logical steps in place to turn the business around and onto sustainable planning for the future. What Shane and his team have done in this time is unbelievable from both a business and personal point of view.I would highly recommend Stones Sharp to any business owner and we are looking forward to a long and fruitful working relationship (and plenty coffees!).

George Lenk

03:19 08 Mar 21

Very helpfull and prompt service accounts company.

chez chez

03:30 21 Mar 21

After my long time accountant's retirement, I had to search for a new one and It was very hard while living overseas In the USA. I am so glad to find this firm.Brilliant CPA! Doesn't nickel and dime you if you simply have a quick question. Very personable and easy to talk to which I appreciate in anyone but especially an accountant! Truly professional and exceed my expectations.

Tim Sharp

22:50 05 Sep 21

Brilliant service from Stones Sharp. And no, I am not a relation of the Directors, just a coincidence. Without even being a Client of the firm - I was subleasing office space - they have proactively kept me up to date on email with all the job keeper programs. Hence, I am moving my business and personal tax requirements over to Stones Sharp.

Sam Gilmore

00:11 16 Dec 21

Shane and his team deliver a quality and professional service. I have recently come across to Stones Sharp based on a friends recommendation, and I couldn't be happier. Looking forward to continuing to work with Stones Sharp well into the future.